0001171843-18-008023.txt : 20181119 0001171843-18-008023.hdr.sgml : 20181119 20181119151358 ACCESSION NUMBER: 0001171843-18-008023 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 77 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181119 DATE AS OF CHANGE: 20181119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARGOS THERAPEUTICS INC CENTRAL INDEX KEY: 0001105533 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 562110007 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-35443 FILM NUMBER: 181192324 BUSINESS ADDRESS: STREET 1: 4233 TECHNOLOGY DR CITY: DURHAM STATE: NC ZIP: 27704 BUSINESS PHONE: 9192876300 MAIL ADDRESS: STREET 1: 4233 TECHNOLOGY DR CITY: DURHAM STATE: NC ZIP: 27704 FORMER COMPANY: FORMER CONFORMED NAME: MERIX BIOSCIENCE INC DATE OF NAME CHANGE: 20000207 10-Q 1 f10q_111918p.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, 2018

 

or

 

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

 

Commission File Number 001-35443

 

ARGOS THERAPEUTICS, INC.

 

(Exact name of registrant as specified in its charter)

 

Delaware 56-2110007

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

   

4233 Technology Drive

Durham, North Carolina

27704
(Address of principal executive offices) (Zip Code)

 

 

Registrant’s telephone number, including area code: (919) 287-6300

 

 

No changes

(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 ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
    Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

As of November 17, 2018, there were 10,586,661 shares outstanding of the registrant’s common stock, par value $0.001 per share.

 

1

 

ARGOS THERAPEUTICS, INC.

QUARTERLY REPORT ON FORM 10-Q

For the Quarterly Period Ended September 30, 2018

 

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION
Item 1.   Financial Statements 3
    Condensed Consolidated Balance Sheets (unaudited) 3
    Condensed Consolidated Statements of Operations (unaudited) 4
    Condensed Consolidated Statements of Comprehensive Loss (unaudited) 5
    Condensed Consolidated Statements of Cash Flows (unaudited) 6
    Notes to Condensed Consolidated Financial Statements (unaudited) 7
Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations 33
Item 3.   Quantitative and Qualitative Disclosures About Market Risk 55
Item 4.   Controls and Procedures 55
 
PART II. OTHER INFORMATION
Item 1.   Legal Proceedings 56
Item 1A.   Risk Factors 56
Item 6.   Exhibits 57
 
Signatures 58

 

Argos Therapeutics®, Argos® and Arcelis™, the Argos Therapeutics logo and other trademarks or service marks of Argos appearing in this Quarterly Report on Form 10-Q are the property of Argos Therapeutics, Inc. The other trademarks, trade names and service marks appearing in this Quarterly Report on Form 10-Q are the property of their respective owners.

 

Unless otherwise indicated, all information in this Quarterly Report on Form 10-Q gives effect to a 1-for-20 reverse stock split of Argos’s outstanding common stock that became effective on January 18, 2018.

 

2

 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

ARGOS THERAPEUTICS, INC.

 

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

 

   December 31,
2017
  September 30,
2018
Assets          
Current assets          
Cash and cash equivalents  $15,188,838   $7,940,790 
Assets held for sale   600,000     
Prepaid expenses   1,252,134    1,044,157 
Other receivables   143,449    56,751 
Total current assets   17,184,421    9,041,698 
Property and equipment, net   3,582,323    1,828,182 
Other assets   11,020    11,020 
Total assets  $20,777,764   $10,880,900 
Liabilities and Stockholders’ Deficit          
Current liabilities          
Accounts payable  $970,650   $327,001 
Accrued expenses   1,263,867    2,519,088 
Notes payable   4,972,649    4,983,494 
Current portion of other convertible notes   2,350,000    1,540,000 
Total current liabilities   9,557,166    9,369,583 
Convertible note payable to related party   6,302,959    6,744,420 
Long-term portion of other convertible notes   5,830,583    

5,218,776

 
Deferred liabilities   8,153,500    2,121,000 
Warrants   167,636     
Commitments        
Stockholders’ deficit          
Preferred stock $0.001 par value; 5,000,000 shares authorized as of December 31, 2017 and September 30, 2018; 0 shares issued and outstanding as of December 31, 2017 and September 30, 2018        
Common stock $0.001 par value; 200,000,000 shares authorized as of December 31, 2017 and September 30, 2018; 5,906,620 and 10,586,661 shares issued and outstanding as of December 31, 2017 and September 30, 2018   5,907    10,587 
Accumulated other comprehensive loss   (125,864)   (129,045)
Additional paid-in capital   363,450,204    373,700,536 
Accumulated deficit   (372,564,327)   (386,154,957)
Total stockholders’ deficit   (9,234,080)   (12,572,879)
Total liabilities and stockholders’ deficit  $20,777,764   $10,880,900 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

3

 

ARGOS THERAPEUTICS, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

   Three Months Ended September 30,  Nine Months Ended September 30,
   2017  2018  2017  2018
             
Revenue  $53,497   $1,247,254   $228,449   $7,234,434 
                     
Operating expenses                    
Research and development   4,550,353    3,324,591    17,585,134    12,794,036 
General and administrative   2,879,011    3,015,182    9,521,769    8,009,830 
Impairment of property and equipment           27,204,349     
Restructuring costs   679,013        6,031,779     
                     
Total operating expenses   8,108,377    6,339,773    60,343,031    20,803,866 
                     
Operating loss   (8,054,880)   (5,092,519)   (60,114,582)   (13,569,432)
Other income (expense)                    
Interest income   11,027    24,173    50,485    62,143 
Interest expense   (67,211)   (165,699)   (1,089,971)   (466,614)
Gain on early extinguishment of debt   1,506,901    

281,808

    1,756,359    

281,808

 
Change in fair value of warrant liability   501,870        20,681,631    167,636 
Other income (expense)   36,346    (48,410)   31,441    (66,172)
                     
Other income (expense), net   1,988,933    

91,872

    21,429,945    

(21,199

)
                     
Net loss  $(6,065,947)  $

(5,000,647

)  $(38,684,637)  $

(13,590,631

)
                     
Net loss per share, basic and diluted  $(2.08)  $(0.47)  $(16.45)  $(1.41)
                     
Weighted average common shares outstanding, basic and diluted   2,911,800    10,586,661    2,351,839    9,607,577 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

4

 

ARGOS THERAPEUTICS, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(unaudited)

 

 

   Three Months Ended September 30,  Nine Months Ended September 30,
   2017  2018  2017  2018
Net loss  $(6,065,947)  $

(5,000,647

)  $(38,684,637)  $

(13,590,631

)
                     
Other comprehensive gain (loss)                    
Foreign currency translation gain (loss)   5,341    2,345    9,294    (3,181)
                     
Total comprehensive loss  $(6,060,606)  $

(4,998,302

)  $(38,675,343)  $

(13,593,812

)

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

5

 

ARGOS THERAPEUTICS, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

   Nine Months Ended September 30,
   2017  2018
Cash flows from operating activities          
Net loss  $(38,684,637)  $

(13,590,631

)
Adjustments to reconcile net loss to net cash used in operating activities          
Depreciation and amortization   733,172    1,657,719 
Compensation expense related to stock options   7,047,234    1,970,481 
Issuance of common shares for research and development license agreement       360,000 
Gain on early extinguishment of debt   (1,756,359)   

(281,808

)
Impairment loss on property and equipment   27,204,349     
Decrease in fair value of warrant liability   (20,681,631)   (167,636)
(Gain) loss on disposal of equipment   (22,998)   66,172 
Interest accrued on long-term debt   512,336    466,131 
Changes in operating assets and liabilities:          
Prepaid expenses and other receivables   (402,827)   294,674 
Accounts payable   (2,368,676)   (643,649)
Accrued expenses   (2,751,011)   1,255,220 
Current portion of restructuring obligation   150,103     
Deferred liabilities   (82,500)   (6,032,500)
Manufacturing research and development obligation   (409,680)    
           
Net cash used in operating activities   (31,513,125)   (14,645,827)
           
Cash flows from investing activities          
Purchase of property and equipment   (3,674,358)    
Proceeds from sale of property and equipment   1,461,078    630,204 
           
Net cash (used in) provided by investing activities   (2,213,280)   630,204 
           
Cash flows from financing activities          
Net proceeds from sale of common stock   7,790,622    7,924,534 
Proceeds from issuance of convertible note payable   6,000,000     
Payments on notes payable   (23,643,786)   (1,153,825)
Payments on capital lease obligations   (42,085)    
Proceeds from exercise of employee stock purchase plan shares   11,756     
Net cash (used in) provided by financing activities   (9,883,493)   6,770,709 
Effect of exchange rate changes on cash   9,164    (3,134)
Net decrease in cash and cash equivalents   (43,600,734)   (7,248,048)
Cash, cash equivalents and restricted cash          
Beginning of period   

53,713,376

    15,188,838 
End of period  $

10,112,642

   $7,940,790 
           
Supplemental disclosure of cash flow information          
Cash paid for interest  $667,553   $578 
Supplemental disclosure of noncash investing and financing activities          
Issuance of warrants in exchange for early extinguishment of debt  $87,100   $ 
Purchase of property and equipment included in accounts payable and accrued expenses  $2,470,119   $ 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

6

 

ARGOS THERAPEUTICS, INC.

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

 

1. Organization and Basis of Presentation

 

Argos Therapeutics, Inc. (the “Company”), was incorporated in the State of Delaware on May 8, 1997. The Company is an immuno-oncology company that has been focused on the development and commercialization of individualized immunotherapies for the treatment of cancer and infectious diseases based on its proprietary precision immunotherapy technology platform called Arcelis.

 

In April 2018 the Company terminated its development program for rocapuldencel-T, its lead product candidate, which the Company had been developing for the treatment of metastatic renal cell carcinoma, or mRCC, and other cancers. Additionally, in August 2018, the Company ceased its support for the development of its other clinical product candidate, AGS-004, which it was developing for the eradication of HIV. The Company has ceased its research and development activities and has significantly reduced its workforce. Based on a review of the status of its internal programs, resources and capabilities, the Company is pursuing a strategic alternative that may involve an asset sale, dissolution, liquidation, wind-down or protection under bankruptcy laws. There can be no assurance that the Company will be able to enter into a strategic transaction on a timely basis, on terms that are favorable to the Company, or at all. If the Company decides to seek protection under the bankruptcy laws, and if the Company decides to wind down under the bankruptcy laws or otherwise, it is unclear to what extent the Company will be able to pay its obligations to creditors, and, whether and to what extent any resources will be available for distributions to the Company’s stockholders. However, based on the Company’s current resources, the Company believes that it is unlikely that any resources will be available for distributions to its stockholders and that a likely outcome of the Company’s wind-down and potential bankruptcy proceeding will be the cancellation or extinguishment of all outstanding shares in the Company without any payment or other distribution on account of those shares.

 

Prior to April 2018, the Company had been conducting a pivotal Phase 3 clinical trial of rocapuldencel-T in combination with sunitinib / standard of care for the treatment of newly diagnosed mRCC (“the ADAPT trial”). In February 2017, the independent data monitoring committee (“IDMC”), for the ADAPT trial recommended that the trial be discontinued for futility based on its planned interim data analysis. The IDMC concluded that the trial was unlikely to demonstrate a statistically significant improvement in overall survival in the combination treatment arm, utilizing the intent-to-treat population at the pre-specified number of 290 events (deaths), the original primary endpoint of the study. Notwithstanding the IDMC’s recommendation, the Company determined to continue to conduct the trial while it analyzed interim data from the trial. Following a meeting with the U.S. Food and Drug Administration (the “FDA”), the Company determined to continue the ADAPT trial until at least the pre-specified number of 290 events occurred, and to submit to the FDA a protocol amendment to increase the pre-specified number of events for the primary analysis of overall survival in the trial beyond 290 events. In April 2018, the Company submitted a protocol amendment to the FDA that included an amended primary endpoint analysis with four co-primary endpoints. Subsequently in April 2018, the Company conducted another interim analysis of the data from the ADAPT trial, at which time 51 new events (deaths) had occurred subsequent to the February 2017 interim analysis. Based upon review of the interim data from this analysis, the Company determined that it was unlikely to achieve the endpoints if the trial were to be continued and decided to discontinue the ADAPT clinical trial.

 

The Company had also been developing AGS-004, also an Arcelis-based product candidate, for the treatment of HIV. The Company has completed Phase 1 and Phase 2 trials funded by government grants and a Phase 2b trial that was funded in full by the National Institutes of Health (“NIH”) and the National Institute of Allergy and Infectious Diseases (“NIAID”). More recently, the Company was supporting an investigator-initiated clinical trial of AGS-004 in adult HIV patients evaluating the use of AGS-004 in combination with vorinostat, a latency reversing drug, for HIV eradication. In connection with the cessation of its research and development activities, the Company recently ceased its support for the trial, and enrollment was suspended.

 

Basis of Presentation and Going Concern

 

The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Accordingly, the statements do not include all information and footnotes required by U.S. GAAP for annual consolidated financial statements. In the opinion of management, such interim financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of financial position, results of operations and cash flows for such periods. The results for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ended December 31, 2018 or future operating periods. The information included in these interim financial statements should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report on Form 10-Q and the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.

 

7

 

The Company’s consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company has evaluated principal conditions and events that may raise substantial doubt about its ability to continue as a going concern within one year from the date that these financial statements are issued. The Company has incurred losses in each year since inception and as of September 30, 2018, had an accumulated deficit of $386.2 million. Also, as of September 30, 2018, the Company’s current assets totaled $9.0 million compared with current liabilities of $9.4 million, and the Company had cash and cash equivalents of $7.9 million. Based upon its current and projected cash flow, the Company concluded there is substantial doubt about its ability to continue as a going concern within one year from the date that these financial statements are issued. The financial statements for the three and nine months ended September 30, 2018 do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from uncertainty related to the Company’s ability to continue as a going concern.

 

On March 3, 2017, the Company entered into a payoff letter with Horizon Technology Finance Corporation and Fortress Credit Co LLC (the “Lenders”) under a venture loan and security agreement (the “Loan Agreement”) pursuant to which the Company paid, on March 6, 2017, a total of $23.1 million to the Lenders, representing the principal balance and accrued interest outstanding under the Loan Agreement in repayment of the Company’s outstanding obligations under the Loan Agreement. In addition, the Company issued to the Lenders five year warrants to purchase an aggregate of 5,000 shares of common stock at an exercise price of $26.00 per share in consideration of the Lenders acceptance of $23.1 million as payment in full. Upon the payment of the $23.1 million and the issuance of the warrants pursuant to the payoff letter, all of the Company’s outstanding indebtedness and obligations to the Lenders under the Loan Agreement were paid in full, and the Loan Agreement and the notes thereunder were terminated.

 

In March 2017, the Company announced that its board of directors approved a workforce action plan designed to streamline operations and reduce operating expenses. The Company recognized $1.2 million in severance costs, all of which was paid as of December 31, 2017. The Company also recognized $3.2 million in stock-based compensation expense from the acceleration of vesting of stock options and restricted stock held by the terminated employees during the year ended December 31, 2017.

 

In June 2017, the Company raised net proceeds of $6.0 million through the issuance of a secured convertible note to Pharmstandard International S.A. (“Pharmstandard”), a collaborator and the Company’s largest stockholder, in the aggregate principal amount of $6.0 million.

 

In August 2017, the Company entered into an agreement with Medpace, Inc. (“Medpace”), regarding $1.5 million in deferred fees that the Company owed Medpace for contract research and development services. Under the agreement, the Company paid $0.85 million of the amount during the third of quarter 2017 and paid the balance in April 2018.

 

In September 2017, the Company entered into a satisfaction and release agreement (the “Satisfaction and Release Agreement”) with Invetech Pty Ltd (“Invetech”). Under the Invetech Satisfaction and Release Agreement, the Company agreed to make, issue and deliver to Invetech (i) a cash payment of $0.5 million, (ii) 57,142 shares of common stock and (iii) an unsecured convertible promissory note in the original principal amount of $5.2 million, on account of and in full satisfaction and release of all of the Company’s payment obligations to Invetech arising under the Company’s development agreement with Invetech (the “Invetech Development Agreement”) prior to the date of the Invetech Satisfaction and Release Agreement, including the Company’s obligation to pay Invetech up to a total of $8.3 million in deferred fees, bonus payments and accrued interest.

 

8

 

In November 2017, the Company entered into a satisfaction and release agreement (the “Saint-Gobain Satisfaction and Release Agreement”) with Saint-Gobain Performance Plastics Corporation (“Saint-Gobain”). Under the Saint-Gobain Satisfaction and Release Agreement, the Company agreed to make, issue and deliver to Saint-Gobain (i) a cash payment of $0.5 million, (ii) 34,499 shares of common stock, (iii) an unsecured convertible promissory note in the original principal amount of $2.4 million, and (iv) certain specified equipment originally provided to the Company by Saint-Gobain under the development agreement with Saint-Gobain, or the (“Saint-Gobain Development Agreement”), on account of and in full satisfaction and release of all of the Company’s payment obligations to Saint-Gobain arising under the Saint-Gobain Development Agreement, prior to the date of the Saint-Gobain Satisfaction and Release Agreement, including the development fees and charges. In connection with entering into the Saint-Gobain Satisfaction and Release Agreement, the Company and Saint-Gobain entered into an amendment to the Saint-Gobain Development Agreement to extend the term to December 31, 2019.

 

From June 2017 through December 31, 2017, the Company raised proceeds of $15.5 million through the issuance of common stock in an at-the-market offering under its sales agreement with Cowen & Company, LLC (“Cowen”). From December 31, 2017 through April 25, 2018, an additional $7.5 million of proceeds was raised. However, upon the delisting of its common stock from The Nasdaq Capital Market in April 2018, the Company ceased to sell any additional shares under the sales agreement.

 

On April 23, 2018, the Company received a notification from The Nasdaq Stock Market LLC indicating that, because the Company had indicated that it would be unable to meet the stockholders’ equity requirement for continued listing as of the April 24, 2018 deadline that had been set by the Nasdaq Hearing Panel, the Nasdaq Hearing Panel had determined to delist the Company’s common stock from The Nasdaq Capital Market and to suspend trading in its common stock effective at the open of business on April 25, 2018. Following such delisting, the Company transferred its common stock to the OTCQB® Venture Market.

 

As of September 30, 2018, the Company had cash and cash equivalents of $7.9 million. The Company does not currently have sufficient cash resources to pay all of its accrued obligations in full or to continue its business operations beyond the end of 2018.

 

In light of the termination of the development of rocapuldencel-T, cessation of the Company’s research and development activities and the Company’s cash resources, and based on a review of the status of its internal programs, resources and capabilities, the Company is pursuing a strategic alternative that may involve an asset sale, dissolution, liquidation, wind-down or protection under the bankruptcy laws. There can be no assurance that the Company will be able to enter into a strategic transaction on a timely basis, on terms that are favorable to the Company, or at all. If the Company decides to seek protection under the bankruptcy laws, and if the Company decides to wind down under the bankruptcy laws or otherwise, it is unclear to what extent the Company will be able to pay its obligations to creditors, and, whether and to what extent any resources will be available for distributions to the Company’s stockholders. However, based on the Company’s current resources, the Company believes that it is unlikely that any resources will be available for distributions to its stockholders and that a likely outcome of the Company’s wind-down and potential bankruptcy proceeding will be the cancellation or extinguishment of all outstanding shares in the Company without any payment or other distribution on account of those shares.

 

The condensed consolidated financial statements include the accounts of the Company and DC Bio Corp., the Company’s Canadian wholly-owned subsidiary, an unlimited liability corporation incorporated in the Province of Nova Scotia and Argos Therapeutics (Europe) S.à.r.l., the Company’s wholly-owned subsidiary, a société anonyme à responsabilité limitée incorporated in Luxembourg. Significant intercompany transactions and accounts have been eliminated.

 

9

 

On January 18, 2018, the Company effected a one-for-twenty reverse split of its common stock. All references to shares of common stock outstanding, average number of shares outstanding and per share amounts in these consolidated financial statements and notes to consolidated financial statements have been restated to reflect the reverse split on a retroactive basis.

 

Use of Estimates

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of 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.

 

Significant Accounting Policies

 

There have been no material changes in our significant accounting policies as of and for the three and nine months ended September 30, 2018, as compared with the significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2017, except as described below under Revenue Recognition and Recently Adopted Accounting Standards.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with an original maturity of three months or less as of the date of purchase to be cash equivalents. Cash deposits are all in financial institutions in the United States of America, Canada and the European Union. The Company maintains cash in accounts which are in excess of federally insured limits. As of December 31, 2017 and September 30, 2018, $14.7 million and $7.7 million, respectively, in cash and cash equivalents was uninsured.

 

Revenue Recognition

 

An important part of the Company’s business strategy has been to enter into arrangements with third parties both to assist in the development and commercialization of its product candidates, particularly in international markets, and to in-license product candidates in order to expand its pipeline. The terms of the agreements typically include non-refundable license fees, funding of research and development, payments based upon achievement of clinical development and regulatory objectives, and royalties on product sales. The Company has adopted the provisions of the Financial Accounting Standards Board (“FASB”), Codification Topic 606, Revenue from Contracts with Customers (“Topic 606”). This guidance supersedes the provisions of FASB Codification Topic 605, Revenue Recognition (“Topic 605”).

 

Effective January 1, 2018, the Company adopted ASC 606, using the modified retrospective transition method. Under this method, results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with Topic 605. The Company applied the modified retrospective transition method to contracts that were not completed as of January 1, 2018, the effective date of adoption for ASC 606. The contracts to which the Company is a party that were not completed as of January 1, 2018 are the multi-year research contract with the NIH and NIAID (see Note 10) and the collaboration agreements included in Note 11. The Company assessed the potential effects to the consolidated financial statements and retained earnings of adoption of the modified retrospective transition method and has concluded that, upon adoption of the new standard, there was no impact on the Company's consolidated financial statements and there was no difference in what would have been recognized under Topic 605 or Topic 606 for the three and nine months ended September 30, 2018.

 

License Fees and Multiple Element Arrangements. If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, up-front fees allocated to the license at such time as the license is transferred to the licensee and the licensee is able to use, and benefit from, the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress in each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

 

10

 

If the Company is involved in a steering committee as part of a multiple element arrangement, the Company assesses whether its involvement constitutes a performance obligation or a right to participate. Steering committee services that are determined to be performance obligations are combined with other research services or performance obligations required under an arrangement, if any, in determining the level of effort required in an arrangement and the period over which the Company expects to complete its aggregate performance obligations.

 

If the Company cannot reasonably measure its progress toward complete satisfaction of a performance obligation because it lacks reliable information that would be required to apply an appropriate method of measuring progress, but the Company can reasonably estimate when the performance obligation ceases or the remaining obligations become inconsequential and perfunctory, then revenue is not recognized until the Company can reasonably estimate when the performance obligation ceases or becomes inconsequential. Revenue is then recognized over the remaining estimated period of performance.

 

Significant management judgment is required in determining the level of effort required under an arrangement and the period over which the Company is expected to complete its performance obligations under an arrangement.

 

Development Milestone Payments. At the inception of each arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment.

 

Reimbursement of Costs. Reimbursement of research and development costs by third party collaborators is recognized as revenue over time provided the Company has determined that it transfers control (i.e. performs the services) of a service over time and, therefore, satisfies a performance obligation according to the provisions outlined in the FASB Codification Topic 606-10-25-27, Revenue Recognition.

 

Royalty Revenue. For arrangements that include sales-based royalties, including milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, the Company has not recognized any royalty revenue resulting from any of its collaboration agreements.

 

Deferred Revenue. Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying condensed consolidated balance sheets. Short-term deferred revenue would consist of amounts that are expected to be recognized as revenue within the next fiscal year. Amounts that the Company expects will not be recognized in the next fiscal year would be classified as long-term deferred revenue.

 

Summary. During the three and nine months ended September 30, 2017, the Company recognized $26,000 and $146,000, respectively, of contract revenue under the Company’s contract with the NIH and NIAID and $27,500 and $82,500, respectively, of deferred revenue as revenue under the Company’s license agreement with Lummy (Hong Kong) Co. Ltd. (“Lummy HK”). During the three months ended September 30, 2018, the Company recognized $70,000 of contract revenue under the contract with the NIH and NIAID and $1.1 million of deferred revenue as revenue under the Lummy HK license agreement. During the nine months ended September 30, 2018, the Company recognized $6.0 million of deferred milestone revenue as revenue under the Company’s license agreement with Medinet Co., Ltd and its wholly-owned subsidiary, MEDcell Co., Ltd. (together "Medinet"), $1.1 million of deferred revenue as revenue and $14,000 in reimbursement of costs under the Lummy HK license agreement, $127,000 of contract revenue under its contract with the NIH and NIAID and $11,000 of grant revenue.

 

For additional discussion of accounting for collaboration revenues, see Note 11.

 

11

 

With respect to each of the foregoing areas of revenue recognition, the Company exercises significant judgment in determining whether an arrangement contains multiple elements, and, if so, how much revenue is allocable to each element. In addition, the Company exercises its judgment in determining when its significant obligations have been met under such agreements and the specific time periods over which it recognized revenue, such as non-refundable, up-front license fees. To the extent that actual facts and circumstances differ from the Company’s initial judgments, revenue recognition with respect to such transactions would change accordingly and any such change could affect the Company’s reported financial results.

 

Recently Issued Accounting Pronouncements Not Yet Adopted

 

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02"). The provisions of ASU 2016-02 set out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). This new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted using guidance similar to existing guidance for operating leases. Topic 842 supersedes the previous lease standard, Topic 840  Leases. This guidance will be effective for annual periods and interim periods within those annual periods beginning after December 15, 2018, and will be effective for the Company on January 1, 2019. The Company is currently evaluating the impact that the implementation of this standard will have on the Company's consolidated financial statements.

 

On August 17, 2018, the SEC adopted the final rule under SEC Release No. 33-10532, “Disclosure Update and Simplification” amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders' equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders' equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of comprehensive income is required to be filed. The new rule was published in the Federal Register on October 4, 2018 which means the changes in the new rule are effective for SEC filings made on or after November 5, 2018. The one caveat to this effective date is for the addition to changes in shareholders’ equity information to Form 10-Q, where the SEC issued a Compliance & Disclosure Interpretation indicating “the staff would not object if the filer’s first presentation of the changes in shareholders’ equity is included in its Form 10-Q for the quarter that begins after the effective date of the amendments.” Accordingly, the changes in stockholders' equity is not required to be presented until the Company’s Form 10-Q for the three months ended March 31, 2019.

 

Recently Adopted Accounting Standards

 

In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) pertaining to revenue recognition. The primary objective of ASU 2014-09 is for entities to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which an entity expects to be entitled to in exchange for those goods or services. This new standard also requires enhanced disclosures about revenue, provides guidance for transactions that were not previously addressed comprehensively and improve guidance for multiple-element arrangements. Additionally, the FASB issued ASU 2016-10, Identifying Performance Obligations and Licensing, which provided additional guidance and clarity on this topic. This new standard was effective for the Company in first quarter of 2018.The two permitted transition methods under ASU 2014-09 are the full retrospective method, in which case the new standard would be applied to each prior period presented and the cumulative effect of applying the standard would be recognized as of the earliest period reported, or the modified retrospective method, in which case the cumulative effect of applying the new standard would be recognized as of the date of initial application. The Company elected the modified retrospective method and there was no impact upon the Company’s consolidated financial statements upon adoption.

 

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).  This ASU requires changes in the presentation of certain items in the statement of cash flows including but not limited to debt prepayment or debt extinguishment costs; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies and distributions received from equity method investees. This guidance was effective for annual periods and interim periods within those annual periods beginning after December 15, 2017, requires adoption on a retrospective basis and was effective for the Company on January 1, 2018. The Company adopted this standard and there was no impact to the Company’s consolidated financial statements upon adoption.

 

12

 

In November 2016, the FASB issued ASU 2016-18, Restricted Cash ("ASU 2016-18"). ASU 2016-18 requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and restricted cash. Accordingly, restricted cash will be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted ASU 2016-18 during the first quarter of 2018, and the standard has been retrospectively applied to all periods presented. The following provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheet to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows as of September 30, 2017:

 

Cash and cash equivalents  $9,372,642 
Restricted cash included in current assets   740,000 
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows  $10,112,642 

 

The following provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheet to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows as of December 31, 2016:

 

Cash and cash equivalents  $52,973,376 
Restricted cash included in current assets   740,000 
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows  $53,713,376 

 

There was no restricted cash as of December 31, 2017 and September 30, 2018.

 

2. Fair Value of Financial Instruments

 

The estimated fair values of all of the Company’s financial instruments, excluding long-term debt, approximate their carrying amounts in the consolidated balance sheets as of December 31, 2017 and September 30, 2018.

 

As of December 31, 2017 and September 30, 2018, the Company held certain assets and liabilities that are required to be measured at fair value on a recurring basis. These assets include money market funds included in cash equivalents. Additionally, as of December 31, 2017 and September 30, 2018, the Company had outstanding warrants recorded as a liability and measured at fair value on a recurring basis. The valuation of these financial instruments uses a three-tiered approach, which requires that fair value measurements be classified and disclosed in one of three tiers. These tiers are: Level 1, defined as quoted prices in active markets for identical assets or liabilities; Level 2, defined as valuations based on observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable input data; and Level 3, defined as valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants.

 

The Company’s Level 1 assets consist of money-market funds. The method used to estimate the fair value of the Level 1 assets is based on observable market data, as these money-market funds are publicly-traded. The Company has no Level 2 assets. As of each balance sheet date, observable market inputs may include trade information, broker or dealer quotes, bids, offers or a combination of these data sources.

 

The Company’s warrant liability is classified as a Level 3 financial liability. The fair value of the warrant liability is measured using the Black-Scholes valuation model. Inherent in the Black-Scholes valuation model are assumptions related to expected stock price volatility, expected life, risk-free interest rate and dividend yield (see Note 9). Due to the market value of the Company’s common stock and the $110.00 exercise price of its warrants, the Company determined that its outstanding warrants had no value as of September 30, 2018.

 

During the nine months ended September 30, 2018 and 2017, there were no transfers between Levels 1, 2, and 3 assets or liabilities.

 

13

 

As of December 31, 2017 and September 30, 2018, these financial instruments and respective fair values have been classified as follows:

 

   Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
  Significant
Other
Observable
Inputs
(Level 2)
  Significant
Unobservable
Inputs
(Level 3)
  Balance as of
December 31,
2017
Assets                    
Money-market funds  $4,098,037   $   $   $4,098,037 
Total assets at fair value  $4,098,037   $   $   $4,098,037 
Liabilities                    
Warrants  $   $   $167,636   $167,636 
Total liabilities at fair value  $   $   $167,636   $167,636 

  

 

   Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
  Significant
Other
Observable
Inputs
(Level 2)
  Significant
Unobservable
Inputs
(Level 3)
  Balance as of
September 30,
2018
Assets                    
Money-market funds  $4,145,112   $   $   $4,145,112 
Total assets at fair value  $4,145,112   $   $   $4,145,112 
Liabilities                    
Warrants  $   $   $   $ 
Total liabilities at fair value  $   $   $   $ 

 

Changes in the fair value of the Company’s Level 3 liability for warrants during the nine months ended September 30, 2018 were as follows:

 

Balance as of December 31, 2017  $167,636 
Change in fair value during the period   (167,636)
Balance as of September 30, 2018  $ 

 

The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and estimated fair value of money-market funds included in cash and cash equivalents as of December 31, 2017 and September 30, 2018 were as follows:

 

   As of December 31, 2017
   Amortized Cost
Basis
  Gross
Unrealized
Holding
Gains
  Gross
Unrealized
Holding
Losses
  Aggregate
Fair
Value
Money-market funds  $4,098,037   $   $   $4,098,037 
   $4,098,037   $   $   $4,098,037 

 

 

14

 

 

   As of September 30, 2018
   Amortized Cost
Basis
  Gross
Unrealized
Holding
Gains
  Gross
Unrealized
Holding
Losses
  Aggregate
Fair
Value
Money-market funds  $4,145,112   $   $   $4,145,112 
   $4,145,112   $   $   $4,145,112 

 

The fair value of the Company’s debt was derived by evaluating the nature and terms of each note, considering the prevailing economic and market conditions as of each balance sheet date and based on the Level 2 valuation hierarchy of the fair value measurements standard using a present value methodology. The fair value of the Company’s debt as of December 31, 2017 was approximately $19.1 million compared with its carrying value of $19.5 million (see Note 6). The fair value of the Company’s debt as of September 30, 2018 was approximately $18.1 million compared with its carrying value of $18.5 million (see Note 6).

 

3. Restructuring Activities and Related Impairments of Property and Equipment and Leases

 

During the nine months ended September 30, 2017, the Company had restructuring activities and impairments of property and equipment and leases. These activities were completed during the year ended December 31, 2017 and there were no such activities during the nine months ended September 30, 2018. Following is a discussion of these activities during the nine months ended September 30, 2017.

 

As discussed in Note 1, the Company’s most advanced product candidate was rocapuldencel-T, which the Company was developing for the treatment of mRCC and other cancers. The Company was conducting a pivotal Phase 3 clinical trial of rocapuldencel-T in combination with sunitinib / standard of care for the treatment of newly diagnosed mRCC. In February 2017, the IDMC for the ADAPT trial recommended that the trial be discontinued for futility based on its planned interim data analysis. The IDMC concluded that the trial was unlikely to demonstrate a statistically significant improvement in overall survival in the combination treatment arm utilizing the intent-to-treat population at the pre-specified number of 290 events (deaths), the primary endpoint of the study. This development triggered a restructuring of the Company’s operations and impairments of property and equipment and leases during the nine months ended September 30, 2017. As set forth below, the Company recognized restructuring costs of $6.0 million and an impairment loss of property and equipment of $27.2 million during the nine months ended September 30, 2017 and restructuring costs of $0.7 million during the three months ended September 30, 2017.

 

Workforce Action Plan

 

On March 10, 2017, the Company enacted a workforce action plan designed to streamline operations and reduce the Company’s operating expenses. Under this plan, the Company reduced its workforce by 61 employees during the nine months ended September 30, 2017. The Company recognized $1.2 million in severance costs and $3.2 million in stock-based compensation costs from the acceleration of vesting of stock options held by the terminated employees during the nine months ended September 30, 2017. Through additional targeted reductions and attrition, the workforce was further reduced to 21 employees as of September 30, 2018.

 

CTI Lease Agreement

 

In January 2017, the Company entered into a ten-year lease agreement with two five-year renewal options for 40,000 square feet of manufacturing and office space at CTI on the Centennial Campus of North Carolina State University in Raleigh, North Carolina. The Company provided a security deposit in the amount of $2.4 million as security for obligations under the lease agreement, which was provided in the form of a letter of credit. In March 2017, the Company initiated discussions with the landlord of the CTI facility regarding the termination of this lease.

 

In March 2017 the landlord of the CTI facility notified the Company that it was terminating the lease due to nonpayment of invoices for up-fit costs, effective immediately. On March 31, 2017, the Company entered into a termination agreement with the landlord terminating the lease as of March 17, 2017. From the $2.4 million letter of credit, the landlord drew down $0.7 million to cover unpaid construction costs in March 2017 and $1.7 million in April 2017 for lease termination damages and agreed to return $0.1 million in consideration for being able to salvage some of the construction costs. Pursuant to the termination agreement, the Company had no further obligations under the lease. During the nine months ended September 30, 2017, the Company recorded a lease termination fee of $1.6 million which is included in Restructuring costs on the statement of operations. The Company also recorded an impairment loss on Construction-in-progress on the property of $0.9 million during the nine months ended September 30, 2017.

 

15

 

Impairment of Centerpoint Facility and Construction-in-Progress

 

During the three months ended March 31, 2017, the Company also determined that it would no longer need to develop its facility in Durham County, North Carolina (“Centerpoint”), which the Company intended to be built to house the Company’s corporate headquarters and primary manufacturing facility. In November 2017, the Company and TKC Properties, the landlord of the Centerpoint facility, entered into a lease termination agreement in connection with the sale by TKC of the facility to a third party. In the statement of operations for the nine months ended September 30, 2017, the Company recorded an impairment loss of $18.3 million for the Construction-in-progress on the property.

 

4. Property and Equipment and Assets Held for Sale

 

Property and equipment consist of the following:

 

   December 31,
2017
  September 30,
2018
       
Office furniture and equipment  $639,603   $639,603 
Computer equipment   989,137    892,105 
Computer software   3,146,978    3,143,633 
Laboratory equipment   6,050,640    4,487,348 
Leasehold improvements   2,435,530    2,435,530 
           
Total property and equipment, gross   13,261,888    11,598,219 
Less: Accumulated depreciation and amortization   (9,679,565)   (9,770,037)
           
Property and equipment, net  $3,582,323   $1,828,182 

 

The Company sold two isolators included in assets held for sale at December 31, 2017 during the nine months ended September 31, 2018 and received proceeds of $0.6 million. The Company reviews its property and equipment for impairment whenever events or changes indicate its carrying value may not be recoverable.

 

Depreciation and amortization expense was as follows:

 

Three months ended September 30, 2017  $242,471 
Three months ended September 30, 2018  $714,275 
Nine months ended September 30, 2017  $733,172 
Nine months ended September 30, 2018  $1,657,719 

 

5. Income Taxes

 

The Company has incurred net operating losses since inception and is forecasting additional losses through December 31, 2018. Therefore, no U.S. Federal, state or foreign income taxes are expected for 2018 and no provision for such taxes has been recorded as of September 30, 2018.

 

Due to the Company’s history of losses since inception, there is not enough evidence at this time to support the conclusion that the Company will generate future income of a sufficient amount and nature to utilize the benefits of the Company’s net deferred tax assets. Accordingly, as of December 31, 2017 and September 30, 2018, the Company provided a full valuation allowance against its net deferred tax assets since as of that time, the Company could not assert that it was more likely than not that these deferred tax assets would be realized.

 

On December 22, 2017, the U.S. government enacted the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). ASC 740 “Income Taxes” generally requires the effects of the tax law change under the Tax Act to be recorded in the period of enactment. However, the SEC staff issued Staff Accounting Bulletin No. 118 to address situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. The Company has recognized the tax impacts in its consolidated financial statements for the year ended December 31, 2017, on a provisional basis. The ultimate impact may differ from these provisional amounts, possibly materially, due to among other things, additional analysis, changes in interpretations and assumptions the Company has made, and additional interpretive regulatory guidance that may be issued. The Company filed its 2017 U.S. corporate income tax return during the third quarter of 2018, which did not result in any material adjustments to the provisional amount originally recorded. The Company is continuing to evaluate the impact of the recently enacted tax law on its business and consolidated financial statements. For the three and nine months ended September 30, 2018, the Company has not made any measurement-period adjustments related to the provisional amounts recorded as of December 31, 2017.

 

16

 

6. Notes Payable and Gain on Early Extinguishment of Debt

 

Notes payable consist of the following as of December 31, 2017 and September 30, 2018:

 

   December 31,
2017
  September 30,
2018
Convertible note payable to Pharmstandard (related party), including accrued interest  $6,302,959   $6,744,420 
Convertible note payable to Invetech, including accrued interest   5,845,655    

5,063,847

 
Convertible note payable to Saint-Gobain, including accrued interest   2,334,929    1,694,929 
Note payable to Medinet, including accrued interest   4,958,824    4,983,494 
Other notes payable   13,825     
Total notes payable   19,456,192    

18,486,690

 
Less current portion of convertible note payable to Invetech, including accrued interest   (1,300,000)   (900,000)
Less current portion of convertible note payable to Saint-Gobain, including accrued interest   (1,050,000)   (640,000)
Less current portion of note payable to Medinet, including accrued interest   (4,958,824)   (4,983,494)
Less current portion of other notes payable   (13,825)    
Long-term portion of notes payable and convertible notes payable  $12,133,543   $

11,963,196

 

 

Convertible Note Payable to Invetech. On September 22, 2017, the Company entered into the Satisfaction and Release Agreement with Invetech. Under the Satisfaction and Release Agreement, the Company agreed to make, issue and deliver to Invetech (i) a cash payment of $0.5 million, (ii) 57,142 shares of the Company’s common stock with a fair value of $0.2 million on the date of issuance and (iii) an unsecured convertible promissory note in the original principal amount of $5.2 million on account of and in full satisfaction and release of all of the Company’s payment obligations to Invetech arising under the Invetech Development Agreement prior to the date of the Satisfaction and Release Agreement, including the Company’s obligation to pay Invetech up to a total of $8.3 million in deferred fees, bonus payments and accrued interest. As a result, the Company recognized a gain on the early extinguishment of debt of $1.5 million in the Company’s statement of operations during the year ended December 31, 2017. Following is a summary of the terms of the convertible note payable to Invetech (the “Invetech Note”).

 

The original principal amount of the Invetech Note is $5.2 million. The maturity date for the payment of principal and interest under the Invetech Note is September 30, 2020. The Invetech Note bears interest at a rate of 6.0% per annum, which interest will compound annually. The Invetech Note is not secured by any assets of the Company.

 

The Company was required to make quarterly installment payments under the Invetech Note for the fiscal quarters ending December 31, 2017 and March 31, 2018, each in an aggregate amount of up to $0.4 million, consisting of (i) cash in the amount of $0.2 million and (ii) if certain specified conditions are met as of the corresponding payment date, up to $0.2 million of shares of the Company’s common stock. For the fiscal quarters ending June 30, 2018 through March 31, 2019, the Company is required to make quarterly installment payments, each in an aggregate amount of up to $0.3 million, consisting of (i) cash in the amount of $150,000 and (ii) if certain specified conditions are met as of the corresponding payment date, up to $150,000 of shares of the Company’s common stock. For the fiscal quarters ending June 30, 2019 through June 30, 2020, the Company is required to make quarterly installment payments, each in an amount of $150,000, payable in cash. The Company made an installment payment of $0.2 million in cash to Invetech in each of the year ended December 31, 2017 and the three months ended March 31, 2018 and made an installment payment of $150,000 in each of the three months ended June 30, 2018 and three months ended September 30, 2018. The payments in common stock were not made in each of the year ended December 31, 2017, the three months ended March 31, 2018, the three months ended June 30, 2018 and the three months ended September 30, 2018 because the specified conditions were not met.

 

17

 

The Invetech Note also provides that on the anniversary of the issue date for each of the first three years following the issue date, the outstanding principal amount of the Invetech Note, if any, plus accrued and unpaid interest thereon shall automatically be deemed to be reduced by $250,000, if and only if the Company has paid all debt service payments due under the Invetech Note on or prior to the relevant anniversary date and no event of default, fundamental transaction or change of control, each as defined in the Invetech Note, has occurred on or prior to such anniversary date. As a result, on September 21, 2018, the anniversary of the issue date of the Invetech Note, the outstanding principal amount of the Invetech Note was automatically reduced by $250,000.

 

As detailed further below, Invetech may exercise its conversion rights upon: (i) maturity of the Invetech Note, (ii) certain change of control events, and (iii) certain events of default. In each case, the number of shares of common stock issuable upon such complete or partial conversion of the Invetech Note is determined by dividing the portion of the principal and accrued or unpaid interest to be converted by $10.00 per share (as adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction).

 

Maturity of the Invetech Note. Upon maturity of the Invetech Note or at any time within 75 days of such maturity, Invetech may, at its option, elect to convert any amount of the outstanding principal and accrued interest into shares of the Company’s common stock. The Company will be required to pay any amount not so converted in cash.

 

Change of Control. Upon a change of control pursuant to which Invetech has a redemption right, Invetech may, at its option, elect to convert any amount of the outstanding principal and accrued interest, less any remaining installment payments required to be made in cash, into shares of the Company’s common stock. The Company will be required to pay any amount not so converted in cash.

 

Default. Upon the occurrence of certain events of default, Invetech may, at its option, elect to convert any amount of the outstanding principal and accrued interest into shares of the Company’s common stock. The Company will be required to pay any amount not so converted in cash.

 

Subject to the aforementioned conversion rights of Invetech, the Company may prepay the Invetech Note in whole or in part at any time without penalty or premium.

 

Convertible Note Payable to Saint-Gobain. On November 22, 2017, the Company entered into the Saint-Gobain Satisfaction and Release Agreement with Saint-Gobain. Under the Saint Gobain Satisfaction and Release Agreement, the Company agreed to make, issue and deliver to Saint-Gobain (i) a cash payment of $0.5 million, (ii) 34,499 shares of common stock, (iii) an unsecured convertible promissory note in the original principal amount of $2.4 million, and (iv) certain specified equipment originally provided to the Company by Saint-Gobain under the Saint-Gobain Development Agreement, on account of and in full satisfaction and release of all of the Company’s payment obligations to Saint-Gobain arising under the Saint-Gobain Development Agreement, prior to the date of the Saint-Gobain Satisfaction and Release Agreement, including the development fees and charges. In connection with entering into the Saint-Gobain Satisfaction and Release Agreement, the Company and Saint-Gobain entered into an amendment to the Saint-Gobain Development Agreement to extend the term to December 31, 2019. Following is a summary of the terms of the convertible note payable to Saint-Gobain (the “Saint-Gobain Note”).

 

The original principal amount of the Saint-Gobain Note is $2.4 million. The maturity date for the payment of principal and interest under the Note is September 30, 2020. The Note bears interest at a rate of 6.0% per annum, which interest will compound quarterly. The Note is not secured by any assets of the Company.

 

The Company was required to make quarterly installment payments for the fiscal quarters ending December 31, 2017 and March 31, 2018, each in an aggregate amount of up to $340,000, consisting of (i) cash in the amount of $200,000 and (ii) if certain specified conditions are met as of the corresponding payment date, up to $140,000 of shares of the Company’s common stock. For the fiscal quarters ending June 30, 2018 and September 30, 2018, the Company was required to make quarterly installment payments, each in an aggregate amount of up to $245,000, consisting of (i) cash in the amount of $125,000 and (ii) if certain specified conditions are met as of the corresponding payment date, up to $120,000 of shares of the Company’s common stock. For the fiscal quarters ending December 31, 2018 and March 31, 2019, the Company is required to make quarterly installment payments, each in an aggregate amount of up to $220,000, consisting of (i) cash in the amount of $100,000 and (ii) if certain specified conditions are met as of the corresponding payment date, up to $120,000 of shares of the Company’s common stock. For the fiscal quarter ending December 31, 2017, March 31, 2018, June 30, 2018, September 30, 2018, December 31, 2018 and March 31, 2019, if the conditions required for the issuance of common stock are not met solely because the price of the common stock at the time is less than $4.06 per share (as adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction), then the Company will be required to pay in each such quarter cash equal to 50% of the value of the common stock that would otherwise have been issued. For the fiscal quarters ending June 30, 2019 through June 30, 2020, the Company is required to make quarterly installment payments, each in an amount of $100,000, payable in cash. The Company made an installment payment of $0.3 million in cash to Saint-Gobain in each of the year ended December 31, 2017 and the three months ended March 31, 2018 and made an installment payment of $0.2 million in each of the three months ended June 30, 2018 and three months ended September 30, 2018. The payments in common stock were not made in each of the year ended December 31, 2017, the three months ended March 31, 2018, the three months ended June 30, 2018 and the three months ended September 30, 2018 because the specified conditions were not met.

 

18

 

As detailed further below, Saint-Gobain may exercise its conversion rights upon: (i) maturity of the Saint-Gobain Note, (ii) certain change of control events, and (iii) certain events of default. In each case, the number of shares of common stock issuable upon such complete or partial conversion of the Saint-Gobain Note is determined by dividing the portion of the principal and accrued or unpaid interest to be converted by $10.00 per share (as adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction).

 

  Maturity of the Note. Upon maturity of the Saint-Gobain Note or at any time during the 75 day period prior to the maturity date of the note, Saint-Gobain may, at its option, elect to convert any amount of the outstanding principal and accrued interest into shares of the Company’s common stock. The Company will be required to pay any amount not so converted in cash.

 

  Change of Control. Upon a change of control pursuant to which Saint-Gobain has a redemption right, Saint-Gobain may, at its option, elect to convert any amount of the outstanding principal and accrued interest, less any remaining installment payments required to be made in cash, into shares of the Company’s common stock. The Company will be required to pay any amount not so converted in cash. 

 

  Default. Upon the occurrence of certain events of default, Saint-Gobain may, at its option, elect to convert any amount of the outstanding principal and accrued interest into shares of the Company’s common stock. The Company will be required to pay any amount not so converted in cash.

 

Subject to the aforementioned conversion rights of Saint-Gobain, the Company may prepay the Saint-Gobain Note in whole or in part at any time without penalty or premium.

 

Convertible Note Payable to Pharmstandard. On June 15, 2017, the Company entered into a note purchase agreement (the “Note Purchase Agreement”) with Pharmstandard, pursuant to which the Company agreed to issue and sell to Pharmstandard a secured convertible promissory note in the original principal amount of $6.0 million (the “Pharmstandard Note”).

 

The Company issued the Pharmstandard Note on June 21, 2017, the closing date of the financing. Under the Pharmstandard Note, the maturity date for the payment of principal and interest is the fifth anniversary of the issue date. The Pharmstandard Note bears interest at a rate of 9.5% per annum, which interest compounds annually. The Pharmstandard Note is secured by a lien on and security interest in all of the Company’s intellectual property. The Company may prepay the Pharmstandard Note in whole or in part at any time without penalty or premium. Upon the occurrence of certain events of default, Pharmstandard will have the option to require the Company to repay the unpaid principal amount of the Pharmstandard Note and any unpaid accrued interest.

 

In addition, at Pharmstandard’s election, Pharmstandard may convert the entire principal and interest on the Pharmstandard Note into shares of the Company’s common stock at a price per share equal to $10.00. However, Pharmstandard will not be permitted to convert the entire Pharmstandard Note if such conversion would result in Pharmstandard and its affiliates holding shares that exceed 39.9% of the total number of outstanding shares of common stock of the Company or 39.9% of the combined voting power of all outstanding securities of the Company. To the extent that conversion of the entire Pharmstandard Note would cause Pharmstandard and its affiliates to exceed these thresholds, Pharmstandard may convert a portion of the Pharmstandard Note to the extent these thresholds are not exceeded by such partial conversion.

 

19

 

Pharmstandard is the Company’s largest stockholder, and beneficially owned, in the aggregate, shares representing approximately 14.70% of the Company’s outstanding common stock as of November 17, 2018. In addition, two members of the Company’s board of directors are closely associated with Pharmstandard.  

 

Venture Loan Facility and Gain on Early Extinguishment of Debt. In September 2014, the Company entered into the Loan Agreement with the Lenders under which the Company could borrow up to $25.0 million in two tranches of $12.5 million each (the “Loan Facility”).

 

The Company borrowed the first tranche of $12.5 million upon the closing of the Loan Facility in September 2014 and borrowed the second tranche of $12.5 million in August 2015. The per annum interest rate for each tranche was a floating rate equal to 9.25% plus the amount by which the one-month London Interbank Offered Rate (“LIBOR”) exceeds 0.50% (effectively a floating rate equal to 8.75% plus the one-month LIBOR Rate). The total per annum interest rate was not to exceed 10.75%.

 

The Company incurred $0.4 million in debt issuance costs in connection with the closing of the Loan Facility. Debt issuance costs were presented in the Company’s consolidated balance sheet as a direct deduction from the associated liability and amortized to interest expense over the terms of the related debt. Debt issuance costs were eliminated on the Company’s consolidated balance sheet as of December 31, 2017 as a result of the early extinguishment of debt under the payoff letter discussed below.

 

The Company made payments with respect to the first tranche of $12.5 million on an interest-only basis monthly through October 31, 2016, and was obligated to make monthly payments of principal and accrued interest through the scheduled maturity date for the first tranche loan on September 30, 2018. In addition, a final payment for the first tranche loan equal to $0.6 million was due on September 30, 2018, or such earlier date specified in the Loan Agreement. The Company was recognizing the final payment of $0.6 million as accrued interest over the expected life of the first tranche loan. The Company agreed to repay the second tranche loan of $12.5 million in 18 monthly payments of interest only until February 7, 2017, followed by 24 monthly payments of principal and accrued interest through the scheduled maturity date for the second tranche loan on February 7, 2019. In addition, a final payment of $0.6 million was due on February 7, 2019, or such earlier date specified in the Loan Agreement. The Company was recognizing the final payment of $0.6 million as accrued interest over the expected life of the second tranche loan. In addition, the Company agreed that if the Company repaid all or a portion of the loan prior to the applicable maturity date, it would pay the Lenders a prepayment penalty fee based on a percentage of the then outstanding principal balance, equal to 3% if the prepayment occurs on or before 24 months after the funding date, 2% if the prepayment occurs more than 24 months after, but on or before 36 months after, the funding date thereof, or 1% if the prepayment occurs more than 36 months after the funding date thereof.

 

On March 3, 2017, the Company entered into a payoff letter with the Lenders, pursuant to which the Company paid on March 6, 2017, a total of $23.1 million to the Lenders, representing the principal balance and accrued interest outstanding under the Loan Agreement in repayment of the Company’s outstanding obligations under the Loan Agreement. In addition, the Company issued to the Lenders five year warrants to purchase an aggregate of 5,000 shares of the Company’s common stock at an exercise price of $26.00 per share in consideration of the Lenders accepting the $23.1 million. The Company recognized a gain on this early extinguishment of debt of $0.2 million during the year ended December 31, 2017 which is included in Other income (expense) on the statement of operations. The payoff of the debt was considered a troubled debt restructuring because of the doubt surrounding the Company’s ability to continue as a going concern and the fact that the final payment of $1.25 million and the pre-payment penalty of $0.6 million were waived by the Lenders in exchange for the issuance of the warrants.

 

Upon the payment of the $23.1 million and the issuance of the warrants pursuant to the payoff letter, all outstanding indebtedness and obligations of the Company owing to the Lenders under the Loan Agreement were deemed paid in full, and the Loan Agreement and the notes thereunder were terminated.

 

In connection with the Loan Agreement, the Company issued to the Lenders and their affiliates warrants to purchase a total of 4,139 shares of the Company’s common stock at a per share exercise price of $181.20 (the “Venture Loan Warrants”). Upon the Company’s satisfaction of the conditions precedent to the making of the second tranche loan, the Venture Loan Warrants became exercisable in full. The Venture Loan Warrants will terminate on September 29, 2021 or such earlier date as specified in the Venture Loan Warrants. As of September 29, 2014, the Company recorded a debt discount of $0.3 million equal to the value of these Venture Loan Warrants. This debt discount was offset against the long-term portion of the note payable balance and included in additional paid-in capital on the Company's consolidated balance sheet. Debt discount was amortized to interest expense over the terms of the related debt. Debt discount was eliminated on the Company’s balance sheet as of December 31, 2017 as a result of the early extinguishment of debt discussed above.

 

20

 

Medinet Loan. In December 2013, in connection with a license agreement currently with Medinet, as described in Note 11, the Company borrowed $9.0 million pursuant to an unsecured promissory note that bears interest at a rate of 3.0% per annum. The principal and interest under the note are due and payable on December 31, 2018. Under the terms of the note and the license agreement, any milestone payments related to the developmental and regulatory milestones that become due will be applied first to the repayment of the loan. The Company has the right to prepay the loan at any time. If the Company has not repaid the loan by December 31, 2018, then the Company has agreed to grant to Medinet a non-exclusive, royalty-bearing license to make and sell Arcelis products in Japan for the treatment of cancer. In such event, the amounts owing under the loan as of December 31, 2018 may constitute pre-paid royalties under the license or would be due and payable. Royalties under this license would be paid until the expiration of the licensed patent rights in Japan at a rate to be negotiated. If the Company and Medinet cannot agree on the royalty rate, they have agreed to submit the matter to arbitration. Because the $9.0 million promissory note was issued at a below market interest rate, the Company allocated the proceeds of the loan between the license agreement and the debt at the time of issuance. Accordingly, as of the borrowing date, December 31, 2013, the Company recorded $6.9 million to notes payable, based upon an effective interest rate of 8.0%, and $2.1 million as a deferred liability.

 

During the year ended December 31, 2015, the Company recorded a $1.0 million milestone payment as deferred revenue under the Medinet license agreement and reduced the related note payable by $0.8 million and the deferred liability by $0.2 million. During the year ended December 31, 2016, the Company recorded a $2.0 million milestone payment as deferred revenue under the Medinet license agreement and reduced the related note payable by $1.5 million and the deferred liability by $0.5 million. During the year ended December 31, 2017, the Company recorded an additional $2.0 million milestone payment as deferred revenue under the Medinet license agreement and reduced the related note payable by $1.5 million and the deferred liability by $0.5 million.

 

Under the agreement, the Company had the right to revoke both the manufacturing license and the sale license to be granted to Medinet or the sale license only. On February 14, 2018, the Company notified Medinet that it irrevocably agreed to have no further right to exercise its right under the license agreement to revoke the manufacturing and the sale license, or the sale license only. As a result of the Company’s decision to forego these revocation rights, during the three months ended March 31, 2018, the Company recognized as revenue $5.8 million of milestone payments that had previously been received and recorded as deferred revenue.

 

As of December 31, 2017 and September 30, 2018, the amount of the note payable was $5.0 million, including $1.9 million of accrued interest. As of December 31, 2017 and September 30, 2018, the total deferred liability associated with the Medinet note was $6.9 million and $1.0, respectively (see Note 11).

 

Other Notes. During November 2013, the Company borrowed $77,832 from a lending institution to finance the purchase of computer equipment, of which $13,825 and $0 in principal was outstanding as of December 31, 2017 and September 30, 2018, respectively. Borrowings were collateralized by substantially all of the computer equipment financed under the agreement, bore interest at a rate of 8.31% per annum and were to be repaid in 60 equal monthly installments commencing on the date of borrowing.

 

7. Stockholders’ Deficit

 

Issuance of Restricted Stock in Nine Months Ended September 30, 2017

 

In lieu of paying certain annual cash bonuses for 2016, in January 2017 the Company granted restricted stock awards to certain of its executive officers and employees. The number of shares granted to each executive officer and employee was calculated by dividing 25% of the amount of the 2016 annual cash bonus that would otherwise have been paid by the closing price of the Company’s common stock on January 13, 2017. A total of 4,005 restricted shares of common stock with an aggregate value of $394,534 were issued. Each of the restricted stock awards is subject to a lapsing right of repurchase in the Company’s favor, which right lapsed with respect to 100% of the underlying shares of each award on April 17, 2017, for those executive officers and employees still providing services to the Company on such date. In April 2017 prior to vesting, 368 restricted shares of common stock were forfeited back to the Company. The Company granted an additional award of 2,333 restricted shares of common stock to an employee resulting in stock-based compensation expense of $20,999 included in General and administrative expenses.

 

During the three months ended September 30, 2017, the Company granted restricted stock awards for an aggregate of 369,999 shares of common stock with a fair value of $1.4 million to 43 employees resulting in stock-based compensation expense of $0.2 million and $0.1 million included in research and development and general and administrative expenses, respectively, for such period. Awards for 28,689 shares of common stock vested upon termination of the recipients’ employment during the three months ended September 30, 2017, with such stock-based compensation costs of $0.1 million included in restructuring expenses. The remaining shares vested in full during December 2017 and January 2018.

 

21

 

Issuance of Common Stock in Nine Months Ended September 30, 2017

 

At-the-market Offering

 

In May 2015, the Company entered into a sales agreement with Cowen pursuant to which the Company could issue and sell shares of the Company’s common stock from time to time having an aggregate offering price of up to $30 million through Cowen, acting as the Company’s agent. Sales of the Company’s common stock through Cowen could be made by any method permitted that was deemed an “at-the-market offering” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on or through the Nasdaq Global Market, sales made to or through a market maker other than on an exchange or otherwise, in negotiated transactions at market prices, and/or any other method permitted by law. Cowen was not required to sell any specific amount, but acted as the Company’s sales agent using commercially reasonable efforts consistent with its normal trading and sales practices. Shares sold pursuant to the sales agreement were sold pursuant to a shelf registration statement, which became effective on May 14, 2015. Under the sales agreement, the Company paid Cowen a commission of up to 3% of the gross proceeds of any sales made pursuant to the sales agreement. During the nine months ended September 30, 2017, the Company sold 1,442,836 shares of common stock pursuant to the sales agreement, resulting in proceeds of $7.8 million, net of commissions and issuance costs.

 

Issuance of Restricted Stock in Nine Months Ended September 30, 2018

 

During March 2018, the Company issued 210,000 restricted shares of common stock to employees, including certain executives. In connection with the delisting of the Company’s common stock from The Nasdaq Capital Market, in April 2018 such restricted shares of common stock were forfeited back to the Company.

 

Issuance of Common Stock in Nine Months Ended September 30, 2018

 

At-the-Market Offering

 

In February 2018, the Company amended and restated the sales agreement with Cowen to increase the maximum aggregate offering price from $30 million to up to $45 million. From December 31, 2017 through April 25, 2018, the Company sold 4,135,993 shares of common stock pursuant to the sales agreement, resulting in proceeds of $7.5 million, net of commissions and issuance costs. However, upon the delisting of the Company’s common stock from The Nasdaq Capital Market in April 2018, the Company ceased to sell any additional shares under the sales agreement.

 

Issuance of Common Stock under Collaboration Agreements

 

On April 2, 2018, in consideration for the rights granted under an option agreement entered into with Pharmstandard and Actigen Limited (“Actigen”) in February 2018, the Company issued 169,014 shares of its common stock to Pharmstandard, the value of which will be creditable against the upfront license fee payable under the option agreement if the Company enters into a license agreement. The option agreement is described further in Note 11.

 

In January 2018, the Company entered into a stock purchase agreement with Lummy HK under which the Company agreed to issue and sell to Lummy HK in a private financing 375,000 shares of the Company’s common stock for an aggregate purchase price of $1.5 million. On March 23, 2018, the Company and Lummy HK amended the stock purchase agreement to reduce the aggregate price for the shares to $450,000. Concurrent with such amendment, the Company entered into a third amendment to its license agreement with Lummy HK pursuant to which Lummy HK agreed to pay the Company a $1.05 million milestone payment. In April 2018, the Company received from Lummy HK $450,000 for the purchase of the 375,000 shares and a $1.05 million milestone payment.

 

22

 

8. Stock Incentive Plans

 

2014 Stock Incentive Plan and 2014 Employee Stock Purchase Plan

 

In January 2014, the Company’s board of directors and stockholders approved, effective upon the closing of the Company’s initial public offering, the 2014 Stock Incentive Plan (the “2014 Plan”). Under the 2014 Plan, the Company is authorized to grant incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards for 570,746 shares of common stock plus an annual increase in the number of shares of our common stock available for issuance under the plan on the first day of each fiscal year beginning with the fiscal year ending December 31, 2018 and continuing each fiscal year until, and including, the fiscal year ending December 31, 2024, equal to the lowest of 250,000 shares of common stock, four percent (4%) of the outstanding shares of common stock on such date or an amount determined by our board of directors.

 

At the July 28, 2017 stockholders’ meeting, the stockholders approved an amendment to the 2014 Plan to increase the number of shares of common stock authorized for issuance under the 2014 Plan by 300,000 and to increase the maximum number of shares that automatically may be added to the 2014 Plan on the first day of each fiscal year until the fiscal year ending December 31, 2024 by 134,548 shares, such that the total number of shares of common stock authorized for issuance under the 2014 Plan is equal to the sum of 570,746 shares, plus an annual increase to be added on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2018 and continuing each fiscal year until, and including, the fiscal year ending December 31, 2024, equal to the lowest of (i) 250,000 shares of Common Stock, (ii) four percent (4%) of the outstanding shares of Common Stock on such date or (iii) an amount determined by the Company’s board of directors.

 

Also in January 2014, the Company’s board of directors and stockholders approved, effective upon the closing of the Company’s initial public offering, a 2014 Employee Stock Purchase Plan (the “2014 ESPP”). Under the 2014 ESPP, on the offering commencement date of each plan period (the “Purchase Plan Period”), the Company will grant to each eligible employee who is then a participant in the 2014 ESPP an option to purchase shares of common stock. The employee may authorize up to a maximum of 10% of his or her base pay to be deducted by the Company during each Purchase Plan Period. Each employee who continues to be a participant in the 2014 ESPP on the last business day of the Purchase Plan Period is deemed to have exercised the option, to the extent of accumulated payroll deductions within the 2014 ESPP ownership limits.

 

Under the terms of the 2014 ESPP, the option exercise price shall be determined by the Company’s board of directors for each Purchase Plan Period and the option exercise price will be at least 85% of the applicable closing price of the common stock. The option exercise price will be 85% of the lower of the Company’s closing stock price on the first and last business day of each Purchase Plan Period. The Company’s first Purchase Plan Period commenced on September 2, 2014 and ended on February 27, 2015. For the first Purchase Plan Period, 652 shares were purchased with employee withholdings at an option exercise price based upon 85% of the closing price on February 27, 2015 of $180.40, resulting in the recognition of share-based compensation expense of $54,508. The Company’s second Purchase Plan Period commenced on March 2, 2015 and ended on August 31, 2015. For the second Purchase Plan Period, 1,015 shares were purchased with employee withholdings at an option exercise price based upon 85% of the closing price on August 31, 2015 of $124.20, resulting in the recognition of share-based compensation expense of $72,800. The Company’s third Purchase Plan Period commenced on September 1, 2015 and ended on February 29, 2016. For the third Purchase Plan Period, 1,814 shares were purchased with employee withholdings at an option exercise price based upon 85% of the closing price of $88.80 on February 29, 2016, resulting in the recognition of share-based compensation expense of $107,455. The Company’s fourth Purchase Plan Period commenced on March 1, 2016 and ended on August 31, 2016. For the fourth Purchase Plan Period, 1,507 shares were purchased with employee withholdings at an option exercise price based upon 85% of the closing price at the beginning of the fourth Purchase Plan Period of $98.20, resulting in the recognition of share-based compensation expense of $63,788. The Company’s fifth Purchase Plan Period commenced on September 1, 2016 and ended on February 28, 2017. For the fifth Purchase Plan Period, 428 shares were purchased with employee withholdings at an option exercise price based upon 85% of $23.00 on February 28, 2017, resulting in the recognition of share-based compensation expense of $30,064. The Company’s sixth Purchase Plan Period commenced on March 1, 2017 and ended on August 31, 2017. For the sixth Purchase Plan Period, 999 shares were purchased with employee withholdings at an option exercise price based upon 85% of $4.00 on August 31, 2017, resulting in the recognition of share-based compensation expense of $17,711. The Company did not commence a new Purchase Plan Period after September 1, 2017.

 

23

 

Upon the exercise of stock options, vesting of other awards and purchase of shares through the 2014 ESPP or under the 2014 Plan, the Company issues new shares of common stock. All awards granted under the 2014 Plan that are canceled prior to vesting or expire unexercised are returned to the approved pool of reserved shares under the 2014 Plan and made available for future grants. As of September 30, 2018, there were 317,958 shares of common stock remaining available for future issuance under the 2014 Plan and 10,899 shares of common stock remaining available for future issuance under the 2014 ESPP.

 

The Company recorded the following share-based compensation expense:

 

   Three Months Ended September 30,  Nine Months Ended September 30,
   2017  2018  2017  2018
Research and development  $

620,083

   $154,895   $

1,545,588

   $663,325 
General and administrative   

797,752

    406,095    

2,285,798

    1,307,156 
Restructuring costs   

563,745

        

3,215,848

     
                     
Total stock-based compensation expense  $

1,981,580

   $560,990   $

7,047,234

   $1,970,481 

 

Allocations to research and development and general and administrative expenses are based upon the department to which the associated employee reported. No related tax benefits of the stock-based compensation expense have been recognized. Stock-based payments issued to non-employees are recorded at their fair values and are periodically revalued as the equity instruments vest and are recognized as expense over the related service period. As part of the restructuring costs discussed in Note 3, the Company recognized $0.6 million and $3.2 million in stock-based compensation expense from the acceleration of vesting of stock options and restricted stock during the three and nine months ended September 30, 2017, respectively, for 61 employees that were terminated during the nine months ended September 30, 2017.

 

During the three months ended September 30, 2017, the Company granted options to a new director to purchase a total of 1,500 shares of the Company’s common stock at an exercise price of $3.40 per share, which was the closing price of the Company’s common stock on the grant date. No options were granted during the three months ended September 30, 2018. During the nine months ended September 30, 2017, the Company granted options to employees and to a new member of its board of directors to purchase a total of 70,604 shares of the Company’s common stock at exercise prices ranging from $3.40 to $101.00 per share, which, in each instance was the closing price of the Company’s common stock on the grant date. No options were granted during the nine months ended September 30, 2018.

 

The following table summarizes the Company’s stock option activity during the nine months ended September 30, 2018:

 

   Number of
Shares
  Weighted
Average Exercise
Price
  Weighted
Average
Contractual
Term
(in years)
Outstanding as of December 31, 2017   269,514   $111.91      
Granted      $      
Exercised      $      
Cancelled   (85,893)  $141.71      
Outstanding as of September 30, 2018   183,621   $118.11    6.09 
                
Exercisable as of September 30, 2018   133,661   $119.22    6.56 
                
Vested and expected to vest as of September 30, 2018   179,774   $118.17    6.54 

 

 

24

 

Valuation Assumptions for Stock Option Plans and Employee Stock Purchase Plan

 

The employee stock-based compensation expense recognized was determined using the Black-Scholes option valuation model. Option valuation models require the input of subjective assumptions and these assumptions can vary over time. The weighted average assumptions used were as follows for the periods indicated:

 

   Stock Option Plan  Employee Stock Purchase Plan
             
   Nine Months Ended September 30,  Nine Months Ended September 30,
   2017  2018  2017  2018
Risk-free interest rate   2.26%       0.79%    
Dividend yield   0%       0%    
Expected option term (in years)   7        0.5     
Volatility   86%       141%    

 

9. Warrants

 

In March 2016, the Company sold and certain investors purchased for a total purchase price of $19.9 million a total of 182,621 shares of common stock and warrants to purchase a total of 136,966 shares of common stock at a per share exercise price of $107.00. These warrants will terminate on March 14, 2021 or such earlier date as specified in the warrants. Additionally, in June 2016, the Company sold and such investors purchased for a total purchase price of $29.8 million a total of 273,933 shares of common stock and warrants to purchase a total of 205,450 shares of common stock at a per share exercise price of $107.00. These warrants will terminate on June 29, 2021 or such earlier date as specified in the warrants. In June 2016, warrants to purchase 2,803 shares of common stock were exercised for proceeds of $0.3 million to the Company.

 

In August 2016, the Company sold and certain investors purchased for a total purchase price of $50.0 million a total of 454,545 shares of common stock and warrants to purchase a total of 340,909 shares of common stock at a per share exercise price of $110.00 (the “August 2016 Warrants”). These warrants will terminate on August 2, 2021 or such earlier date as specified in the warrants.

 

As discussed in Note 6 regarding the Company’s notes payable, in connection with the Loan Agreement in September 2014, the Company issued to the Lenders and their affiliates the Venture Loan Warrants. Upon the Company’s satisfaction of the conditions precedent to the making of the second tranche loan, the Venture Loan Warrants became exercisable in full. The Venture Loan Warrants will terminate on September 29, 2021 or such earlier date as specified in the Venture Loan Warrants. In addition, in March 2017, the Company issued to the Lenders five year warrants to purchase an aggregate of 5,000 shares of the Company’s common stock at an exercise price of $26.00 per share in consideration of the Lenders accepting the early pay-off of the indebtedness under the Loan Agreement. These warrants were recorded at a fair value of $87,100 and included in additional paid-in capital as of December 31, 2017 and September 30, 2018.

 

All outstanding warrants were issued with an original life of five years. As of December 31, 2017 and September 30, 2018, outstanding warrants to purchase a total of 689,661 shares of the Company’s common stock were as follows:

 

25

 

Type of Warrant and
Classification
  Date of Issuance  Number of Shares  Exercise Price  Expiration
Date(s)
Common stock - Equity   9/29/14    4,139   $181.20   9/29/21
Common stock - Equity   3/4/16    134,163   $107.00   3/4/21
Common stock - Equity   6/29/16    205,450   $107.00   6/29/21
Common stock - Liability   8/2/16    340,909   $110.00   8/02/21
Common stock - Equity   3/6/17    5,000   $26.00   3/06/22

 

The following warrants were issued in August 2016 and remained outstanding as of December 31, 2017 and September 30, 2018, and include provisions that could require cash settlement. The August 2016 Warrants were therefore recorded as liabilities of the Company at the estimated fair value as of the date of issuance. The August 2016 Warrants are required to be recorded at fair value as of the end of each subsequent reporting period, with changes in fair value recorded as other income or expense in the Company’s condensed consolidated statement of operations in each subsequent period:

 

   August 2016
Warrants
Exercise price  $110.00 
Expiration date   August 2, 2021 
Total shares issuable on exercise   340,909 

 

The fair value of the August 2016 Warrants has been measured using the Black-Scholes valuation model. Inherent in the Black-Scholes valuation model are assumptions related to expected stock price volatility, expected life, risk-free interest rate and dividend yield. The risk-free interest rate is based on the U.S. Treasury five-year maturity yield curve in effect on the date of valuation. The dividend yield percentage is zero because the Company neither currently pays dividends nor intends to do so during the expected term of the August 2016 Warrants. Expected stock price volatility is based on the weighted average of the Company’s historical common stock volatility and the volatility of several peer public companies. The expected life of the August 2016 Warrants is assumed to be equivalent to their remaining contractual term.

 

The assumptions used by the Company to determine the fair value of the August 2016 Warrants are summarized in the following table as of December 31, 2017. Due to the market value of the Company’s common stock and the $110.00 exercise price of its warrants, the Company determined that its outstanding warrants had no value as of September 30, 2018.

 

   December 31, 2017  September 30, 2018
       
Exercise price of warrants  $110.00   $110.00 
Closing underlying stock price on date of valuation  $3.00   $ 
Expected stock price volatility   112%    
Expected life (in years)   3.58     
Risk-free interest rate   2.04%    
Expected dividend yield   0.0%    
Valuation per common share underlying each warrant  $0.49   $ 
Total liability for warrants on the consolidated balance sheet  $167,636   $ 
Decrease in fair value during the period   20,758,425   $167,636 

 

In 2013, the Company agreed to enter into a manufacturing rights agreement for the manufacturing of rocapuldencel-T in the European market with Pharmstandard, which also provided for the issuance of warrants to Pharmstandard to purchase 24,989 shares of the Company’s common stock at an exercise price of $116.40 per share. As of September 30, 2018, the Company had not entered into this manufacturing rights agreement or issued such warrants.

 

26

 

10. Contract with the NIH and NIAID

 

In September 2006, the Company entered into a multi-year research contract with the NIH and NIAID to design, develop and clinically test an autologous HIV immunotherapy capable of eliciting therapeutic immune responses. The Company used funds from this contract to develop AGS-004. Under this contract, as amended, the NIH and NIAID committed to fund up to a total of $39.8 million, including reimbursement of direct expenses and allocated overhead and general and administrative expenses of up to $38.4 million and payment of other specified amounts totaling up to $1.4 million upon the Company’s achievement of specified development milestones. Since September 2010, the Company has received reimbursement of its allocated overhead and general and administrative expenses at provisional indirect cost rates equal to negotiated provisional indirect cost rates agreed to with the NIH and NIAID in September 2010. These provisional indirect cost rates are subject to adjustment based on the Company’s actual costs pursuant to the agreement with the NIH and NIAID. This commitment originally extended until May 2013. The Company agreed to an additional modification of the Company’s contract with the NIH and NIAID under which the NIH and NIAID agreed to increase their funding commitment to the Company by an additional $5.4 million in connection with the extension of the contract from May 2013 to September 2015. Additionally, a contract modification for a $0.5 million increase was agreed to by the NIH on September 18, 2014 to cover a portion of the manufacturing costs of the planned Phase 2 clinical trial of AGS-004 for long-term viral control in pediatric patients. On June 29, 2016, a contract modification was agreed to that extended the NIH and NIAID’s commitment under the contract to July 31, 2018. The Company agreed to a statement of work under the contract, and was obligated to furnish all the services, qualified personnel, material, equipment, and facilities, not otherwise provided by the U.S. government, needed to perform the statement of work. This contract expired as of July 31, 2018.

 

The Company recognized revenue from reimbursements earned in connection with the contract as reimbursable costs were incurred and revenues from the achievement of milestones under the NIH and NIAID contract upon the accomplishment of any such milestone.

 

For the three months ended September 30, 2017 and 2018, the Company recorded revenue under the NIH and NIAID agreement of $17,792 and $69,754, respectively. For the nine months ended September 30, 2017 and 2018, the Company recorded revenue under the NIH and NIAID agreement of $145,949 and $126,819, respectively. The Company has recorded total revenue of $38.2 million through September 30, 2018 under this agreement. As of December 31, 2017 and September 30, 2018, the Company recorded a receivable from the NIH and NIAID of $31,977 and $56,751, respectively. The concentration of credit risk is equal to the outstanding accounts receivable and such risk is subject to the credit worthiness of the NIH and NIAID. There have been no credit losses under this arrangement.

 

11. Collaboration Agreements

 

Pharmstandard License Agreement

 

In August 2013, Pharmstandard purchased shares of the Company’s series E preferred stock. Concurrent with such purchase, the Company entered into an exclusive royalty-bearing license agreement with Pharmstandard. Under this license agreement, the Company granted Pharmstandard and its affiliates a license, with the right to sublicense, develop, manufacture and commercialize rocapuldencel-T and other products for the treatment of human diseases, which are developed by Pharmstandard using the Company’s individualized immunotherapy platform, in the Russian Federation, Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Ukraine and Uzbekistan, which the Company refers to as the Pharmstandard Territory. The Company also provided Pharmstandard with a right of first negotiation for development and commercialization rights in the Pharmstandard Territory to specified additional products the Company may develop.

 

Under the terms of the license agreement, Pharmstandard licensed the Company rights to clinical data generated by Pharmstandard under the agreement and granted the Company an option to obtain an exclusive license outside of the Pharmstandard Territory to develop and commercialize improvements to the Company’s Arcelis technology generated by Pharmstandard under the agreement, a non-exclusive worldwide royalty-free license to Pharmstandard improvements to manufacture products using the Company’s Arcelis technology and a license to specified follow-on licensed products generated by Pharmstandard outside of the Pharmstandard Territory, each on terms to be negotiated upon the Company’s request for a license. In addition, Pharmstandard agreed to pay the Company pass-through royalties on net sales of all licensed products in the low single digits until it has generated a specified amount of aggregate net sales. Once the net sales threshold is achieved, Pharmstandard will pay the Company royalties on net sales of specified licensed products, including rocapuldencel-T, in the low double digits below 20%. These royalty obligations last until the later of the expiration of specified licensed patent rights in a country or the twelfth anniversary of the first commercial sale in such country on a country by country basis and no further royalties on specified other licensed products. After the net sales threshold is achieved, Pharmstandard has the right to offset a portion of the royalties Pharmstandard pays to third parties for licenses to necessary third party intellectual property against the royalties that Pharmstandard pays to the Company.

 

27

 

The agreement will terminate upon expiration of the royalty term, upon which all licenses will become fully paid-up perpetual exclusive licenses. Either party may terminate the agreement for the other party’s uncured material breach or if specified conditions occur relating to the other party’s insolvency or bankruptcy and the Company may terminate the agreement if Pharmstandard challenges or assists a third party in challenging specified patent rights of the Company. If Pharmstandard terminates the agreement upon the Company’s material breach or bankruptcy, Pharmstandard is entitled to terminate the Company’s licenses to improvements generated by Pharmstandard, upon which the Company may come to rely for the development and commercialization of rocapuldencel-T and other licensed products outside of the Pharmstandard Territory, and to retain its licenses from the Company and to pay the Company substantially reduced royalty payments following such termination.  

 

In November 2013, the Company entered into an agreement with Pharmstandard under which Pharmstandard purchased shares of the Company’s series E preferred stock. Under this agreement, the Company agreed to enter into a manufacturing rights agreement for the European market with Pharmstandard, which also provided for the issuance of warrants to Pharmstandard to purchase 24,989 shares of the Company’s common stock at an exercise price of $116.40 per share. The Company has not entered into this manufacturing rights agreement or issued the warrants. All outstanding shares of the Company’s preferred stock converted into shares of the Company’s common stock upon the closing of its initial public offering in February 2014.

 

Pharmstandard and Actigen Option Agreement

 

On February 1, 2018, the Company entered into an option agreement with Pharmstandard and Actigen to evaluate, with an option to license, certain patent rights and know-how related to a group of fully human PD1 monoclonal antibodies and related technology held by Actigen. Actigen previously granted Pharmstandard an option to exclusively license these patent rights. Under the option agreement, Pharmstandard granted to the Company (i) an exclusive license for evaluation purposes only to make, have made, use and import the PD1 monoclonal antibodies covered by these patent rights (but not offer to sell or sell products and processes covered by or incorporating the patent rights) for a period of one year from the date of the agreement and (ii) an option exercisable during the one-year period to obtain an exclusive license (with the right to sublicense) under the patent rights to make, have made, use, offer for sale, sell and import (with a right to grant sublicenses) the PD1 monoclonal antibodies for all prophylactic, therapeutic and diagnostic uses and for all human diseases and conditions in the United States and Canada. The parties have agreed that, if the Company exercises the option during the option exercise period, the parties will negotiate in good faith a license agreement on the terms and conditions outlined in the option agreement, including payments by the Company to Pharmstandard of (i) an upfront license fee of $3.6 million, payable upon execution of the license agreement in common stock of the Company, (ii) various development and regulatory milestone payments totaling $8.5 million, and (iii) upper single digit percentage royalties on net sales of any pharmaceutical product or therapeutic regimen incorporating the licensed PD1 monoclonal antibodies that will apply on a country-by-country basis until the later of the last to expire patent or ten years from the date of first commercial sale, against which the first $5.0 million of the Company’s development expenditures will be credited as prepaid royalties.

 

In consideration for the rights granted under the option agreement, the Company issued 169,014 shares of its common stock to Pharmstandard, the value of which will be creditable against the upfront license fee payable under the option agreement if the Company enters into a license agreement. Unless earlier terminated by any party for uncured material breach or by the Company without cause upon thirty days prior written notice, the option agreement will terminate upon the later of the end of the option exercise period if the Company decides not to exercise the option or sixty days after the Company exercises the option.

 

Green Cross License Agreement

 

In July 2013, the Company entered into an exclusive royalty-bearing license agreement with Green Cross Corp. ("Green Cross"). Under this agreement, the Company granted Green Cross a license to develop, manufacture and commercialize rocapuldencel-T for mRCC in South Korea. The Company also provided Green Cross with a right of first negotiation for development and commercialization rights in South Korea to specified additional products the Company may develop.

 

28

 

Under the terms of the license, Green Cross has agreed to pay the Company $0.5 million upon the initial submission of an application for regulatory approval of a licensed product in South Korea, $0.5 million upon the initial regulatory approval of a licensed product in South Korea and royalties ranging from the mid-single digits to low double digits below 20% on net sales until the fifteenth anniversary of the first commercial sale in South Korea. In addition, Green Cross has granted the Company an exclusive royalty free license to develop and commercialize all Green Cross improvements to the Company’s licensed intellectual property in the rest of the world, excluding South Korea, except that, as to such improvements for which Green Cross makes a significant financial investment and that generate significant commercial benefit in the rest of the world, the Company is required to negotiate in good faith a reasonable royalty that the Company will be obligated to pay to Green Cross for such license. Under the terms of the agreement, the Company is required to continue to develop and to use commercially reasonable efforts to obtain regulatory approval for rocapuldencel-T in the United States.

 

The agreement will terminate upon expiration of the royalty term, which is 15 years from the first commercial sale, upon which all licenses will become fully paid up perpetual non-exclusive licenses. Either party may terminate the agreement for the other party’s uncured material breach or if specified conditions occur relating to the other party’s insolvency or bankruptcy and the Company may terminate the agreement if Green Cross challenges or assists a third party in challenging specified patent rights of the Company. If Green Cross terminates the agreement upon the Company’s material breach or bankruptcy, Green Cross is entitled to terminate the Company’s licenses to improvements and retain its licenses from the Company and to pay the Company substantially reduced milestone and royalty payments following such termination.

 

Medinet License Agreement

 

In December 2013, the Company entered into a license agreement with Medinet Co., Ltd. This agreement was subsequently novated, amended and restated among the Company, Medinet Co., Ltd. and MEDcell Co., Ltd. in October 2014. Pursuant to the novation, Medinet Co., Ltd. assigned and transferred all of its rights and obligations under the original license agreement, including the rights to receive payments under the $9.0 million note in favor of Medinet Co., Ltd., to MEDcell Co., Ltd. without any substantive change in the underlying rights or obligations. Medinet Co., Ltd. and MEDcell Co., Ltd. together are referred to herein as “Medinet.” Under this agreement, the Company granted Medinet an exclusive, royalty-free license to manufacture in Japan rocapuldencel-T and other products using the Company’s Arcelis technology solely for the purpose of the development and commercialization of rocapuldencel-T and these other products for the treatment of mRCC. The Company refers to this license as the manufacturing license.

 

In addition, under this agreement, the Company granted Medinet an option to acquire a nonexclusive, royalty-bearing license under the Company’s Arcelis technology to sell in Japan rocapuldencel-T and other products for the treatment of mRCC. The Company refers to the option as the sale option and the license as the sale license. This option expired on April 30, 2016. As a result, Medinet may only manufacture rocapuldencel-T and these other products for the Company or its designee. The Company and Medinet have agreed to negotiate in good faith a supply agreement under which Medinet would supply the Company or its designee with rocapuldencel-T and these other products for development and sale for the treatment of mRCC in Japan. During the term of the manufacturing license, the Company may not manufacture rocapuldencel-T or these other products for the Company or any designee for development or sale for the treatment of mRCC in Japan.

 

In consideration for the manufacturing license, Medinet paid the Company $1.0 million. Medinet also loaned the Company $9.0 million in connection with the Company entering into the agreement. The Company agreed to use these funds in the development and manufacturing of rocapuldencel-T and the other products. Medinet also agreed to pay the Company milestone payments of up to a total of $9.0 million upon the achievement of developmental and regulatory milestones and $5.0 million upon the achievement of a sales milestone related to rocapuldencel-T and these products. Under the terms of the note and the manufacturing license agreement, any milestone payments related to the developmental and regulatory milestones that become due will be applied first to the repayment of the loan. The first milestone was achieved in July 2015 and resulted in a $1.0 million payment. The second milestone was achieved in June 2016 and resulted in a $2.0 million payment. The third milestone was achieved in March 2017 and resulted in a $2.0 million payment. Together, these milestone payments reduced the outstanding principal under the loan as of December 31, 2017 to $4.0 million.

 

29

 

In December 2013, in connection with the manufacturing license agreement with Medinet, the Company borrowed $9.0 million pursuant to an unsecured promissory note that bears interest at a rate of 3.0% per annum. The principal and interest under the note are due and payable on December 31, 2018. The Company has the right to prepay the loan at any time. If the Company has not repaid the loan by December 31, 2018, then the Company has agreed to grant to Medinet a non-exclusive, royalty-bearing license to make and sell Arcelis products in Japan for the treatment of cancer. In such event, the amounts owing under the loan as of December 31, 2018 may constitute pre-paid royalties under the license or would be due and payable. Royalties under this license would be paid until the expiration of the licensed patent rights in Japan at a rate to be negotiated. If the Company and Medinet cannot agree on the royalty rate, the Company and Medinet have agreed to submit the matter to arbitration.

 

The Company recorded the initial $1.0 million payment from Medinet as a deferred liability. In addition, because the $9.0 million promissory note was issued at a below market interest rate, the Company allocated the proceeds of the loan between the manufacturing license agreement and the debt at the time of issuance. Accordingly, as of December 31, 2013, the date of borrowing, the Company recorded $6.9 million to notes payable, based upon an effective interest rate of 8.0%, and $2.1 million as a deferred liability. During the year ended December 31, 2015, the Company recorded a $1.0 million milestone payment as deferred revenue under the license agreement and reduced the related note payable by $0.8 million and the deferred liability by $0.2 million.

 

During the year ended December 31, 2016, the Company recorded a $2.0 million milestone payment as deferred revenue under this license agreement and reduced the related note payable by $1.5 million and the deferred liability by $0.5 million. As of December 31, 2016, the amount of the note payable was $6.4 million, including $1.8 million accrued interest, and the total deferred liability associated with the Medinet note was $5.4 million.

 

During the year ended December 31, 2017, the Company recorded an additional $2.0 million milestone payment as deferred revenue under this license agreement and reduced the related note payable by $1.5 million and the deferred liability by $0.5 million. As of December 31, 2017, the amount of the note payable was $5.0 million, including $1.9 million of accrued interest, and the total deferred liability associated with the Medinet note was $6.9 million of which $6.0 million was deferred revenue.

 

On February 14, 2018, the Company notified Medinet that the Company irrevocably agreed to have no further right to exercise its right under the license agreement to revoke the manufacturing and sale license, or the sale license only. In all other respects, the Medinet license agreement remains in full force and effect. As a result of the revocation right no longer being of force and effect, the Company recognized $5.8 million of deferred milestone revenue as revenue under ASC 606 during the first quarter of 2018. As of September 30, 2018, the amount of the note payable was $5.0 million, including $1.9 million of accrued interest, and the total deferred liability associated with the Medinet note was $1.0 million of which $50,000 was deferred revenue. As of September 30, 2018, there are performance obligations related to the Medinet license agreement of $50,000 that are unsatisfied. The Company expects that the remaining performance obligations related to the Medinet license agreement will be satisfied by the end of 2018 and that upon such satisfaction, the $50,000 of deferred revenue will be recognized as revenue.

 

The agreement will terminate upon expiration of the royalty term, upon which all licenses will become fully paid up, perpetual non-exclusive licenses. Either party may terminate the agreement for the other party’s uncured material breach or if specified conditions occur relating to the other party’s insolvency or bankruptcy, and the Company may terminate the agreement if Medinet challenges or assists a third party in challenging specified patent rights of the Company. If Medinet terminates the agreement upon the Company’s material breach or bankruptcy, Medinet is entitled to terminate the Company’s licenses to improvements and retain its royalty-bearing licenses from the Company.

 

30

 

Lummy License Agreement

 

On April 7, 2015, the Company and Lummy HK, a wholly owned subsidiary of Chongqing Lummy Pharmaceutical Co. Ltd., entered into a license agreement (the “License Agreement”) whereby the Company granted to Lummy HK an exclusive license under the Arcelis technology, including patents, know-how and improvements to manufacture, develop and commercialize products for the treatment of cancer (“Licensed Product”) in China, Hong Kong, Taiwan and Macau (the “Territory”). Under the License Agreement, Lummy HK also has a right of first negotiation with respect to a license under the Arcelis technology for the treatment of infectious diseases in the Territory. This agreement was subsequently amended in December 2016, October 2017 and March 2018.

 

Under the terms of the License Agreement, the parties will share relevant data, and the Company will have a right to reference Lummy HK data for purposes of its development programs under the Arcelis technology. In addition, Lummy HK has granted to the Company an exclusive, royalty-free license under and to any and all Lummy HK improvements to the Arcelis technology conceived or reduced to practice by Lummy HK (“Lummy HK Improvements”) and Lummy HK data to develop and/or commercialize products (“Arcelis-Based Products”) outside the Territory, an exclusive, royalty-free license under and to any and all investigational new drug applications ("INDs") and other regulatory approvals and Lummy HK trademarks used for an Arcelis-Based Product to develop and/or commercialize an Arcelis-Based Product outside the Territory and a non-exclusive, worldwide, royalty-free license under any Lummy HK Improvements and Lummy HK data to manufacture Arcelis-Based Products anywhere in the world. Lummy HK has the right to reference the Company’s data, INDs and other regulatory filings and submissions for the purpose of developing and obtaining regulatory approval of Licensed Products in the Territory.

 

Pursuant to the License Agreement, Lummy HK will pay the Company royalties on net sales and an aggregate of up to $22.3 million upon the achievement of manufacturing, regulatory and commercial milestones. The License Agreement will terminate upon expiration of the last to expire royalty term for all Arcelis-Based Products, with each royalty term being the longer of the expiration of the last valid patent claim covering the applicable Arcelis-Based Product and 10 years from the first commercial sale of such Arcelis-Based Product. Either party may terminate the License Agreement for the other party’s uncured material breach or if specified conditions occur relating to the other party’s insolvency or bankruptcy. The Company may terminate the License Agreement if Lummy HK challenges or assists a third party in challenging specified patent rights of the Company. If Lummy HK terminates the License Agreement upon the Company’s material breach or bankruptcy, Lummy HK is entitled to terminate the licenses it granted to the Company and retain its licenses from the Company with respect to Arcelis-Based Products then in development or being commercialized, subject to Lummy HK’s continued obligation to pay royalties and milestones with respect to such Arcelis-Based Products.

 

Pursuant to the License Agreement, Lummy HK paid the Company a $1.5 million milestone payment upon the achievement of a manufacturing milestone in October 2017. The milestone payment was made in consideration of the successful initiation of transfer of technology related to the manufacturing of rocapuldencel-T, to which Lummy HK has a license for commercialization in China and other Asian territories. The Company recorded this $1.5 million payment from Lummy HK as revenue.

 

In January 2018, the Company entered into a stock purchase agreement with Lummy HK under which the Company agreed to issue and sell to Lummy HK in a private financing 375,000 shares of the Company’s common stock for an aggregate purchase price of $1.5 million.  In March 2018, the Company and Lummy HK amended the stock purchase agreement to reduce the aggregate price for the shares to $450,000. Concurrent with such amendment, the Company entered into a third amendment to its license agreement with Lummy HK pursuant to which Lummy HK agreed to pay the Company a $1.05 million milestone payment. In April 2018, the Company received from Lummy HK $450,000 for the purchase of the 375,000 shares and a $1.05 million milestone payment.

 

As of September 30, 2018, there are performance obligations related to the Lummy HK License Agreement of $1.2 million that are unsatisfied. The remaining $1.2 million in performance obligations were to be satisfied and recognized as revenue on a straight-line basis over the estimated remaining license period from October 1, 2018 to December 31, 2029. As of December 31, 2017 and September 30, 2018, the Company had deferred revenue from the Lummy HK License Agreement of $1.2 million and $1.2 million, respectively.

 

31

 

12. Net Loss Per Share

 

Basic and diluted net loss per share of common stock was determined by dividing net loss by the weighted average of shares of common stock outstanding during the period. The Company’s potentially dilutive shares, which include options to purchase common stock and warrants, have not been included in the computation of diluted net loss per share for all periods as the result would be antidilutive.

 

The following table presents the computation of basic and diluted net loss per share of common stock:

 

   Three Months Ended September 30,  Nine Months Ended September 30,
   2017  2018  2017  2018
Net loss  $(6,065,947)  $

(5,000,647

)  $(38,684,637)  $

(13,590,631

)
Weighted average common shares outstanding, basic and diluted   2,911,800    10,586,661    2,351,839    9,607,577 
                     
Net loss per share, basic and diluted  $(2.08)  $

(0.47

)  $(16.45)  $

(1.41

)

 

The following potentially dilutive securities have been excluded from the computation of diluted weighted average common shares outstanding, as they would be antidilutive:

 

   Three Months Ended September 30,  Nine Months Ended September 30,
   2017  2018  2017  2018
Stock options outstanding   274,192    194,653    286,962    220,929 
Warrants outstanding   689,661    689,661    688,470    689,661 
 Convertible notes outstanding        1,448,352         1,448,352 

 

 

32

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

You should read the following discussion and analysis of our financial condition and results of operations together with our condensed consolidated financial statements and the related notes appearing in “Item 1. Financial Statements” in this Quarterly Report on Form 10-Q. In addition to historical information, some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q, including information with respect to our plans and strategy for our business, future financial performance, expense levels and liquidity sources, includes forward-looking statements that involve risks and uncertainties. You should read “Item 1A. Risk Factors” in this Quarterly Report on Form 10-Q for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.

 

We are an immuno-oncology company that has been focused on the development and commercialization of individualized immunotherapies for the treatment of cancer and infectious diseases based on our proprietary precision immunotherapy technology platform called Arcelis.

 

In April 2018, we terminated our development program for rocapuldencel-T, our lead product candidate, which we had been developing for the treatment of metastatic renal cell carcinoma, or mRCC, and other cancers. Additionally, in August 2018, we ceased our support for the development of our other clinical product candidate, AGS-004, which we were developing for the eradication of HIV. We have ceased our research and development activities and we have significantly reduced our workforce. Based on a review of the status of our internal programs, resources and capabilities, we are pursuing a strategic alternative that may involve an asset sale, dissolution, liquidation, wind-down or protection under bankruptcy laws. There can be no assurance that we will be able to enter into a strategic transaction on a timely basis, on terms that are favorable to us, or at all. If we decide to seek protection under the bankruptcy laws, and if we decide to wind down the company under the bankruptcy laws or otherwise, it is unclear to what extent we will be able to pay our obligations to creditors, and, whether and to what extent any resources will be available for distributions to our stockholders. However, based on our current resources, we believe that it is unlikely that any resources will be available for distributions to our stockholders and that a likely outcome of our wind-down and potential bankruptcy proceeding will be the cancellation or extinguishment of all outstanding shares in the company without any payment or other distribution on account of those shares.

 

Prior to April 2018, we had been conducting a pivotal Phase 3 clinical trial of rocapuldencel-T in combination with sunitinib / standard of care for the treatment of newly diagnosed mRCC, or the ADAPT trial. In February 2017, the independent data monitoring committee, or the IDMC, for the ADAPT trial recommended that the trial be discontinued for futility based on its planned interim data analysis. The IDMC concluded that the trial was unlikely to demonstrate a statistically significant improvement in overall survival in the combination treatment arm, utilizing the intent-to-treat population at the pre-specified number of 290 events (deaths), the original primary endpoint of the study.

 

Notwithstanding the IDMC’s recommendation, we determined to continue to conduct the trial while we analyzed interim data from the trial. Following a meeting with the U.S. Food and Drug Administration, or FDA, we determined to continue the ADAPT trial until at least the pre-specified number of 290 events occurred, and to submit to the FDA a protocol amendment to increase the pre-specified number of events for the primary analysis of overall survival in the trial beyond 290 events. In April 2018, we submitted a protocol amendment to the FDA that included an amended primary endpoint analysis with four co-primary endpoints. Subsequently in April 2018, we conducted another interim analysis of the data from the ADAPT trial, at which time 51 new events (deaths) had occurred subsequent to the February 2017 interim analysis. Based upon review of the interim data from this analysis, we determined that the endpoints were unlikely to be achieved if the trial were to be continued and decided to discontinue the ADAPT clinical trial.  

 

We had also been developing AGS-004, also an Arcelis-based product candidate, for the treatment of HIV. We have completed Phase 1 and Phase 2 trials funded by government grants and a Phase 2b trial that was funded in full by the National Institutes of Health, or NIH, and the National Institute of Allergy and Infectious Diseases, or NIAID. More recently, we were supporting an investigator-initiated clinical trial of AGS-004 in adult HIV patients evaluating the use of AGS-004 in combination with vorinostat, a latency reversing drug, for HIV eradication. In connection with the cessation of our research and development activities, we recently ceased our support for the trial, and enrollment was suspended.

 

33

 

On March 3, 2017, we entered into a payoff letter with Horizon Technology Finance Corporation and Fortress Credit Co LLC, or the Lenders, under our venture loan and security agreement, or the Loan Agreement, pursuant to which we paid, on March 6, 2017, a total of $23.1 million to the Lenders, representing the principal balance and accrued interest outstanding under the Loan Agreement in repayment of our outstanding obligations under the Loan Agreement. In addition, we issued to the Lenders five year warrants to purchase an aggregate of 5,000 shares of common stock at an exercise price of $26.00 per share in consideration of the Lenders acceptance of $23.1 million as payment in full. Upon the payment of the $23.1 million and the issuance of the warrants pursuant to the payoff letter, all of our outstanding indebtedness and obligations to the Lenders under the Loan Agreement were paid in full, and the Loan Agreement and the notes thereunder were terminated.

 

In March 2017, we announced that our board of directors approved a workforce action plan designed to streamline operations and reduce operating expenses. During the year ended December 31, 2017, we recognized $1.2 million in severance costs, all of which was paid as of December 31, 2017. We also recognized $3.2 million in stock-based compensation expense from the acceleration of vesting of stock options and restricted stock held by the terminated employees during the year ended December 31, 2017.

 

In June 2017, we raised net proceeds of $6.0 million through the issuance of a secured convertible note to Pharmstandard International S.A., or Pharmstandard, a collaborator and our largest stockholder, in the aggregate principal amount of $6.0 million.

 

In August 2017, we entered into an agreement with Medpace, Inc., or Medpace, regarding $1.5 million in deferred fees that we owed Medpace for contract research and development services. Under the agreement we paid $0.85 million of the amount during the third quarter of 2017 and paid the balance in April 2018.

 

In September 2017, we entered into a satisfaction and release agreement, or the Invetech Satisfaction and Release Agreement, with Invetech Pty Ltd, or Invetech. Under the Invetech Satisfaction and Release Agreement, we agreed to make, issue and deliver to Invetech (i) a cash payment of $0.5 million, (ii) 57,142 shares of our common stock and (iii) an unsecured convertible promissory note in the original principal amount of $5.2 million on account of and in full satisfaction and release of all of our payment obligations to Invetech arising under our development agreement with Invetech, or the Invetech Development Agreement, prior to the date of the Invetech Satisfaction and Release Agreement, including our obligation to pay Invetech up to a total of $8.3 million in deferred fees, bonus payments and accrued interest.

 

In November 2017, we entered into a satisfaction and release agreement, or the Saint-Gobain Satisfaction and Release Agreement, with Saint-Gobain Performance Plastics Corporation, or Saint-Gobain. Under the Saint Gobain Satisfaction and Release Agreement, we agreed to make, issue and deliver to Saint-Gobain (i) a cash payment of $0.5 million, (ii) 34,499 shares of our common stock, (iii) an unsecured convertible promissory note in the original principal amount of $2.4 million, and (iv) certain specified equipment originally provided to us by Saint-Gobain under the development agreement with Saint-Gobain, or the Saint-Gobain Development Agreement, on account of and in full satisfaction and release of all of our payment obligations to Saint-Gobain arising under the Saint-Gobain Development Agreement, prior to the date of the Saint-Gobain Satisfaction and Release Agreement, including the development fees and charges. In connection with entering into the Saint-Gobain Satisfaction and Release Agreement, we and Saint-Gobain entered into an amendment to the Saint-Gobain Development Agreement to extend the term to December 31, 2019.

 

From June 2017 through December 31, 2017, we raised proceeds of $15.5 million through the issuance of common stock in an at-the-market offering under our original sales agreement with Cowen & Company, LLC, or Cowen. In February 2018, we amended and restated the original sales agreement with Cowen to increase the maximum aggregate offering price of the shares of our common stock which we may sell under the agreement from $30 million to up to $45 million. From December 31, 2017 through April 25, 2018, we raised an additional $7.5 million of proceeds. However, upon the delisting of our common stock from The Nasdaq Capital Market in April 2018, we ceased to sell any additional shares under the sales agreement.

 

34

 

In January 2018, we entered into a stock purchase agreement with Lummy (Hong Kong), Ltd., or Lummy HK, under which we agreed to issue and sell to Lummy HK in a private financing 375,000 shares of common stock for an aggregate purchase price of $1.5 million. In March 2018, we and Lummy HK amended the stock purchase agreement to reduce the aggregate price for the shares to $450,000. Concurrent with such amendment, we entered into a third amendment to our license agreement with Lummy HK pursuant to which Lummy HK agreed to pay us a $1.05 million milestone payment. The $450,000 payment for the shares of common stock and the $1.05 million milestone payment were received in April 2018.

 

On April 23, 2018, we received a notification from The Nasdaq Stock Market LLC indicating that, because we had indicated that we would be unable to meet the stockholders’ equity requirement for continued listing as of the April 24, 2018 deadline that had been set by the Nasdaq Hearing Panel, the Nasdaq Hearing Panel determined to delist our common stock from The Nasdaq Capital Market and to suspend trading in our common stock effective at the open of business on April 25, 2018. Following such delisting, we transferred our common stock to the OTCQB® Venture Market.

 

As of September 30, 2018, we had cash and cash equivalents of $7.9 million. We do not currently have sufficient cash resources to pay all of our accrued obligations in full or to continue our business operations beyond the end of 2018.

 

Our consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As of September 30, 2018, our current assets totaled $9.0 million compared with current liabilities of $9.4 million, and we had cash and cash equivalents of $7.9 million. Based upon our current and projected cash flow, we note there is substantial doubt about our ability to continue as a going concern within one year after the date that these financial statements are issued. The financial statements for the three and nine months ended September 30, 2018 do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from uncertainty related to our ability to continue as a going concern.

 

Prior to the termination of the development of rocapuldencel-T and the cessation of our research and development activities, we had devoted substantially all of our resources to our drug development efforts, including advancing our Arcelis precision immunotherapy technology platform, conducting clinical trials of our product candidates, protecting our intellectual property and providing general and administrative support for these operations. We have not generated any revenue from product sales and, to date, have funded our operations primarily through public offerings of our common stock and warrants, a venture loan, private placements of common stock, preferred stock and warrants, convertible debt financings, government contracts, government and other third party grants and license and collaboration agreements. From inception in May 1997 through September 30, 2018, we have raised a total of $526.0 million in cash, including:

 

  $360.7 million from the sale of our common stock, convertible debt, warrants and preferred stock;

 

  $32.9 million from the licensing of our technology;

 

  $107.4 million from government contracts, grants and license and collaboration agreements; and

 

  $25.0 million from the Loan Agreement with the Lenders.

 

We have incurred losses in each year since our inception in May 1997. Our net loss was $53.0 million and $40.6 million for the years ended December 31, 2016, and 2017, respectively and $13.6 million for the nine months ended September 30, 2018. As of September 30, 2018, we had an accumulated deficit of $386.2 million. Substantially all of our operating losses have resulted from costs incurred in connection with our development programs and from general and administrative costs associated with our operations.

 

35

 

In light of the termination of the development of rocapuldencel-T, cessation of our research and development activities and our cash resources, and based on a review of the status of our internal programs, resources and capabilities, we are pursuing a strategic alternative that may involve an asset sale, dissolution, liquidation, wind-down or protection under bankruptcy laws.. There can be no assurance that we will be able to enter into a strategic transaction on a timely basis, on terms that are favorable to us, or at all. If we decide to seek protection under the bankruptcy laws, and if we decided to wind down the company under the bankruptcy laws or otherwise, it is unclear to what extent we will be able to pay our obligations to creditors, and, whether and to what extent any resources will be available for distributions to our stockholders. However, based on our current resources, we believe that it is unlikely that any resources will be available for distributions to our stockholders and that a likely outcome of our wind-down and potential bankruptcy proceeding will be the cancellation or extinguishment of all outstanding shares in the company without any payment or other distribution on account of those shares.

 

 

NIH Funding

 

In September 2006, we entered into a multi-year research contract with the NIH and NIAID to design, develop and clinically test an autologous HIV immunotherapy capable of eliciting therapeutic immune responses. We have used funds from this contract to develop AGS-004, including to fund in full our Phase 2b clinical trial of AGS-004. On June 29, 2016, a contract modification was agreed to that extended the NIH and NIAID’s commitment under the contract to July 31, 2018. We have agreed to a statement of work under the contract, and are obligated to furnish all the services, qualified personnel, material, equipment, and facilities not otherwise provided by the U.S. government needed to perform the statement of work. This contract expired as of July 31, 2018.

 

36

 

Under this contract, as amended, the NIH and NIAID committed to fund up to a total of $39.8 million, including reimbursement of direct expenses and allocated overhead and general and administrative expenses of up to $38.4 million and payment of other specified amounts totaling up to $1.4 million upon our achievement of specified development milestones. This amount includes a September 2014 modification of the contract under which the NIH and NIAID agreed to fund up to an additional $0.5 million to cover a portion of the manufacturing costs of the planned Phase 2 clinical trial of AGS-004 for long-term viral control in pediatric patients. Since September 2010, we have received reimbursement of our allocated overhead and general and administrative expenses at provisional indirect cost rates equal to negotiated provisional indirect cost rates agreed to with the NIH and NIAID in September 2010. These provisional indirect cost rates were subject to adjustment based on our actual costs pursuant to the agreement with the NIH and NIAID.

 

We have recorded revenue of $38.2 million through September 30, 2018 under the NIH and NIAID contract. This contract is the only arrangement under which we have generated substantial revenue.

 

Development and Commercialization Agreements

 

An important part of our business strategy has been to enter into arrangements with third parties both to assist in the development and commercialization of our product candidates, particularly in international markets, and to in-license product candidates in order to expand our pipeline.

 

Pharmstandard. In August 2013, in connection with the purchase of shares of our series E preferred stock by Pharmstandard, we entered into an exclusive royalty-bearing license agreement with Pharmstandard. Under this license agreement, we granted Pharmstandard and its affiliates a license, with the right to sublicense, to develop, manufacture and commercialize rocapuldencel-T and other products for the treatment of human diseases, which are developed by Pharmstandard using our individualized immunotherapy platform, in the Russian Federation, Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Ukraine and Uzbekistan, which we refer to as the Pharmstandard Territory. We also provided Pharmstandard with a right of first negotiation for development and commercialization rights in the Pharmstandard Territory to specified additional products we may develop.

 

Under the terms of the license agreement, Pharmstandard licensed us rights to clinical data generated by Pharmstandard under the agreement and granted us an option to obtain an exclusive license outside of the Pharmstandard Territory to develop and commercialize improvements to our Arcelis technology generated by Pharmstandard under the agreement, a non-exclusive worldwide royalty-free license to Pharmstandard improvements to manufacture products using our Arcelis technology and a license to specified follow-on licensed products generated by Pharmstandard outside of the Pharmstandard Territory, each on terms to be negotiated upon our request for a license. In addition, Pharmstandard agreed to pay us pass-through royalties on net sales of all licensed products in the low single digits until it has generated a specified amount of aggregate net sales. Once the net sales threshold is achieved, Pharmstandard will pay us royalties on net sales of specified licensed products, including rocapuldencel-T, in the low double digits below 20%. These royalty obligations last until the later of the expiration of specified licensed patent rights in a country or the twelfth anniversary of the first commercial sale in such country on a country by country basis and no further royalties on specified other licensed products. After the net sales threshold is achieved, Pharmstandard has the right to offset a portion of the royalties Pharmstandard pays to third parties for licenses to necessary third party intellectual property against the royalties that Pharmstandard pays to us.

 

The agreement will terminate upon expiration of the royalty term, upon which all licenses will become fully paid up perpetual exclusive licenses. Either party may terminate the agreement for the other party’s uncured material breach or if specified conditions occur relating to the other party’s insolvency or bankruptcy and we may terminate the agreement if Pharmstandard challenges or assists a third party in challenging specified patent rights of ours. If Pharmstandard terminates the agreement upon our material breach or bankruptcy, Pharmstandard is entitled to terminate our licenses to improvements generated by Pharmstandard, upon which we may come to rely for the development and commercialization of rocapuldencel-T and other licensed products outside of the Pharmstandard Territory, and Pharmstandard is entitled to retain its licenses from us and to pay us substantially reduced royalty payments following such termination.

 

37

 

In November 2013, we entered into an agreement with Pharmstandard under which Pharmstandard purchased shares of our series E preferred stock. Under this agreement, we agreed to enter into a manufacturing rights agreement for the European market with Pharmstandard and that the manufacturing rights agreement would provide for the issuance of warrants to Pharmstandard to purchase 24,989 shares of our common stock at an exercise price of $116.40 per share. As of November 17, 2018, we had not entered into this manufacturing rights agreement or issued the warrants.

 

Pharmstandard and Actigen. On February 1, 2018, we entered into an option agreement with Pharmstandard and Actigen Limited, or Actigen, under which we obtained an exclusive option to license certain patent rights and know-how related to a group of fully human PD1 monoclonal antibodies and related technology held by Actigen. Actigen previously granted Pharmstandard an option to exclusively license these patent rights. Under the option agreement, Pharmstandard granted to us an exclusive license for evaluation purposes only to make, have made, use and import the PD1 monoclonal antibodies covered by these patent rights (but not offer to sell or sell products and processes covered by or incorporating the patent rights) for a period of one year from the date of the agreement and an option exercisable during the option exercise period to obtain an exclusive license (with the right to sublicense) under the patent rights to make, have made, use, offer for sale, sell and import (with a right to grant sublicenses) the PD1 monoclonal antibodies for all prophylactic, therapeutic and diagnostic uses and for all human diseases and conditions in the United States and Canada. The parties have agreed that, if we exercise the option during the option exercise period, the parties will negotiate in good faith a license agreement, on the terms and conditions outlined in the option agreement, including payments by us to Pharmstandard of an upfront license fee of $3.6 million, payable upon execution of the license agreement in our common stock, various development and regulatory milestone payments totaling $8.5 million, and upper single digit percentage royalties on net sales of any pharmaceutical product or therapeutic regimen incorporating the licensed PD1 monoclonal antibodies that will apply on a country-by-country basis until the later of the last to expire patent or ten years from the date of first commercial sale, against which the first $5.0 million of our development expenditures will be credited as prepaid royalties.

 

In consideration for the rights granted under the option agreement, we issued 169,014 shares of our common stock to Pharmstandard the value of which will be creditable against the upfront license fee of $3.6 million payable under the option agreement if we enter into a license agreement. Unless earlier terminated by any party for uncured material breach or by us without cause upon thirty days prior written notice, the option agreement will terminate upon the later of the end of the option exercise period if we decide not to exercise the option or sixty days after we exercise the option.

 

Green Cross. In July 2013, in connection with the purchase of our series E preferred stock by Green Cross Corp., or Green Cross, we entered into an exclusive royalty-bearing license agreement with Green Cross. Under this agreement we granted Green Cross a license to develop, manufacture and commercialize rocapuldencel-T for mRCC in South Korea. We also provided Green Cross with a right of first negotiation for development and commercialization rights in South Korea to specified additional products we may develop.

 

Under the terms of the license, Green Cross has agreed to pay us $0.5 million upon the initial submission of an application for regulatory approval of a licensed product in South Korea, $0.5 million upon the initial regulatory approval of a licensed product in South Korea and royalties ranging from the mid-single digits to low double digits below 20% on net sales until the fifteenth anniversary of the first commercial sale in South Korea. In addition, Green Cross has granted us an exclusive royalty free license to develop and commercialize all Green Cross improvements to our licensed intellectual property in the rest of the world, excluding South Korea, except that, as to such improvements for which Green Cross makes a significant financial investment and that generate significant commercial benefit in the rest of the world, we are required to negotiate in good faith a reasonable royalty that we will be obligated to pay to Green Cross for such license. Under the terms of the agreement, we are required to continue to develop and to use commercially reasonable efforts to obtain regulatory approval for rocapuldencel-T in the United States.

 

The agreement will terminate upon expiration of the royalty term, which is 15 years from the first commercial sale, upon which all licenses will become fully paid up perpetual non-exclusive licenses. Either party may terminate the agreement for the other party’s uncured material breach or if specified conditions occur relating to the other party’s insolvency or bankruptcy and we may terminate the agreement if Green Cross challenges or assists a third party in challenging specified patent rights of ours. If Green Cross terminates the agreement upon our material breach or bankruptcy, Green Cross is entitled to terminate our licenses to improvements and retain its licenses from us and to pay us substantially reduced milestone and royalty payments following such termination.

 

38

 

Medinet. In December 2013, we entered into a license agreement with Medinet. Under this agreement, we granted Medinet an exclusive, royalty-free license to manufacture in Japan rocapuldencel-T and other products using our Arcelis technology solely for the purpose of the development and commercialization of rocapuldencel-T and these other products for the treatment of mRCC. We refer to this license as the manufacturing license. In addition, under this agreement, we granted Medinet an option to acquire a nonexclusive, royalty-bearing license under our Arcelis technology to sell in Japan rocapuldencel-T and other products for the treatment of mRCC. We refer to the option as the sale option and the license as the sale license.

 

The sale option expired on April 30, 2016. As a result, Medinet has only retained the manufacturing license and may only manufacture rocapuldencel-T and these other products for us or our designee. We have agreed to negotiate in good faith a supply agreement under which Medinet would supply us or our designee with rocapuldencel-T and these other products for development and sale for the treatment of mRCC in Japan. During the term of the manufacturing license, we may not manufacture rocapuldencel-T or these other products for us or any designee for development or sale for the treatment of mRCC in Japan.

 

In consideration for the manufacturing license, Medinet paid us $1.0 million. Medinet also loaned us $9.0 million in connection with us entering into the agreement. We have agreed to use these funds in the development and manufacturing of rocapuldencel-T and the other products. Medinet also agreed to pay us milestone payments of up to a total of $9.0 million upon the achievement of developmental and regulatory milestones and $5.0 million upon the achievement of a sales milestone related to rocapuldencel-T and these products.

 

We borrowed the $9.0 million pursuant to an unsecured promissory note that bears interest at a rate of 3.0 % per annum. The principal and interest under the note are due and payable on December 31, 2018. Under the terms of the note and the manufacturing license agreement, any milestone payments related to the developmental and regulatory milestones that become due will be applied first to the repayment of the loan. We have achieved $5.0 million in milestones. As a result, the outstanding principal of the loan as of February 1, 2018 has been reduced to $4.0 million. We have the right to prepay the loan at any time. If we have not repaid the loan by December 31, 2018, then we have agreed to grant to Medinet a non-exclusive, royalty-bearing license to make and sell Arcelis products in Japan for the treatment of cancer. In such event, the amounts owing under the loan as of December 31, 2018 may constitute pre-paid royalties under the license or would be due and payable. We do not expect to pay the amounts owing under the loan by December 31, 2018. Royalties under this license would be paid until the expiration of the licensed patent rights in Japan at a rate to be negotiated. If we cannot agree on the royalty rate, we have agreed to submit the matter to arbitration.

 

Under the agreement, we had the right to revoke both the manufacturing license and the sale license to be granted to Medinet or the sale license only. In February 2018, we notified Medinet that we irrevocably agreed to have no further right to exercise our right under the license agreement to revoke the manufacturing and the sale license, or the sale license only. As a result of our decision to forego these revocation rights, during the three months ended March 31, 2018, we recognized as revenue $5.8 million of milestone payments that had previously been received and recorded as deferred revenue.

 

The agreement will terminate upon expiration of the royalty term, upon which all licenses will become fully paid up, perpetual non-exclusive licenses. Either party may terminate the agreement for the other party’s uncured material breach or if specified conditions occur relating to the other party’s insolvency or bankruptcy, and we may terminate the agreement if Medinet challenges or assists a third party in challenging specified patent rights of ours. If Medinet terminates the agreement upon our material breach or bankruptcy, Medinet is entitled to terminate our licenses to improvements and retain its royalty-bearing licenses from us.

 

Lummy. On April 7, 2015, we and Lummy HK, entered into a license agreement pursuant to which we granted to Lummy HK an exclusive license under the Arcelis technology, including patents, know-how and improvements to manufacture, develop and commercialize products for the treatment of cancer in China, Hong Kong, Taiwan and Macau. Lummy HK also has a right of first negotiation with respect to a license under the Arcelis technology for the treatment of infectious diseases in China, Hong Kong, Taiwan and Macau. This agreement was subsequently amended in December 2016, October 2017 and March 2018.

 

39

 

Under the terms of the license agreement, the parties will share relevant data, and we will have a right to reference Lummy HK data for purposes of its development programs under the Arcelis technology. In addition, Lummy HK has granted to us an exclusive, royalty-free license under and to any and all Lummy HK improvements to the Arcelis technology conceived or reduced to practice by Lummy HK and Lummy HK data to develop and/or commercialize products outside China, Hong Kong, Taiwan and Macau, an exclusive, royalty-free license under and to any and all investigational new drugs, or INDs, and other regulatory approvals and Lummy HK trademarks used for an Arcelis-based product to develop and/or commercialize an Arcelis-based product outside China, Hong Kong, Taiwan and Macau and a non-exclusive, worldwide, royalty-free license under any Lummy HK improvements and Lummy HK data to manufacture Arcelis-based products anywhere in the world. Lummy HK has the right to reference our data, INDs and other regulatory filings and submissions for the purpose of developing and obtaining regulatory approval of licensed products in China, Hong Kong, Taiwan and Macau.

 

Pursuant to the license agreement, Lummy HK will pay us royalties on net sales and an aggregate of up to $22.3 million upon the achievement of manufacturing, regulatory and commercial milestones. On October 18, 2017, we entered into a second amendment to the license agreement and Lummy HK paid us $1.5 million upon the achievement of a manufacturing milestone in October 2017. On March 23, 2018, we entered into a third amendment to the license agreement pursuant to which Lummy agreed to pay us a $1.05 million milestone. Lummy also agreed to purchase 375,000 shares of our common stock for a purchase price of $450,000 pursuant to an amended stock purchase agreement. We received payments for the achievement of this milestone and for the purchase of these shares of common stock in April 2018.

 

Of the potential $22.3 million in milestone payments, to date we have earned $2.55 million, of which we received $1.5 million as of March 31, 2018, and $1.05 million in April 2018. The license agreement will terminate upon expiration of the last to expire royalty term for all Arcelis-based products, with each royalty term being the longer of the expiration of the last valid patent claim covering the applicable Arcelis-based product and 10 years from the first commercial sale of such Arcelis-based product. Either party may terminate the license agreement for the other party’s uncured material breach or if specified conditions occur relating to the other party’s insolvency or bankruptcy. We may terminate the license agreement if Lummy HK challenges or assists a third party in challenging specified patent rights of ours. If Lummy HK terminates the license agreement upon our material breach or bankruptcy, Lummy HK is entitled to terminate the licenses it granted to us and retain its licenses from us with respect to Arcelis-based products then in development or being commercialized, subject to Lummy HK’s continued obligation to pay royalties and milestones with respect to such Arcelis-based products.

 

Invetech. In October 2014, we entered into the Invetech Development Agreement. Under the Invetech Development Agreement, Invetech had agreed to continue to develop and provide prototypes of the automated production system to be used for the manufacture of our Arcelis-based products. Subsequent to signing the Invetech Development Agreement, Invetech agreed to defer 30% of its fees, up to $5.0 million subject to payments by us in installments over 2017 and 2018. 

 

On September 22, 2017, we entered into the Invetech Satisfaction and Release Agreement. Under the Invetech Satisfaction and Release Agreement, we agreed to make, issue and deliver to Invetech (i) a cash payment of $0.5 million (ii) 57,142 shares of our common stock and (iii) an unsecured convertible promissory note in the original principal amount of $5.2 million on account of and in full satisfaction and release of all of our payment obligations to Invetech arising under the Invetech Development Agreement prior to the date of the Invetech Satisfaction and Release Agreement, including our obligation to pay Invetech up to a total of $8.3 million in deferred fees, bonus payments and accrued interest.

 

Although we currently have no ongoing activities under the Invetech Development Agreement, the term of the Invetech Development Agreement will continue until the completion of the development of the production systems. The Invetech Development Agreement can be terminated early by either party because of a technical failure or by us without cause. We own all intellectual property arising from the development services with the exception of existing Invetech intellectual property incorporated therein-under which we have a license.

 

40

 

Saint-Gobain. In January 2015, we entered into the Saint-Gobain Development Agreement, that was subsequently amended in 2015, 2016 and 2017. Under the Saint-Gobain Development Agreement, Saint-Gobain agreed to develop a range of disposables for use in our automated production systems to be used for the manufacture of our Arcelis-based products. The Saint-Gobain agreement requires the parties to execute a commercial supply agreement under which Saint-Gobain would become the exclusive supplier of disposables for the manufacture of our products treating solid tumors for no less than fifteen years. The Saint-Gobain agreement will continue until December 31, 2019, but can be terminated by written agreement of the parties because of a material default, including the failure to execute the commercial supply agreement, or a failure to achieve a performance milestone.

 

On November 22, 2017, we entered into the Saint-Gobain Satisfaction and Release Agreement. Under the Saint-Gobain Satisfaction and Release Agreement, we agreed to make, issue and deliver to Saint-Gobain (i) a cash payment of $0.5 million, (ii) 34,499 shares of our common stock (iii) an unsecured convertible promissory note in the original principal amount of $2.4 million, and (iv) certain specified equipment originally provided to us under the development agreement, on account of and in full satisfaction and release of all payment obligations to Saint-Gobain arising under the development agreement, including the development fees and charges owed by us to Saint-Gobain.

 

Cellscript. In December 2015, we entered into a development and supply agreement with Cellscript, LLC, or Cellscript. Under the agreement, Cellscript agreed to develop cGMP processes for the manufacture and production of CD40L RNA, a ribonucleic acid used in the production of our Arcelis-based products, and to manufacture and produce CD40L RNA.

 

In consideration for these development and production services, we agreed to pay Cellscript total fees of $4.6 million. Upon the execution of the agreement, we made an initial payment to Cellscript of $2.1 million through the issuance to Cellscript of 45,309 shares of our common stock. The balance of the fees was payable to Cellscript, at our option, in cash, common stock or a combination of cash and common stock upon the achievement of development milestones. Any shares of common stock issued pursuant to the agreement are subject to a lock-up period of 180 days from the date of issuance of such shares to Cellscript.

 

Under the terms of the agreement, Cellscript was to be the sole and exclusive manufacturer and supplier to us of CD40L RNA, and we had agreed upon cash payments to Cellscript for CD40L RNA produced for us during the term of the agreement. Under the agreement, Cellscript was to be our sole and exclusive supplier of enzymes and various kits comprising enzymes for transcription, capping and/or polyadenylation of RNA. We had agreed upon cash payments to Cellscript for each kit that is purchased under the agreement.

 

The agreement expired on June 30, 2018. As of September 30, 2018, we accrued $2.0 million of total fees for development and production services performed by Cellscript under the development and supply agreement prior to termination of the agreement.

 

Manufacturing

 

We currently have a manufacturing suite located at our Technology Drive leased facility in Durham, North Carolina. However, we have determined to cease the manufacture of Arcelis-based product candidates. Primarily due to our decision to cease support for the Phase 2 trial of AGS-004 for the eradication of HIV, we elected to close our Patriot Center facility, a manufacturing facility we previously leased in Durham, North Carolina, during the second quarter of 2018.

 

In January 2017, we entered into a ten-year lease agreement with two five-year renewal options for 40,000 square feet of manufacturing and office space at the Center for Technology Innovation, or CTI, on the Centennial Campus of North Carolina State University in Raleigh, North Carolina. We provided a security deposit in the amount of $2.4 million as security for obligations under the lease agreement, which was provided in the form of a letter of credit. We had intended to utilize this facility to manufacture rocapuldencel-T to support submission of a biologics license application, or BLA, to the FDA and to support initial commercialization of rocapuldencel-T.

 

To provide for capacity expansion beyond the initial few years following potential launch of rocapuldencel-T, we also had planned to build-out and equip a second facility, which we refer to as the Centerpoint facility. In August 2014, we entered into a ten-year lease agreement with renewal options. Under the lease agreement, we agreed to lease certain land and an approximately 125,000 square-foot building to be constructed in Durham County, North Carolina. We initially intended this facility to house our corporate headquarters and commercial manufacturing before we entered into the lease for the Center for Technology Innovation, or CTI, facility. The shell of the new facility was constructed on a build-to-suit basis in accordance with agreed upon specifications and plans and was completed in June 2015. However, the build-out and equipping of the interior of the facility was suspended as we pursued financing arrangements to support the further build out of the facility.

 

41

 

Due to the recommendation of the IDMC in February 2017 to discontinue the ADAPT trial, we reassessed our manufacturing plans. In March 2017, we entered into a lease termination agreement with the landlord of our CTI facility terminating the lease as of March 17, 2017. From the $2.4 million letter of credit, the landlord drew down $0.7 million to cover unpaid construction costs in March 2017 and $1.7 million in April 2017 for lease termination damages and agreed to return $0.1 million in consideration for being able to salvage some of the construction costs. Pursuant to the lease termination agreement, we have no further obligations under the lease. During the year ended December 31, 2017, we recorded a lease termination fee of $1.6 million that is included in restructuring costs on the statement of operations. We also recorded an impairment loss on Construction-in-progress on the property of $0.9 million during the year ended December 31, 2017.

 

In November 2017, we and TKC Properties, the landlord of the Centerpoint facility, entered into a lease termination agreement terminating the lease agreement as of November 21, 2017. In addition, TKC Properties completed the sale of the facility to a third party and we received cash proceeds of approximately $1.8 million. As of December 31, 2017, we recorded $0 for the Centerpoint facility and $0 for the lease liability. Additionally, we are no longer required to maintain restricted cash of approximately $0.7 million as a security deposit.

 

Results of Operations

 

Comparison of the Three and Nine Months Ended September 30, 2017 with the Three and Nine Months Ended September 30, 2018

 

The following table summarizes the results of our operations for each of the three and nine month periods ended September 30, 2017 and 2018, together with the changes in those items in dollars and as a percentage:

 

   Three Months Ended
September 30,
  $  %  Nine Months Ended
September 30,
  $  %
   2017  2018  Change  Change  2017  2018  Change  Change
   (in thousands)
Revenue  $53   $1,247   $1,194    *   $228   $7,234   $7,006    * 
Operating expenses                                        
Research and development   4,550    3,325    (1,226)   (26.9)%   17,585    12,794    (4,791)   (27.2)%
General and administrative   2,879    3,015    136    4.7%   9,522    8,010    (1,512)   (15.9)%
Impairment of property and equipment                   27,204        (27,204)   (100.0)%
Restructuring costs   679        (679)   (100.0)%   6,032        (6,032)   (100.0)%
                                         
Total operating expenses   8,108    6,340    (1,769)   (21.8)%   60,343    20,804    (39,539)   (65.5)%
                                         
Loss from operations   (8,055)   (5,093)   2,962    36.8%   (60,115)   (13,569)   46,545    77.4%
                                         
Interest income   11    24    13    119.2%   50    62    12    23.1%
Interest expense   (67)   (166)   (98)   (146.5)%   (1,090)   (467)   623    57.2%
Gain on early extinguishment of debt   1,507    

282

    

(1,225

)   

81.3

%   1,756    

282

    

(1,475

)   

84.0

%
Change in fair value of warrant liability   502        (502)   100.0%   20,682    168    (20,514)   99.2%
Other expense   36    (48)   (85)   *    31    (66)   (98)   * 
                                         
Net loss  $(6,066)  $

(5,001

)  $

1,065

    

17.6

%  $(38,685)  $

(13,591

)  $

25,094

    

64.9

%

_______________

 

* Not meaningful

 

42

 

Revenue

 

To date, we have not generated revenue from the sale of any products. Substantially all of our revenue has been derived from our NIH and NIAID contract and our license agreements with Medinet and Lummy HK.

 

Revenue was $1.25 million for the three months ended September 30, 2018, compared with $53,000 for the three months ended September 30, 2017, an increase of $1.2 million. The increase for the three months ended September 30, 2018 compared with the three months ended September 30, 2017 primarily resulted from the recognition of a $1.1 million milestone payment previously recorded as deferred revenue under the collaboration agreement with Lummy HK.

 

Revenue was $7.2 million for the nine months ended September 30, 2018, compared with $0.2 million for the nine months ended September 30, 2017, an increase of $7.0 million. The increase for the nine months ended September 30, 2018 compared with the nine months ended September 30, 2017 resulted from the recognition of $5.9 million of revenue from milestone payments from Medinet that had previously been recorded as deferred revenue as a result of our decision to irrevocably forego our revocation right under our license agreement with Medinet and the recognition of a $1.1 million milestone payment previously recorded as deferred revenue under the collaboration agreement with Lummy HK.

 

Research and Development Expenses

 

Since our inception in 1997, we focused our resources on our research and development activities, including conducting preclinical studies and clinical trials, manufacturing development efforts and activities related to regulatory filings for our product candidates. We recognize our research and development expenses as they are incurred. Our research and development expenses consist primarily of:

 

salaries and related expenses for personnel in research and development functions;

 

fees paid to consultants and clinical research organizations, or CROs, including in connection with our clinical trials, and other related clinical trial fees, such as for investigator grants, patient screening, laboratory work and statistical compilation and analysis;

 

commercial manufacturing development consisting of costs incurred under our development agreement with Invetech under which Invetech has agreed to develop and provide prototypes of the automated production system to be used for the manufacture of our Arcelis-based products;

 

allocation of facility lease and maintenance costs;

 

costs incurred under our development agreement with Saint-Gobain to develop a range of disposables for use in the automated production system;

 

depreciation of leasehold improvements, laboratory equipment and computers;

 

costs related to production of product candidates for clinical trials;

 

costs related to compliance with regulatory requirements;

 

consulting fees paid to third parties related to non-clinical research and development;

 

costs related to stock options or other share-based compensation granted to personnel in research and development functions; and

 

acquisition fees, license fees and milestone payments related to acquired and in-licensed technologies.

 

 

43

 

The table below summarizes our direct research and development expenses by program for the periods indicated. Our direct research and development expenses consist principally of external costs, such as fees paid to investigators, consultants, central laboratories and CROs, including in connection with our clinical trials, and related clinical trial fees. Research and development expenses also include commercial manufacturing development costs consisting primarily of costs incurred under our Invetech Development Agreement to develop and provide prototypes of the automated production system to be used for the manufacture of our Arcelis-based products and our Saint-Gobain Development Agreement to develop a range of disposables to be used in both our manual and automated manufacturing processes. We had been developing rocapuldencel-T and AGS-004 in parallel, and typically use our employee and infrastructure resources across multiple research and development programs. We do not allocate salaries, share-based compensation, employee benefit or other indirect costs related to our research and development function to specific product candidates. Those expenses are included in “Indirect research and development expense” in the table below.

 

   Three Months Ended September 30,  Nine Months Ended September 30,
   2017  2018  2017  2018
   (in thousands)
Direct research and development expense by program:                    
Rocapuldencel-T  $1,175   $1,086   $5,729   $4,655 
AGS-004   25    6    102    31 
                     
Total direct research and development program expense   1,200    1,092    5,831    4,686 
Commercial manufacturing development expense           (373)    
Indirect research and development expense   3,350    2,233    12,127    8,108 
                     
Total research and development expense  $4,550   $3,325   $17,585   $12,794 

 

 

Three months ended September 30, 2017 and 2018.

 

Research and development expenses were $3.3 million for the three months ended September 30, 2018, compared with $4.6 million for the three months ended September 30, 2017, a decrease of $1.2 million, or 26.9%. The decrease in research and development expense reflects a $0.1 million decrease in direct research and development expense and a $1.1 million decrease in indirect research and development expense.

 

Direct research and development expense for rocapuldencel-T was $1.1 million in the three months ended September 30, 2018, compared with $1.2 million for the three months ended September 30, 2017, a decrease of $0.1 million. This decrease reflects a reduction of costs for the ADAPT trial following the termination of this trial in April 2018.

 

Direct research and development expense for AGS-004 was not significantly different in the three months ended September 30, 2018 compared with the three months ended September 30, 2017.

 

The decrease in indirect research and development expense was primarily due to the reduction in the size of our workforce engaged in research and development activities. As of September 30, 2018, we had 15 employees engaged in such activities, compared with 29 employees engaged in such activities as of September 30, 2017.

 

Nine Months ended September 30, 2017 and 2018.

 

Research and development expenses were $12.8 million for the nine months ended September 30, 2018, compared with $17.6 million for the nine months ended September 30, 2017, a decrease of $4.8 million, or 27.2%. The decrease in research and development expense reflects a $1.1 million decrease in direct research and development expense and a $4.0 million decrease in indirect research and development expense, partially offset by a credit of $0.4 million during the nine months ended September 30, 2017 related to our Saint Gobain Development Agreement.

 

The decrease in direct research and development expenses for rocapuldencel-T and AGS-004 resulted primarily from the following:

 

Direct research and development expense for rocapuldencel-T decreased to $4.7 million in the nine months ended September 30, 2018 from $5.7 million for the nine months ended September 30, 2017. This decrease primarily reflects a reduction of costs for the ADAPT trial following the termination of this trial in April 2018.

 

Direct research and development expense with respect to AGS-004 was not significantly different in the nine months ended September 30, 2018 compared with the nine months ended September 30, 2017.

 

44

 

During the nine months ended September 30, 2017, we recorded a credit of $0.4 million related to amounts owed under our Saint-Gobain Development Agreement, which we recorded as a reduction of research and development expense. No commercial manufacturing development expense was recorded for the nine months ended September 30, 2018.

 

The decrease in indirect research and development expense was primarily due to the reduction in the size of our workforce engaged in research and development activities, as noted above.

 

The successful development of any product candidate is highly uncertain. Even if we resume our research and development activities, at this time we cannot reasonably estimate the nature, timing or costs of the efforts that will be necessary to complete the development of any product candidate, or the period, if any, in which material net cash inflows from such product candidates may commence. This is due to the numerous risks and uncertainties associated with developing drugs, including the uncertainty of:

 

  the scope, rate of progress, expense and results of our ongoing clinical trials;

 

  the scope, rate of progress, expense and results of additional clinical trials that we may conduct;

 

  the scope, rate of progress, expense and results of our commercial manufacturing development efforts;

 

  other research and development activities; and

 

  the timing of regulatory approvals.

 

A change in the outcome of any of these variables with respect to the development of a product candidate could mean a significant change in the costs and timing associated with the development of that product candidate. If the FDA or another regulatory authority were to require additional clinical trials or if there were significant delays in enrollment, significant additional financial resources and time would be expended on the completion of clinical development.

 

General and Administrative Expenses

 

General and administrative expenses were $3.0 million for the three months ended September 30, 2018, compared with $2.9 million for the three months ended September 30, 2017, an increase of $0.1 million or 4.7%. This increase was primarily due to an increase in legal expenses.

 

General and administrative expenses were $8.0 million for the nine months ended September 30, 2018, compared with $9.5 million for the nine months ended September 30, 2017, a decrease of $1.5 million or 15.9%. This decrease was primarily due to a reduction in personnel costs consisting primarily of salaries and stock-based compensation.

 

General and administrative expenses consist primarily of salaries and related costs for employees in executive, operational and finance, information technology and human resources functions. Other significant general and administrative expenses include allocation of facilities costs, professional fees for accounting and legal services and expenses associated with obtaining and maintaining patents.

 

Impairment Loss on Property and Equipment

 

We did not recognize an impairment loss on property and equipment for the three and nine months ended September 30, 2018, and the three months ended September 30, 2017. We recognized an impairment loss on property and equipment of $27.2 million for the nine months ended September 30, 2017. We review our property and equipment for impairment whenever events or changes indicate its carrying value may not be recoverable.

 

45

 

Impairment of Centerpoint Facility and Construction-in-Progress

 

We determined during the nine months ended September 30, 2017 that we no longer planned to develop our Centerpoint facility. Accordingly, we recorded an impairment loss of $18.3 million for the Construction-in-progress on the property.

 

Additionally, we determined during the nine months ended September 30, 2017 that we would no longer need to develop various equipment included in Construction-in-progress under our current manufacturing plans. As such, we entered into agreements and understandings with various vendors to attempt to sell or dispose this equipment at prices less than our carrying value. Accordingly, we determined that the fair value of this equipment held for sale was $0.7 million as of March 31, 2017 and recorded an impairment loss of $1.1 million as of March 31, 2017. Additionally, we recorded a $6.1 million impairment loss on other equipment included in Construction-in-progress that had to be abandoned or had no net realizable value. Finally, we recorded an impairment loss of $0.9 million on Construction-in-progress that was abandoned at the CTI facility.

 

Impairment of Capital Leases

 

In August 2016, we entered into two agreements, or the Power Generation Agreements, with an electric utility company. The Power Generation Agreements were accounted for as capital leases for financial reporting purposes. Under the lease agreements, the electric utility company agreed to design, procure, install, own and maintain electrical equipment at Centerpoint to provide required electrical loads. Property, plant and equipment included $2.4 million as of December 31, 2016 under the Power Generation Agreements in the Construction-in-progress account. As of September 30, 2017, $2.2 million of these assets were classified as Assets held for sale on our Balance Sheet. Since the capital leases are for electrical equipment held for sale on the Centerpoint property, we recorded an impairment loss of $0 and $0.1 million during the three and nine months ended September 30, 2017, respectively.

 

Restructuring Costs

 

We recognized restructuring costs of $0.6 million and $6.0 million during the three and nine months ended September 30, 2017, respectively, compared with $0 during the three and nine months ended September 30, 2018, respectively. The restructuring costs during the three and nine months ended September 30, 2017 were related to the restructuring of our operations following the recommendation by the IDMC to discontinue the ADAPT trial in February 2017.

 

Workforce Action Plan

 

On March 10, 2017, we enacted a workforce action plan designed to streamline operations and reduce our operating expenses. Under this plan, we reduced our workforce by 61 employees during the nine months ended September 30, 2017. During the three and nine months ended September 30, 2017, we recognized $0.1 million and $1.2 million in severance costs, respectively, and $0.6 and $3.2 million in stock compensation cost, respectively, from the acceleration of vesting of stock options held by the terminated employees. Through additional targeted reductions and attrition, the workforce was further reduced to 21 employees as of September 30, 2018.

 

CTI Lease Agreement

 

In January 2017, we entered into a ten-year lease agreement with two five-year renewal options for 40,000 square feet of manufacturing and office space at CTI on the Centennial Campus of North Carolina State University in Raleigh, North Carolina. We provided a security deposit in the amount of $2.4 million as security for obligations under the lease agreement, which was provided in the form of a letter of credit. In March 2017, we initiated discussions with the landlord of the CTI facility regarding the termination of this lease.

 

In March 2017 the landlord of our CTI facility notified us that it was terminating the lease due to nonpayment of invoices for up-fit costs, effective immediately. On March 31, 2017, we entered into a termination agreement with the landlord terminating the lease as of March 17, 2017. From the $2.4 million letter of credit, the landlord drew down $0.7 million to cover unpaid construction costs in March 2017 and $1.7 million in April 2017 for lease termination damages and agreed to return $0.1 million in consideration for being able to salvage some of the construction costs. Pursuant to the termination agreement, we have no further obligations under the lease. During the three and nine months ended September 30, 2017, we recorded a lease termination fee of $0 and $1.6 million, respectively, which is included in Restructuring costs on the statement of operations. We also recorded an impairment loss on Construction-in-progress on the property of $0 and $0.9 million during the three and nine months ended September 30, 2017, respectively.

 

46

 

Interest Expense

 

Interest expense was $0.2 million for the three months ended September 30, 2018, compared with $0.1 million for the three months ended September 30, 2017, an increase of $0.1 million or 146.5%. The increase primarily resulted from the reversal of accrued interest during the three months ended September 30, 2017 associated with the recognition of a milestone payment against the Medinet Note.

 

Interest expense was $0.5 million for the nine months ended September 30, 2018, compared with $1.1 million for the nine months ended September 30, 2017, a decrease of $0.6 million or 57.2%. The decrease resulted primarily from our repayment of the balance outstanding under the Loan Agreement on March 6, 2017 and the termination of the Power Generation Agreements in November 2017 that were accounted for as capital leases.

 

Gain on Early Extinguishment of Debt

 

We recognized a gain on early extinguishment of debt of $1.5 million and $1.8 million for the three and nine months ended September 30, 2017, respectively, compared with $0.3 million for each of the three and nine months ended September 30, 2018. On March 3, 2017, we entered into a payoff letter with the Lenders, pursuant to which we paid on March 6, 2017, a total of $23.1 million to the Lenders, representing the principal balance and accrued interest outstanding under the Loan Agreement in repayment of our outstanding obligations under the Loan Agreement. In addition, we issued to the Lenders five year warrants to purchase an aggregate of 5,000 shares of our common stock at an exercise price of $26.00 per share in consideration of the Lenders accepting the $23.1 million as repayment in full. During the three and nine months ended September 30, 2018, we recognized a gain on early extinguishment of debt of $0.3 million for forgiveness of debt on our convertible note with Invetech.

 

Change in Fair Value of Warrant Liability

 

The gain from the change in fair value of the warrant liability was $0 and $0.2 million for the three and nine months ended September 30, 2018, respectively, compared with $0.5 million and $20.7 million for the three and nine months ended September 30, 2017, respectively. These amounts represent the change in the fair value of our warrant liability for the warrants issued in August 2016. The August 2016 warrants contain provisions that could require cash settlement and are recorded as a liability at fair value on the date of issuance and as of the end of each reporting period. The fair value of the August 2016 warrants declined primarily due to a significant decline in the price of our common stock and a shorter expected life of the warrants. As of September 30, 2018, the fair value of the August 2016 warrants was $0.

 

Liquidity and Capital Resources

 

Sources of Liquidity

 

As of September 30, 2018, we had cash and cash equivalents of $7.9 million.

 

Since our inception in May 1997 through September 30, 2018, we have funded our operations principally with $360.7 million from the sale of common stock, convertible debt, warrants and preferred stock, $32.9 million from the licensing of our technology, $107.4 million from government contracts, grants and license and collaboration agreements, and $25.0 million from the Loan Agreement.

 

Troubled Debt Restructuring with Invetech. As of June 30, 2017, we had recorded a manufacturing research and development obligation payable to Invetech on our consolidated balance sheet of $8.3 million, representing $5.2 million in deferred fees, $2.3 million in estimated bonus payments and $0.7 million in accrued interest. On September 22, 2017, we entered into the Invetech Satisfaction and Release Agreement. Under the Invetech Satisfaction and Release Agreement, we agreed to make, issue and deliver to Invetech (i) a cash payment of $0.5 million, (ii) 57,142 shares of our common stock and (iii) an unsecured convertible promissory note in the original principal amount of $5.2 million on account of and in full satisfaction and release of all of our payment obligations to Invetech arising under the Invetech Development Agreement prior to the date of the Invetech Satisfaction and Release Agreement, including our obligation to pay Invetech up to a total of $8.3 million in deferred fees, bonus payments and accrued interest.

 

47

 

The maturity date for the payment of principal and interest under the note is September 30, 2020. The note bears interest at a rate of 6.0% per annum, which interest will compound annually. For the quarterly periods ended December 31, 2017, March 31, 2018, June 30, 2018 and September 30, 2018, we paid Invetech $200,000, $200,000, $150,000 and $150,000, respectively, in cash under the note. For the fiscal quarters ending December 31, 2018 through March 31, 2019, we are required to make quarterly installment payments under the note, each in an aggregate amount of up to $0.3 million, consisting of (i) cash in the amount of $150,000 and (ii) if certain specified conditions are met as of the corresponding payment date, up to $150,000 of shares of our common stock. For the fiscal quarters ending June 30, 2019 through June 30, 2020, we are required to make quarterly installment payments under the note, each in an amount of $150,000, payable in cash. Subject to Invetech’s conversion rights, we may prepay the note in full or in part at any time without penalty or premium.

 

The note also provides that on the anniversary of the issue date of the note for each of the first three years following the issue date, the outstanding principal amount of the note, if any, plus accrued and unpaid interest thereon shall automatically be deemed to be reduced by $250,000, if and only if we have paid all debt service payments due under the note on or prior to the relevant anniversary date and no event of default, fundamental transaction or change of control, each as defined in the note, has occurred on or prior to such anniversary date. As a result, on September 21, 2018, the anniversary of the issue date of the note, the outstanding principal amount of the note was automatically reduced by $250,000.

 

Upon maturity of the note or at any time within 75 days of such maturity, or upon the occurrence of certain events of default, Invetech may, at its option, elect to convert any amount of the outstanding principal and accrued interest into shares of our common stock. Upon a change of control pursuant to which Invetech has a redemption right, Invetech may, at its option, elect to convert any amount of the outstanding principal and accrued interest, less any remaining installment payments required to be made in cash, into shares of our common stock. We will be required to pay any amount not so converted in cash. Upon the occurrence of certain events of default, Invetech may, at its option, elect to convert any amount of the outstanding principal and accrued interest into shares of our common stock. We will be required to pay any amount not so converted in cash. In each case, the number of shares of common stock issuable upon such complete or partial conversion of the note is determined by dividing the portion of the principal and accrued or unpaid interest to be converted by $10.00 per share (as adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction). Unless Invetech has elected to exercise these conversion rights, we, subject to specified exceptions, may prepay the note in whole or in part, in cash, at any time without penalty or premium.

 

Troubled Debt Restructuring with Saint-Gobain. As of September 30, 2017, we had recorded accrued expenses of $4.8 million payable to Saint-Gobain. On November 22, 2017, we entered into the Saint-Gobain Satisfaction and Release Agreement. Under the Saint Gobain Satisfaction and Release Agreement, we agreed to make, issue and deliver to Saint-Gobain (i) a cash payment of $0.5 million, (ii) 34,499 shares of common stock, (iii) an unsecured convertible promissory note in the original principal amount of $2.4 million, and (iv) certain specified equipment originally provided to us by Saint-Gobain under the Saint-Gobain Development Agreement, on account of and in full satisfaction and release of all of our payment obligations to Saint-Gobain arising under the Saint-Gobain Development Agreement, prior to the date of the Saint-Gobain Satisfaction and Release Agreement, including the development fees and charges. As a result, we recognized a gain on the early extinguishment of debt of $0.6 million during the year ended December 31, 2017.

 

The maturity date for the payment of principal and interest under the note is September 30, 2020. The note bears interest at a rate of 6.0% per annum, which interest will compound quarterly. For the quarterly periods ended December 31, 2017, March 31, 2018, June 30, 2018 and September 30, 2018, we paid Saint-Gobain $270,000, $270,000, $185,000 and $185,000, respectively, in cash under the note. For the fiscal quarters ending December 31, 2018 and March 31, 2019, we are required to make quarterly installment payments under the note, each in an aggregate amount of up to $220,000, consisting of (i) cash in the amount of $100,000 and (ii) if certain specified conditions are met as of the corresponding payment date, up to $120,000 of shares of our common stock. For the fiscal quarters ending December 31, 2017, March 31, 2018, June 30, 2018, September 30, 2018, December 31, 2018 and March 31, 2019, if the conditions required for the issuance of common stock are not met solely because the price of the common stock at the time is less than $4.058 per share (as adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction), then we are required to pay in each such quarter cash equal to 50% of the value of the common stock that would otherwise have been issued. For the fiscal quarters ending June 30, 2019 through June 30, 2020, we are required to make quarterly installment payments under the note, each in an amount of $100,000, payable in cash.

 

48

 

Upon maturity of the note or at any time during the 75-day period prior to the maturity date of the note, Saint-Gobain may, at its option, elect to convert any amount of the outstanding principal and accrued interest into shares of our common stock. Upon a change of control pursuant to which Saint-Gobain has a redemption right, Saint-Gobain may, at its option, elect to convert any amount of the outstanding principal and accrued interest, less any remaining installment payments required to be made in cash, into shares of our common stock. We will be required to pay any amount not so converted in cash. Upon the occurrence of certain events of default, Saint-Gobain may, at its option, elect to convert any amount of the outstanding principal and accrued interest into shares of our common stock. We will be required to pay any amount not so converted in cash. In each case, the number of shares of common stock issuable upon such complete or partial conversion of the note is determined by dividing the portion of the principal and accrued or unpaid interest to be converted by $10.00 per share (as adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction). Unless Saint-Gobain has elected to exercise these conversion rights, we, subject to specified exceptions, may prepay the note in whole or in part, in cash, at any time without penalty or premium.

 

Venture Loan and Security Agreement. In September 2014, we entered into the Loan Agreement with the Lenders, under which we borrowed $25.0 million in two tranches of $12.5 million each. The per annum interest rate for each tranche was a floating rate equal to 9.25% plus the amount by which the one-month LIBOR exceeds 0.50% (effectively a floating rate equal to 8.75% plus the one-month LIBOR Rate). The total per annum interest rate could not exceed 10.75%.

 

On March 3, 2017, we entered into a payoff letter with the Lenders, pursuant to which we paid, on March 6, 2017, a total of $23.1 million to the Lenders, representing the principal balance and accrued interest outstanding under the Loan Agreement in repayment of our outstanding obligations under the Loan Agreement. In addition, we issued to the Lenders five year warrants to purchase an aggregate of 5,000 shares of common stock at an exercise price of $26.00 per share in consideration of the Lenders acceptance of $23.1 million as payment in full. Upon the payment of the $23.1 million and the issuance of the warrants pursuant to the payoff letter, all of our outstanding indebtedness and obligations to the Lenders under the Loan Agreement were deemed paid in full, and the Loan Agreement and the notes thereunder were terminated.

 

At-the-market Offering. On May 8, 2015, we filed a shelf registration statement on Form S-3, or the 2015 Shelf, with the SEC, which covers the offering, issuance and sale of up to $125.0 million of our common stock, preferred stock, debt securities, depositary shares, purchase contracts, purchase units and warrants. We simultaneously entered into a sales agreement, or the Original Sales Agreement, with Cowen and Company LLC, or Cowen, to provide for the offering, issuance and sale of up to $30.0 million of our common stock from time to time in “at-the-market” offerings under the 2015 Shelf. The 2015 Shelf was declared effective by the SEC on May 14, 2015.

 

On January 9, 2017, we filed a shelf registration statement on Form S-3, or the 2017 Shelf, with the SEC, which covers the offering, issuance and sale of up to $200.0 million of our common stock, preferred stock, debt securities, depositary shares, purchase contracts, purchase units and warrants and which became effective on January 24, 2017. On February 2, 2018, we amended and restated the Original Sales Agreement with Cowen, or the Amended and Restated Sales Agreement, in order to increase the maximum aggregate offering price of our shares of common stock that may be offered from time to time in “at-the-market offerings” by $15.0 million from $30.0 million to $45.0 million. On February 2, 2018, we filed a prospectus supplement with the SEC in connection with the issuance and sale of the additional shares available under the 2017 Shelf. We refer to the Original Sales Agreement and the Amended and Restated Sales Agreement collectively as the Sales Agreement.

 

49

 

Under the Sales Agreement, we paid Cowen a commission of up to 3% of the gross proceeds. From December 31, 2017 through April 25, 2018, the Company sold 4,135,993 shares of common stock pursuant to the Sales Agreement, resulting in proceeds of $7.5 million, net of commissions and issuance costs. However, upon the delisting of our common stock from The Nasdaq Capital Market in April 2018, we ceased to sell any additional shares under the Sales Agreement.

 

Follow-On Public Offering. On August 2, 2016, we issued and sold 454,545 shares of common stock and warrants to purchase an aggregate of 340,909 shares of common stock, in an underwritten public offering at a price to the public of $110.00 per share and accompanying warrant. The shares of common stock and warrants were sold in combination, with one warrant to purchase up to 0.75 of a share of common stock accompanying each share of common stock sold. The warrants have an exercise price of $110.00 per share, became immediately exercisable upon issuance and will expire on August 2, 2021. The aggregate net proceeds to us of the offering were approximately $48.2 million after deducting underwriting discounts and commissions and offering expenses.

 

Convertible Note. On June 15, 2017, we entered into a convertible note purchase agreement with Pharmstandard, pursuant to which we agreed to issue and sell to Pharmstandard a convertible secured promissory note in the original principal amount of $6.0 million in a private placement. We issued the note to Pharmstandard on June 21, 2017, the closing date of the financing. Under the note, the maturity date for the payment of principal and interest is the fifth anniversary of the issue date. The note bears interest at a rate of 9.5% per annum, which interest compounds annually. The note is secured by a lien on and security interest in all of our intellectual property. We may prepay the note in whole or in part at any time without penalty or premium. Upon the occurrence of certain events of default, Pharmstandard will have the option to require us to repay the unpaid principal amount of the note and any unpaid accrued interest.

 

In addition, at Pharmstandard’s election, Pharmstandard may convert the entire principal and interest of the note into shares of our common stock at a price per share equal to $10.00. However, Pharmstandard will not be permitted to convert the entire note if such conversion would result in Pharmstandard and its affiliates holding shares that exceed 39.9% of the total number of outstanding shares of our common stock or 39.9% of the combined voting power of all of our outstanding securities. To the extent that conversion of the entire note would cause Pharmstandard and its affiliates to exceed these thresholds, Pharmstandard may convert a portion of the note to the extent these thresholds are not exceeded by such partial conversion.

 

Pharmstandard is our largest stockholder, and beneficially owned, in the aggregate, shares representing approximately 14.7% of our outstanding common stock as of November 17, 2018. In addition, two members of our board of directors are closely associated with Pharmstandard.

 

We paid $23,000 in legal expenses of Pharmstandard, including legal expenses incurred in connection with our resale registration obligations set forth in a registration rights agreement that we entered into with Pharmstandard. We have granted Pharmstandard, and Pharmstandard has granted us, indemnification rights with respect to each parties’ respective representations, warranties, covenants and agreements under the note purchase agreement.

 

Cash Flows

 

The following table sets forth the major sources and uses of cash for the periods set forth below:

 

   Nine Months Ended September 30,
   2017  2018
   (in thousands)
       
Net cash (used in) provided by:          
Operating activities  $(31,513)  $(14,646)
Investing activities   (2,213)   630 
Financing activities   (9,884)   6,771 
Effect of exchange rate changes on cash   9    (3)
           
Net increase (decrease) in cash and cash equivalents  $(43,601)  $(7,248)

 

 

50

 

Operating Activities.

 

Net cash used in operating activities of $14.6 million during the nine months ended September 30, 2018 was primarily a result of our $13.6 million net loss and an increase in net operating assets of $5.1 million, partially offset by non-cash items of $4.1 million.

 

The increase in net operating assets reflects a decrease in deferred revenue of $6.0 million and a decrease in accounts payable of $0.6 million partially offset by a decrease in prepaid expenses and other receivables of $0.3 million and an increase in accrued expenses of $1.3 million.

 

The non-cash items primarily reflect compensation expense related to stock options of $2.0 million, depreciation and amortization expense of $1.7 million, interest accrued on long term debt of $0.5 million and issuance of common stock for a license option of $0.4 million, partially offset by a gain on the early extinguishment of debt of $0.3 million and a decrease in the fair value of the warrant liability of $0.2 million.

 

Net cash used in operating activities of $31.5 million during the nine months ended September 30, 2017 was primarily a result of our $38.7 million net loss and an increase in net operating assets of $5.9 million, partially offset by non-cash items of $12.9 million.

 

The increase in net operating assets reflects a decrease in accounts payable of $2.4 million, a decrease in accrued expenses of $2.8 million, an increase in prepaid expenses and other receivables of $0.4 million, a decrease in the manufacturing research and development obligation of $0.4 million and a decrease in deferred liabilities of $0.1 million, partially offset by an increase in the current portion of the restructuring obligation of $0.2 million.

 

The non-cash items primarily reflect an impairment loss on property and equipment of $27.2 million, compensation expense related to stock options of $7.0 million, depreciation and amortization expense of $0.7 million and interest accrued on long term debt of $0.5 million, partially offset by a decrease in the fair value of the warrant liability of $20.7 million and a gain on the early extinguishment of debt of $1.7 million.

 

Investing Activities.

 

Net cash provided by investing activities was $0.6 million during the nine months ended September 30, 2018, consisting of proceeds of $0.6 million from the sale of property and equipment.

 

Net cash used in investing activities was $2.2 million during the nine months ended September 30, 2017, consisting of $3.7 million of purchases of property and equipment, partially offset by proceeds of $1.5 million from the sale of property and equipment.

 

Financing Activities.

 

Net cash provided by financing activities was $6.8 million during the nine months ended September 30, 2018, consisting primarily of $7.5 million of proceeds from the issuance of common stock through our at-the-market offering and the sale of $0.4 million of common stock to Lummy HK, partially offset by $1.1 million of debt amortization payments. 

 

51

 

Net cash used in financing activities was $9.9 million during the nine months ended September 30, 2017, consisting primarily of $23.6 million for repayment of the Loan Agreement, partially offset by $6.0 million of proceeds from the convertible note issued to Pharmstandard and $7.8 million of proceeds from the issuance of common stock through our at-the-market offering.

 

Funding Requirements

 

To date, we have not generated any product revenue from our development stage product candidates. We do not know when, or if, we will generate any product revenue. We do not expect to generate significant product revenue unless or until we obtain marketing approval of, and commercialize, a product candidate.

 

As of September 30, 2018, we had cash and cash equivalents of $7.9 million. We do not currently have sufficient cash resources to pay all of our accrued obligations in full or to continue our business operations beyond the end of 2018.

 

In light of the termination of the development of rocapuldencel-T, cessation of our research and development activities and our cash resources, and based on a review of the status of our internal programs, resources and capabilities, we are pursuing a strategic alternative that may involve an asset sale, dissolution, liquidation, wind-down or protection under the bankruptcy laws. There can be no assurance that we will be able to enter into a strategic transaction on a timely basis, on terms that are favorable to us, or at all. If we decide to seek protection under the bankruptcy laws, and if we decide to wind down the company under the bankruptcy laws or otherwise, it is unclear to what extent we will be able to pay our obligations to creditors, and, whether and to what extent any resources will be available for distributions to our stockholders. However, based on our current resources, we believe that it is unlikely that any resources will be available for distributions to our stockholders and that a likely outcome of our wind-down and potential bankruptcy proceeding will be the cancellation or extinguishment of all outstanding shares in the company without any payment or other distribution on account of those shares.

 

On April 23, 2018, we received a notification from The Nasdaq Stock Market LLC indicating that, because we had indicated that we would be unable to meet the stockholders’ equity requirement for continued listing as of the April 24, 2018 deadline that had been set by the Nasdaq Hearing Panel, the Nasdaq Hearing Panel had determined to delist our common stock from The Nasdaq Capital Market and to suspend trading in our common stock effective at the open of business on April 25, 2018. Following such delisting, we transferred our common stock to the OTCQB® Venture Market. Because our common stock is not listed for trading on a national securities exchange, our ability to raise capital to continue to fund our operations by selling shares and our ability to acquire other companies or technologies by using our shares as consideration has been impaired.

  

52

 

We have based our estimates on assumptions that may prove to be wrong, and we may use our available capital resources sooner than we currently expect. Because of the numerous risks and uncertainties associated with the development and commercialization of product candidates, we are unable to estimate the amounts of increased capital outlays and operating expenditures necessary to complete the development of product candidates.

 

Critical Accounting Estimates

 

Our management’s discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which we have prepared in accordance with U.S. GAAP. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported revenues and expenses during the reporting periods. We evaluate these estimates and judgments on an ongoing basis. We base our estimates on historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Our actual results may differ from these estimates under different assumptions or conditions.

 

Our significant accounting policies are described in Note 1 of the notes to our financial statements in our Annual Report on Form 10-K for the year ended December 31, 2017. Other than as described below, there have been no significant changes to our critical accounting policies since December 31, 2017.

 

Revenue Recognition. An important part of our business strategy has been to enter into arrangements with third parties both to assist in the development and commercialization of our product candidates, particularly in international markets, and to in-license product candidates in order to expand our pipeline. The terms of the agreements typically include non-refundable license fees, funding of research and development, payments based upon achievement of clinical development and regulatory objectives, and royalties on product sales. We have adopted the provisions of the Financial Accounting Standards Board, or FASB, Codification Topic 606, Revenue from Contracts with Customers, or Topic 606, effective January 1, 2018. This guidance supersedes the provisions of FASB Codification Topic 605, Revenue Recognition.

 

License Fees and Multiple Element Arrangements. If a license to our intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, we recognize revenues from non-refundable, up-front fees allocated to the license at such time as the license is transferred to the licensee and the licensee is able to use, and benefit from, the license. For licenses that are bundled with other promises, we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. We evaluate the measure of progress in each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

 

53

 

If we are involved in a steering committee as part of a multiple element arrangement, we assess whether our involvement constitutes a performance obligation or a right to participate. Steering committee services that are determined to be performance obligations are combined with other research services or performance obligations required under an arrangement, if any, in determining the level of effort required in an arrangement and the period over which we expect to complete our aggregate performance obligations.

 

If we cannot reasonably measure its progress toward complete satisfaction of a performance obligation because it lacks reliable information that would be required to apply an appropriate method of measuring progress, but we can reasonably estimate when the performance obligation ceases or the remaining obligations become inconsequential and perfunctory, then revenue is not recognized until we can reasonably estimate when the performance obligation ceases or becomes inconsequential. Revenue is then recognized over the remaining estimated period of performance.

 

Significant management judgment is required in determining the level of effort required under an arrangement and the period over which we are expected to complete our performance obligations under an arrangement.

 

Development Milestone Payments. At the inception of each arrangement that includes development milestone payments, we evaluate whether the milestones are considered probable of being achieved and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within our control or the control of the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. We evaluate factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, we reevaluate the probability of achievement of all milestones subject to constraint and, if necessary, adjusts our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment.

 

Reimbursement of Costs. Reimbursement of research and development costs by third party collaborators is recognized as revenue over time provided we have determined that it transfers control (for example, performs the services) of a service over time and, therefore, satisfies a performance obligation according to the provisions outlined in the FASB Codification Topic 606-10-25-27, Revenue Recognition.

 

Royalty Revenue. For arrangements that include sales-based royalties, including milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, we recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, we have not recognized any royalty revenue resulting from any of its collaboration agreements.

 

54

 

Deferred Revenue. Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying condensed consolidated balance sheets. Short-term deferred revenue would consist of amounts that are expected to be recognized as revenue within the next fiscal year. Amounts that the we expect will not be recognized in the next fiscal year would be classified as long-term deferred revenue.

 

With respect to each of the foregoing areas of revenue recognition, we exercise significant judgment in determining whether an arrangement contains multiple elements, and, if so, how much revenue is allocable to each element. In addition, we exercise our judgment in determining when its significant obligations have been met under such agreements and the specific time periods over which we recognized revenue, such as non-refundable, up-front license fees. To the extent that actual facts and circumstances differ from our initial judgments, revenue recognition with respect to such transactions would change accordingly and any such change could affect our reported financial results.

 

Contractual Obligations

 

During the nine months ended September 30, 2018, there were no material changes outside the ordinary course of our business to our contractual obligations as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2017.

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

 

Our primary exposure to market risk is limited to our cash and cash equivalents, all of which have maturities of three months or less. The related interest income sensitivity is affected by changes in the general level of short-term U.S. interest rates. We primarily invest in high quality, short-term marketable debt securities issued by high quality financial and industrial companies.

 

Due to the short-term duration and low risk profile of our cash, cash equivalents and short-term investments, an immediate 10.0% change in interest rates would not have a material effect on the fair value of our portfolio. Accordingly, we would not expect our operating results or cash flows to be affected to any significant degree by the effect of a sudden change in market interest rates on our cash, cash equivalents and short-term investments.

 

We do not believe that our cash and cash equivalents have significant risk of default or illiquidity. While we believe our cash and cash equivalents do not contain excessive risk, we cannot provide absolute assurance that in the future our investments will not be subject to adverse changes in fair value. In addition, we maintain significant amounts of cash and cash equivalents at one or more financial institutions that are in excess of federally insured limits.

 

All of our other debt instruments and liabilities that incur interest charges do so at fixed rates. We incur interest expense at fixed rates under the promissory note payable to Medinet (3% per annum), the convertible note payable to Pharmstandard (9.5% per annum), the convertible note payable to Invetech (6% per annum) and the convertible note payable to Saint-Gobain (6% per annum).

 

Item 4. Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

Under the supervision of and with the participation of our management, including our chief executive officer, who is our principal executive officer, and our chief financial officer, who is our principal financial officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of September 30, 2018. The term “disclosure controls and procedures,” as set forth in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the rules and forms promulgated by the Securities and Exchange Commission. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of September 30, 2018, our chief executive officer and chief financial officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

 

55

 

Changes in Internal Control over Financial Reporting

 

There was no change in our internal control over financial reporting that occurred during the period covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings

 

We are not a party to any legal proceedings and are not aware of any claims or actions pending or threatened against us. In the future, we might from time to time become involved in litigation relating to claims arising from our ordinary course of business. 

 

Item 1A. Risk Factors

 

Investing in our securities involves a high degree of risk. In addition to the information contained elsewhere in this report and under this Item 1A, you should carefully consider the factors discussed in “Part I, Item 1A. Risk Factors” in our Annual Report filed on Form 10-K for the year ended December 31, 2017, and any updates thereto contained in the Quarterly Report on form 10-Q for the period ending March 31, 2018, which could materially affect our business, financial condition or future results. 

 

If we decide to seek protection under the bankruptcy laws, and if we decide to wind down the company under the bankruptcy laws or otherwise, risks and uncertainties associated with a potential bankruptcy proceeding and a wind-down may lead to adverse effects on recoveries for our stakeholders.

 

Due to the risks and uncertainties associated with a potential bankruptcy proceeding and a wind-down of our company, we cannot assure our creditors or stockholders of any recovery, or any specific level of recovery, on their claims and interests if we determine to seek protection under the bankruptcy laws or wind down the company. Our wind-down and potential bankruptcy proceeding, and any distributions made in connection with our wind-down and bankruptcy proceeding, will be affected by a number of factors, including:

 

  the timing, duration, and cost of the wind-down and potential bankruptcy process;
  our ability to effectuate transactions, if any, in the course of our wind-down and potential bankruptcy proceeding, and the value to be realized in any such transactions;
  our ability to obtain bankruptcy court approval with respect to motions we file in the potential bankruptcy proceeding and the impact of bankruptcy court rulings on the case in general;
  motions and other papers filed by third parties in the bankruptcy proceeding, and the bankruptcy court’s reaction to the same; and
  our ability to conclude the bankruptcy proceeding through a plan of liquidation or other means.

 

Notwithstanding these and other variables, based on our current resources, we believe that it is unlikely that any resources will be available for distributions to our stockholders and that a likely outcome of our wind-down and potential bankruptcy proceeding will be the cancellation or extinguishment of all outstanding shares in the company without any payment or other distribution on account of those shares.

 

56

 

Item 6. Exhibits

 

Exhibit
Number
  Description of Exhibit
     
10.1*   Retention Agreement, dated July 20, 2018, by and between the Registrant and Jeffrey D. Abbey
     
10.2*   Retention Agreement, dated July 20, 2018, by and between the Registrant and Richard Katz
     
10.3*   Retention Agreement, dated July 20, 2018, by and between the Registrant and Charles Nicolette
     
10.4*   Release of Claims Agreement, dated July 20, 2018, by and between the Registrant and Jeffrey D. Abbey
     
10.5*   Release of Claims Agreement, dated July 20, 2018, by and between the Registrant and Richard Katz
     
10.6*   Release of Claims Agreement, dated July 20, 2018, by and between the Registrant and Charles Nicolette
     
10.7*   Consulting Agreement, dated August 29, 2018, by and between the Registrant and Jeffrey D. Abbey
     
10.8*   Consulting Agreement, dated August 29, 2018, by and between the Registrant and Richard Katz
     
10.9*   Consulting Agreement, dated August 29, 2018, by and between the Registrant and Charles Nicolette
     
31.1*   Certification of principal executive officer pursuant to Rules 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     
31.2*   Certification of principal financial officer pursuant to Rules 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     
32.1#   Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of The Sarbanes-Oxley Act of 2002, by the Registrant’s principal executive officer and principal financial officer
     
101.INS   XBRL Instance Document
     
101.SCH   XBRL Taxonomy Extension Schema Document
     
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document
     
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document
     
101.LAB   XBRL Taxonomy Extension Label Linkbase Document
     
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document

 

* Filed herewith.
   
# This certification will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent specifically incorporated by reference into such filing.    

 

 

57

 

SIGNATURES

 

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

 

ARGOS THERAPEUTICS, INC.  
   
By:  /s/ Jeffrey D. Abbey  
  Name: Jeffrey D. Abbey  
  Title: President and Chief Executive Officer  

 

Date: November 19, 2018

 

 

 

 

 

 

 

 

58

EX-10.1 2 exh_101.htm EXHIBIT 10.1

Exhibit 10.1

 

 

RETENTION AGREEMENT

 

 

This Retention Agreement (the “Agreement”) is entered into as of July 20, 2018, by and between Argos Therapeutics, Inc. (the “Company”) and Jeffrey D. Abbey (“Executive”).

 

 

WHEREAS, Executive and the Company entered into that certain offer letter dated December 9, 2013 (the “Offer Letter”); and

 

WHEREAS, the Offer Letter provides for the payment of certain amounts of salary and severance upon certain conditions; and

 

WHEREAS, the Company is in the process of pursuing various strategic alternatives, including without limitation a merger of the Company or the winding down of the Company (the “Transition”); and

 

WHEREAS, in the Executive’s position as President and Chief Executive Officer, Executive has obtained considerable knowledge and expertise about the Company and its business operations; and

 

WHEREAS, in order to complete any strategic alternatives as part of the Transition, the Company desires to continue to retain the services of Executive and the benefits of Executive’s experience and knowledge; and

 

WHEREAS, the Company recognizes the effort and commitment required of Executive to complete any transactions as part of the Transition and wants to create an incentive for Executive to continue to be employed by the Company during the Transition; and

 

WHEREAS, the Executive desires to continue to perform services for the Company in accordance with the terms set forth below.

 

NOW, THEREFORE, in consideration of the premises (which are incorporated herein by reference) and the consideration set forth below, the sufficiency of which is hereby acknowledged and agreed, the parties hereby agree as follows:

 

1.Initial Retention Payment. The Company will pay Executive an initial retention payment (the “Initial Retention Payment”) of $ 97,200 upon the date hereof (the “First Payment Date”), subject to the following terms and conditions: (a) the Executive must execute and deliver to the Company a Release of Claims Agreement as set forth in Exhibit A, attached hereto, on or before the date hereof; and (b) the payment of the Initial Retention Payment will be subject to applicable taxes and withholdings.

 

2.Second Retention Payment. The Company will pay Executive a second retention payment (the “Second Retention Payment”) of $ 223,915 on August 15, 2018 (the “Second Payment Date”), subject to the following terms and conditions: (a) the Executive must have satisfied the conditions for the payment of the Initial Retention Payment; (b) the Executive must be employed by the Company on the Second Payment Date or the Executive’s employment must have been terminated by the Company without Cause or by the Executive with Good Reason before the Second Payment Date; (c) Executive must execute the Reaffirmation of Release of Claims Agreement attached hereto as Exhibit B on or before August 15, 2018; (d) the payment of the Second Retention Payment will be subject to applicable taxes and withholdings; and (e) the Executive must execute and deliver the Consulting Agreement attached hereto as Exhibit C on or before August 15, 2018. If Executive fails to execute the Reaffirmation of Release of Claims Agreement or the Consulting Agreement on or before August 15, 2018, the Company shall provide the Executive with written notification of such deficiency. Executive shall then have ten (10) business days to correct any deficiency without any penalty.

 

 

 

3.Amendment of Salary. The Company and Executive agree that, for the period from July 16 to August 15, 2018 only, the Executive’s base salary shall be increased such that the amount paid during each semi-monthly pay period during such period will equal $30,000 (the “Salary Adjustment”). The Salary Adjustment, less applicable taxes and deductions, shall be paid in the Company’s normal payroll periods. After August 15, 2018, the Executive’s salary shall return to its amount in effect immediately prior to the signing of this Retention Agreement.

 

4.Amendment of Offer Letter. In consideration of the Salary Adjustment and the payment of the Retention Payments, upon payment of the First Retention Payment, Executive hereby waives his right to receive severance and any other post-employment benefits upon the termination of employment without Cause or for Good Reason, including termination of employment without Cause or for Good Reason following a Change of Control, each as defined and set forth in the Offer Letter (the “Severance Waiver”). All of the other terms and conditions of the Offer Letter will remain in full force and effect. Notwithstanding the foregoing, if for any reason either the First or Second Retention Payment or the Salary Adjustment is required to be repaid by Executive or is otherwise voided or recovered or the Company fails to pay the Second Retention Payment when due, then the Executive’s Severance Waiver shall immediately and without further notice be revoked and Executive shall retain all rights to severance and any other post-employment benefits set forth in the Offer Letter.

 

5.Effect of Breach of Consulting Agreement. If Executive materially breaches the Consulting Agreement during the first 60 days that it is in effect, Executive shall repay 25% of the Initial Retention Payment and the Second Retention Payment.

 

6.Termination Prior to Second Retention Payment. If the Executive's employment is terminated by the Company or if the Executive resigns for Good Reason prior to the payment of the Second Retention Payment, the Company shall pay the Executive the Second Retention Payment and any unpaid Salary Adjustment amount upon such termination or resignation.

 

 

 

7.Section 409A. The terms of this Agreement are intended to comply or be exempt from the provisions of Section 409A (as defined in the Offer Letter) and will be construed in accordance therewith. The Company makes no representations or warranties to the Executive and has no liability to Executive if any of the provisions or payments under this Agreement are determined to constitute deferred compensation subject to the terms of 409A but not to satisfy the conditions of that Section.

 

8.Governing Law and Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina (without reference to the conflicts of law provisions thereof.) Any action, suit or other legal proceeding which is commenced to resolve any matter arising under or relating to any provision of this Agreement shall be commenced only in a court in Durham County, North Carolina.

 

9.Counterparts. This Agreement may be executed in two or more counterparts, each of which will deemed an original and all of which taken together shall constitute one and the same instrument.

 

10.Successors and Assigns. This Agreement, together with the Exhibits attached hereto, and the Offer Letter sets forth the entire agreement between the Company and the Executive and replaces all prior communications, agreements and understandings, whether oral or written, with respect to the subject matter hereof. This Agreement may only be modified or amended by written agreement executed by the Company and Executive.

 

 

IN WITNESS WHEREOF, the Company and Executive have executed this Agreement as of the date set forth above.

 

 

 

  ARGOS THERAPEUTICS, INC.
   
   
  /s/ Hubert Birner
  By: Hubert Birner
  Its: Chairman of the Board
   
   
  JEFFREY ABBEY
   
  /s/ Jeffrey Abbey

 


EX-10.2 3 exh_102.htm EXHIBIT 10.2

Exhibit 10.2

 

RETENTION AGREEMENT

 

 

This Retention Agreement (the “Agreement”) is entered into as of July 20, 2018, by and between Argos Therapeutics, Inc. (the “Company”) and Richard D. Katz (“Executive”).

 

 

WHEREAS, Executive and the Company entered into that certain offer letter dated July 1, 2016 (the “Offer Letter”); and

 

WHEREAS, the Offer Letter provides for the payment of certain amounts of salary and severance upon certain conditions; and

 

WHEREAS, the Company is in the process of pursuing various strategic alternatives, including without limitation a merger of the Company or the winding down of the Company (the “Transition”); and

 

WHEREAS, in the Executive’s position as Vice President and Chief Financial Officer, Executive has obtained considerable knowledge and expertise about the Company and its business operations; and

 

WHEREAS, in order to complete any strategic alternatives as part of the Transition, the Company desires to continue to retain the services of Executive and the benefits of Executive’s experience and knowledge; and

 

WHEREAS, the Company recognizes the effort and commitment required of Executive to complete any transactions as part of the Transition and wants to create an incentive for Executive to continue to be employed by the Company during the Transition; and

 

WHEREAS, the Executive desires to continue to perform services for the Company in accordance with the terms set forth below.

 

NOW, THEREFORE, in consideration of the premises (which are incorporated herein by reference) and the consideration set forth below, the sufficiency of which is hereby acknowledged and agreed, the parties hereby agree as follows:

 

1.Initial Retention Payment. The Company will pay Executive an initial retention payment (the “Initial Retention Payment”) of $ 61,762 upon the date hereof (the “First Payment Date”), subject to the following terms and conditions: (a) the Executive must execute and deliver to the Company a Release of Claims Agreement as set forth in Exhibit A, attached hereto, on or before the date hereof; and (b) the payment of the Initial Retention Payment will be subject to applicable taxes and withholdings.

 

2.Second Retention Payment. The Company will pay Executive a second retention payment (the “Second Retention Payment”) of $ 148,519 on August 15, 2018 (the “Second Payment Date”), subject to the following terms and conditions: (a) the Executive must have satisfied the conditions for the payment of the Initial Retention Payment; (b) the Executive must be employed by the Company on the Second Payment Date or the Executive’s employment must have been terminated by the Company without Cause or by the Executive with Good Reason before the Second Payment Date; (c) Executive must execute the Reaffirmation of Release of Claims Agreement attached hereto as Exhibit B on or before August 15, 2018; (d) the payment of the Second Retention Payment will be subject to applicable taxes and withholdings; and (e) the Executive must execute and deliver the Consulting Agreement attached hereto as Exhibit C on or before August 15, 2018. If Executive fails to execute the Reaffirmation of Release of Claims Agreement or the Consulting Agreement on or before August 15, 2018, the Company shall provide the Executive with written notification of such deficiency. Executive shall then have ten (10) business days to correct any deficiency without any penalty.

 

 

 

3.Amendment of Salary. The Company and Executive agree that, for the period from July 16 to August 15, 2018 only, the Executive’s base salary shall be increased such that the amount paid during each semi-monthly pay period during such period will equal $19,062 (the “Salary Adjustment”). The Salary Adjustment, less applicable taxes and deductions, shall be paid in the Company’s normal payroll periods. After August 15, 2018, the Executive’s salary shall return to its amount in effect immediately prior to the signing of this Retention Agreement.

 

4.Amendment of Offer Letter. In consideration of the Salary Adjustment and the payment of the Retention Payments, upon payment of the First Retention Payment, Executive hereby waives his right to receive severance and any other post-employment benefits upon the termination of employment without Cause or for Good Reason, including termination of employment without Cause or for Good Reason following a Change of Control, each as defined and set forth in the Offer Letter (the “Severance Waiver”). All of the other terms and conditions of the Offer Letter will remain in full force and effect. Notwithstanding the foregoing, if for any reason either the First or Second Retention Payment or the Salary Adjustment is required to be repaid by Executive or is otherwise voided or recovered or the Company fails to pay the Second Retention Payment when due, then the Executive’s Severance Waiver shall immediately and without further notice be revoked and Executive shall retain all rights to severance and any other post-employment benefits set forth in the Offer Letter.

 

5.Effect of Breach of Consulting Agreement. If Executive materially breaches the Consulting Agreement during the first 60 days that it is in effect, Executive shall repay 25% of the Initial Retention Payment and the Second Retention Payment.

 

6.Termination Prior to Second Retention Payment. If the Executive's employment is terminated by the Company or if the Executive resigns for Good Reason prior to the payment of the Second Retention Payment, the Company shall pay the Executive the Second Retention Payment and any unpaid Salary Adjustment amount upon such termination or resignation.

 

 

 

7.Section 409A. The terms of this Agreement are intended to comply or be exempt from the provisions of Section 409A (as defined in the Offer Letter) and will be construed in accordance therewith. The Company makes no representations or warranties to the Executive and has no liability to Executive if any of the provisions or payments under this Agreement are determined to constitute deferred compensation subject to the terms of 409A but not to satisfy the conditions of that Section.

 

8.Governing Law and Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina (without reference to the conflicts of law provisions thereof.) Any action, suit or other legal proceeding which is commenced to resolve any matter arising under or relating to any provision of this Agreement shall be commenced only in a court in Durham County, North Carolina.

 

9.Counterparts. This Agreement may be executed in two or more counterparts, each of which will deemed an original and all of which taken together shall constitute one and the same instrument.

 

10.Successors and Assigns. This Agreement, together with the Exhibits attached hereto, and the Offer Letter sets forth the entire agreement between the Company and the Executive and replaces all prior communications, agreements and understandings, whether oral or written, with respect to the subject matter hereof. This Agreement may only be modified or amended by written agreement executed by the Company and Executive.

 

 

IN WITNESS WHEREOF, the Company and Executive have executed this Agreement as of the date set forth above.

 

 

 

  ARGOS THERAPEUTICS, INC.
   
   
  /s/ Jeffrey Abbey
  By: Jeffrey Abbey
  Its: President and Chief Executive Officer
   
   
  RICHARD KATZ
   
  /s/ Richard Katz

 


EX-10.3 4 exh_103.htm EXHIBIT 10.3

Exhibit 10.3

 

RETENTION AGREEMENT

 

 

This Retention Agreement (the “Agreement”) is entered into as of July 20, 2018, by and between Argos Therapeutics, Inc. (the “Company”) and Charles Nicolette (“Executive”).

 

 

WHEREAS, Executive and the Company entered into that certain offer letter dated December 9, 2013 (the “Offer Letter”); and

 

WHEREAS, the Offer Letter provides for the payment of certain amounts of salary and severance upon certain conditions; and

 

WHEREAS, the Company is in the process of pursuing various strategic alternatives, including without limitation a merger of the Company or the winding down of the Company (the “Transition”); and

 

WHEREAS, in the Executive’s position as Vice President of Research and Development and Chief Scientific Officer, Executive has obtained considerable knowledge and expertise about the Company and its business operations; and

 

WHEREAS, in order to complete any strategic alternatives as part of the Transition, the Company desires to continue to retain the services of Executive and the benefits of Executive’s experience and knowledge; and

 

WHEREAS, the Company recognizes the effort and commitment required of Executive to complete any transactions as part of the Transition and wants to create an incentive for Executive to continue to be employed by the Company during the Transition; and

 

WHEREAS, the Executive desires to continue to perform services for the Company in accordance with the terms set forth below.

 

NOW, THEREFORE, in consideration of the premises (which are incorporated herein by reference) and the consideration set forth below, the sufficiency of which is hereby acknowledged and agreed, the parties hereby agree as follows:

 

1.Initial Retention Payment. The Company will pay Executive an initial retention payment (the “Initial Retention Payment”) of $ 77,963 upon the date hereof (the “First Payment Date”), subject to the following terms and conditions: (a) the Executive must execute and deliver to the Company a Release of Claims Agreement as set forth in Exhibit A, attached hereto, on or before the date hereof; and (b) the payment of the Initial Retention Payment will be subject to applicable taxes and withholdings.

 

2.Second Retention Payment. The Company will pay Executive a second retention payment (the “Second Retention Payment”) of $ 178,276 on August 15, 2018 (the “Second Payment Date”), subject to the following terms and conditions: (a) the Executive must have satisfied the conditions for the payment of the Initial Retention Payment; (b) the Executive must be employed by the Company on the Second Payment Date or the Executive’s employment must have been terminated by the Company without Cause or by the Executive with Good Reason before the Second Payment Date; (c) Executive must execute the Reaffirmation of Release of Claims Agreement attached hereto as Exhibit B on or before August 15, 2018; (d) the payment of the Second Retention Payment will be subject to applicable taxes and withholdings; and (e) the Executive must execute and deliver the Consulting Agreement attached hereto as Exhibit C on or before August 15, 2018. If Executive fails to execute the Reaffirmation of Release of Claims Agreement or the Consulting Agreement on or before August 15, 2018, the Company shall provide the Executive with written notification of such deficiency. Executive shall then have ten (10) business days to correct any deficiency without any penalty.

 

 

 

3.Amendment of Salary. The Company and Executive agree that, for the period from July 16 to August 15, 2018 only, the Executive’s base salary shall be increased such that the amount paid during each semi-monthly pay period during such period will equal $24,063 (the “Salary Adjustment”). The Salary Adjustment, less applicable taxes and deductions, shall be paid in the Company’s normal payroll periods. After August 15, 2018, the Executive’s salary shall return to its amount in effect immediately prior to the signing of this Retention Agreement.

 

4.Amendment of Offer Letter. In consideration of the Salary Adjustment and the payment of the Retention Payments, upon payment of the First Retention Payment, Executive hereby waives his right to receive severance and any other post-employment benefits upon the termination of employment without Cause or for Good Reason, including termination of employment without Cause or for Good Reason following a Change of Control, each as defined and set forth in the Offer Letter (the “Severance Waiver”). All of the other terms and conditions of the Offer Letter will remain in full force and effect. Notwithstanding the foregoing, if for any reason either the First or Second Retention Payment or the Salary Adjustment is required to be repaid by Executive or is otherwise voided or recovered or the Company fails to pay the Second Retention Payment when due, then the Executive’s Severance Waiver shall immediately and without further notice be revoked and Executive shall retain all rights to severance and any other post-employment benefits set forth in the Offer Letter.

 

5.Effect of Breach of Consulting Agreement. If Executive materially breaches the Consulting Agreement during the first 60 days that it is in effect, Executive shall repay 25% of the Initial Retention Payment and the Second Retention Payment.

 

6.Termination Prior to Second Retention Payment. If the Executive's employment is terminated by the Company or if the Executive resigns for Good Reason prior to the payment of the Second Retention Payment, the Company shall pay the Executive the Second Retention Payment and any unpaid Salary Adjustment amount upon such termination or resignation.

 

 

 

7.Section 409A. The terms of this Agreement are intended to comply or be exempt from the provisions of Section 409A (as defined in the Offer Letter) and will be construed in accordance therewith. The Company makes no representations or warranties to the Executive and has no liability to Executive if any of the provisions or payments under this Agreement are determined to constitute deferred compensation subject to the terms of 409A but not to satisfy the conditions of that Section.

 

8.Governing Law and Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina (without reference to the conflicts of law provisions thereof.) Any action, suit or other legal proceeding which is commenced to resolve any matter arising under or relating to any provision of this Agreement shall be commenced only in a court in Durham County, North Carolina.

 

9.Counterparts. This Agreement may be executed in two or more counterparts, each of which will deemed an original and all of which taken together shall constitute one and the same instrument.

 

10.Successors and Assigns. This Agreement, together with the Exhibits attached hereto, and the Offer Letter sets forth the entire agreement between the Company and the Executive and replaces all prior communications, agreements and understandings, whether oral or written, with respect to the subject matter hereof. This Agreement may only be modified or amended by written agreement executed by the Company and Executive.

 

 

IN WITNESS WHEREOF, the Company and Executive have executed this Agreement as of the date set forth above.

 

 

 

  ARGOS THERAPEUTICS, INC.
   
   
  /s/ Jeffrey Abbey
  By: Jeffrey Abbey
  Its: President and Chief Executive Officer
   
   
  CHARLES NICOLETTE
   
  /s/ Charles Nicolette

 

 


EX-10.4 5 exh_104.htm EXHIBIT 10.4

Exhibit 10.4

 

RELEASE OF CLAIMS AGREEMENT

 

 

In exchange for the consideration set forth in the Retention Agreement dated July 20, 2018 (the “Retention Agreement”) to which this Release of Claims Agreement (the “Release Agreement”) is attached as Exhibit A, including receipt of the Initial Retention Amount (as defined therein) and eligibility to receive the Temporary Revised Salary Amount and Second Retention Amount (each as defined therein), all of which I acknowledge I would not otherwise be entitled to receive, I hereby agree as follows:

 

1.                  Release – I hereby fully, forever, irrevocably and unconditionally release, remise and discharge the Company, its affiliates, subsidiaries, parent companies, predecessors, and successors, and all of their respective past and present officers, directors, stockholders, partners, members, managers, employees, agents, representatives, plan administrators, attorneys, insurers and fiduciaries (each in their individual and corporate capacities) (collectively, the “Released Parties”) from any and all claims, charges, complaints, demands, actions, causes of action, suits, rights, debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities, and expenses (including attorneys’ fees and costs), of every kind and nature that I ever had or now have against any or all of the Released Parties, including, but not limited to, any and all claims arising out of or relating to my employment with and/or separation from the Company, including, but not limited to, the following and any and all claims for or related to aiding or abetting the following, whether direct or derivative, and whether brought myself or by or through the Company or any trustee, assignee, agent, or other representative thereof: all claims under Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et seq., the Americans With Disabilities Act of 1990, 42 U.S.C. § 12101 et seq., the Genetic Information Nondiscrimination Act of 2008, 42 U.S.C. § 2000ff et seq., the Family and Medical Leave Act, 29 U.S.C. § 2601 et seq., the Worker Adjustment and Retraining Notification Act (“WARN”), 29 U.S.C. § 2101 et seq., the Rehabilitation Act of 1973, 29 U.S.C. § 701 et seq., Executive Order 11246, Executive Order 11141, the Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq., and the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1001 et seq., all as amended; all claims arising out of the North Carolina Equal Employment Practices Act, N.C. Gen. Stat. § 143-422.1 et seq., the North Carolina Persons with Disabilities Protection Act, N.C. Gen. Stat. § 168A-1 et seq., North Carolina Retaliatory Employment Discrimination Act, N.C. Gen. Stat. § 95-240 et seq., N.C. Gen. Stat. § 50B-5.5 (North Carolina domestic violence and crime leave law), N.C. Gen. Stat. § 95-28.3 (North Carolina parental leave for involvement at schools law), N.C. Gen. Stat. § 95-28.1A (North Carolina genetic testing law), and N.C. Gen. Stat. § 95-28.1 (North Carolina sickle cell law), all as amended; all common law claims including, but not limited to, actions in defamation, intentional infliction of emotional distress, breach of duty, misrepresentation, fraud, fraudulent transfer, wrongful discharge, and breach of contract (including without limitation all claims arising out of or related to the Employment Agreement and/or any benefits to which I may otherwise have been entitled thereunder); all claims to any unvested ownership interest in the Company, contractual or otherwise; all state and federal whistleblower claims to the maximum extent permitted by law; and any claim or damage arising out of my employment with and/or separation from the Company (including a claim for retaliation) under any common law theory or any federal, state or local statute or ordinance not expressly referenced above; provided, however, that nothing in this Release Agreement (a) prevents me from filing a charge with, cooperating with, or participating in any investigation or proceeding before, the Equal Employment Opportunity Commission or a state fair employment practices agency (except that I acknowledge that I may not recover any monetary benefits in connection with any such charge, investigation, or proceeding, and I further waive any rights or claims to any payment, benefit, attorneys’ fees or other remedial relief in connection with any such charge, investigation or proceeding), or (b) releases claims to any payments to which I may be entitled under the Retention Agreement).

 

 

 

2.                  Continuing Obligations – I acknowledge and reaffirm my obligation to keep confidential and not to use or disclose any and all non-public information concerning the Company that I acquired during the course of my employment with the Company, including any non-public information concerning the Company’s business affairs, business prospects, and financial condition, except as otherwise permitted by paragraph 7 below. Further, I acknowledge that I remain subject to any and all continuing confidentiality, non-competition and other obligations that I have pursuant to any previous agreement(s) with the Company (“Restrictive Covenant Obligations”), including, but not limited to, my obligations under Sections 5 and 6 of the Employment Agreement and any agreements referenced therein, which remain in full force and effect. For the avoidance of doubt, I further acknowledge that all of my Restrictive Covenant Obligations continue to apply during and after my engagement as a consultant to the Company pursuant to the Consulting Agreement attached as Exhibit C to the Retention Agreement.

 

3.                  Non-Disparagement – I understand and agree that, to the extent permitted by law and except as otherwise permitted by paragraph 7 below, I will not, in public or private, make any false, disparaging, derogatory or defamatory statements, online (including, without limitation, on any social media, networking, or employer review site) or otherwise, to any person or entity, including, but not limited to, any media outlet, industry group, financial institution or current or former employee, board member, consultant, client or customer of the Company, regarding the Company or any of the other Released Parties, or regarding the Company’s business affairs, business prospects, or financial condition.

 

4.                  Cooperation – I agree that, to the extent permitted by law, I shall cooperate fully with the Company in the investigation, defense or prosecution of any claims or actions which already have been brought, are currently pending, or which may be brought in the future against the Company by a third party or by or on behalf of the Company against any third party, whether before a state or federal court, any state or federal government agency, or a mediator or arbitrator. My full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with the Company’s counsel, at reasonable times and locations designated by the Company, to investigate or prepare the Company’s claims or defenses, to prepare for trial or discovery or an administrative hearing, mediation, arbitration or other proceeding and to act as a witness when requested by the Company. I further agree that, to the extent permitted by law, I will notify the Company promptly in the event that I am served with a subpoena (other than a subpoena issued by a government agency), or in the event that I am asked to provide a third party (other than a government agency) with information concerning any actual or potential complaint or claim against the Company.

 

 - 2 - 

 

5.                  Return of Company Property and Information – I agree that on the last day of my employment with the Company, or earlier upon request by the Company, I will return to the Company all keys, files, records (and copies thereof), equipment (including, but not limited to, computer hardware, software and printers, flash drives and storage devices, wireless handheld devices, cellular phones, tablets, etc.), Company identification, and any other Company-owned property and information in my possession or control and that I will leave intact all electronic Company documents and information, including but not limited to those documents and that information that I developed or helped to develop during my employment, and I will not retain any copies. I further confirm that I will, on the last day of my employment with the Company, or earlier upon request by the Company, cancel all accounts for my benefit, if any, in the Company’s name, including but not limited to, credit cards, telephone charge cards, cellular phone accounts, and computer accounts. Notwithstanding the foregoing, I understand that to the extent I am retained as a consultant to the Company after termination of my employment, and to the extent required in connection with the consulting services requested of me, I may retain property and information of the Company and accounts in the Company’s name for the duration of the Consultation Period or until such earlier time as the Company may request, and return such property and information, and cancel such accounts, at the end of such period or upon such request, whichever is sooner.

 

6.                  Confidentiality – I understand and agree that, to the extent permitted by law and except as otherwise permitted by paragraph 7 below, the terms and contents of this Release Agreement and the Retention Agreement, and the contents of the negotiations and discussions resulting in this Release Agreement and the Retention Agreement, shall be maintained as confidential by me and my agents and representatives and shall not be disclosed except as otherwise agreed to in writing by the Company.

 

7.                  Scope of Disclosure Restrictions – I understand that nothing in this Release Agreement or elsewhere prohibits me from communicating with government agencies about possible violations of federal, state, or local laws or otherwise providing information to government agencies, filing a complaint with government agencies, or participating in government agency investigations or proceedings. I understand that I am not required to notify the Company of any such communications; provided, however, that nothing herein authorizes the disclosure of information I obtained through a communication that was subject to the attorney-client privilege. Further, notwithstanding my confidentiality and nondisclosure obligations, I understand that I am hereby being advised as follows pursuant to the Defend Trade Secrets Act: “An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.”

 

 - 3 - 

 

8.                  Amendment and Waiver; Successors and Assigns – This Release Agreement may not be modified in any manner, except by an instrument in writing of concurrent or subsequent date signed by duly authorized representatives of the Company. This Release Agreement is binding upon me and my agents, assigns, heirs, executors, successors and administrators, and any party acting on my behalf or by or through myself or my rights, and shall inure to the benefit of the Company’s agents, assigns, successors and administrators. No delay or omission by the Company in exercising any right under this Release Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed as a bar to or waiver of any right on any other occasion.

 

9.                  Validity – Should any provision of this Release Agreement be declared or be determined by any court of competent jurisdiction to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term or provision shall be deemed not to be a part of this Release Agreement.

 

10.              Nature of Agreement I understand and agree that this Release Agreement does not constitute an admission of liability or wrongdoing on the part of the Company.

 

11.              Acknowledgments and Voluntary AssentI acknowledge that I have been given a reasonable amount of time to consider this Release Agreement. I affirm that no other promises or agreements of any kind have been made to or with me by any person or entity whatsoever to cause me to sign this Release Agreement, and that I fully understand the meaning and intent of this Release Agreement. I state and represent that I have had an opportunity to fully discuss and review the terms of this Release Agreement with an attorney. I further state and represent that I have carefully read this Release Agreement, understand the contents herein, freely and voluntarily assent to all of the terms and conditions hereof, and sign my name of my own free act.

 

12.              Applicable Law – This Release Agreement shall be interpreted and construed by the laws of the State of North Carolina, without regard to conflict of laws provisions. I hereby irrevocably submit to and acknowledge and recognize the jurisdiction of the courts of the State of North Carolina, or if appropriate, a federal court located in the State of North Carolina (which courts, for purposes of this Release Agreement, are the only courts of competent jurisdiction), over any suit, action or other proceeding arising out of, under or in connection with this Release Agreement or the subject matter hereof.

 

13.              Entire Agreement – This Release Agreement, together with the Retention Agreement and its other exhibits, contains and constitutes the entire understanding and agreement between the parties hereto with respect to the subject matter thereof and cancels any and all previous oral and written negotiations, agreements, and commitments in connection therewith.

 

14.              Tax Acknowledgement – In connection with the Initial Retention Amount and Temporary Revised Salary Amount and any Second Retention Amount I may receive, each as described in the Retention Agreement, I understand that the Company shall withhold and remit to the tax authorities the amounts required under applicable law, and that I shall be responsible for all applicable taxes with respect to such payments and benefits under applicable law. I further acknowledge that I am not relying upon the advice or representation of the Company with respect to the tax treatment of any payments or benefits described in the Retention Agreement.

 

 - 4 - 

 

I hereby agree to the terms and conditions set forth above.

 

 

 

/s/ Jeffrey Abbey   July 20, 2018
Jeffrey Abbey   Date

 

 

To be returned in a timely manner as set forth in the Retention Agreement.

 

 

 

 

 

 

- 5 -


 

EX-10.5 6 exh_105.htm EXHIBIT 10.5

Exhibit 10.5

 

RELEASE OF CLAIMS AGREEMENT

 

 

In exchange for the consideration set forth in the Retention Agreement dated July 20, 2018 (the “Retention Agreement”) to which this Release of Claims Agreement (the “Release Agreement”) is attached as Exhibit A, including receipt of the Initial Retention Amount (as defined therein) and eligibility to receive the Temporary Revised Salary Amount and Second Retention Amount (each as defined therein), all of which I acknowledge I would not otherwise be entitled to receive, I hereby agree as follows:

 

1.                  Release – I hereby fully, forever, irrevocably and unconditionally release, remise and discharge the Company, its affiliates, subsidiaries, parent companies, predecessors, and successors, and all of their respective past and present officers, directors, stockholders, partners, members, managers, employees, agents, representatives, plan administrators, attorneys, insurers and fiduciaries (each in their individual and corporate capacities) (collectively, the “Released Parties”) from any and all claims, charges, complaints, demands, actions, causes of action, suits, rights, debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities, and expenses (including attorneys’ fees and costs), of every kind and nature that I ever had or now have against any or all of the Released Parties, including, but not limited to, any and all claims arising out of or relating to my employment with and/or separation from the Company, including, but not limited to, the following and any and all claims for or related to aiding or abetting the following, whether direct or derivative, and whether brought myself or by or through the Company or any trustee, assignee, agent, or other representative thereof: all claims under Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et seq., the Americans With Disabilities Act of 1990, 42 U.S.C. § 12101 et seq., the Genetic Information Nondiscrimination Act of 2008, 42 U.S.C. § 2000ff et seq., the Family and Medical Leave Act, 29 U.S.C. § 2601 et seq., the Worker Adjustment and Retraining Notification Act (“WARN”), 29 U.S.C. § 2101 et seq., the Rehabilitation Act of 1973, 29 U.S.C. § 701 et seq., Executive Order 11246, Executive Order 11141, the Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq., and the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1001 et seq., all as amended; all claims arising out of the North Carolina Equal Employment Practices Act, N.C. Gen. Stat. § 143-422.1 et seq., the North Carolina Persons with Disabilities Protection Act, N.C. Gen. Stat. § 168A-1 et seq., North Carolina Retaliatory Employment Discrimination Act, N.C. Gen. Stat. § 95-240 et seq., N.C. Gen. Stat. § 50B-5.5 (North Carolina domestic violence and crime leave law), N.C. Gen. Stat. § 95-28.3 (North Carolina parental leave for involvement at schools law), N.C. Gen. Stat. § 95-28.1A (North Carolina genetic testing law), and N.C. Gen. Stat. § 95-28.1 (North Carolina sickle cell law), all as amended; all common law claims including, but not limited to, actions in defamation, intentional infliction of emotional distress, breach of duty, misrepresentation, fraud, fraudulent transfer, wrongful discharge, and breach of contract (including without limitation all claims arising out of or related to the Employment Agreement and/or any benefits to which I may otherwise have been entitled thereunder); all claims to any unvested ownership interest in the Company, contractual or otherwise; all state and federal whistleblower claims to the maximum extent permitted by law; and any claim or damage arising out of my employment with and/or separation from the Company (including a claim for retaliation) under any common law theory or any federal, state or local statute or ordinance not expressly referenced above; provided, however, that nothing in this Release Agreement (a) prevents me from filing a charge with, cooperating with, or participating in any investigation or proceeding before, the Equal Employment Opportunity Commission or a state fair employment practices agency (except that I acknowledge that I may not recover any monetary benefits in connection with any such charge, investigation, or proceeding, and I further waive any rights or claims to any payment, benefit, attorneys’ fees or other remedial relief in connection with any such charge, investigation or proceeding), or (b) releases claims to any payments to which I may be entitled under the Retention Agreement).

 

 

 

2.                  Continuing Obligations – I acknowledge and reaffirm my obligation to keep confidential and not to use or disclose any and all non-public information concerning the Company that I acquired during the course of my employment with the Company, including any non-public information concerning the Company’s business affairs, business prospects, and financial condition, except as otherwise permitted by paragraph 7 below. Further, I acknowledge that I remain subject to any and all continuing confidentiality, non-competition and other obligations that I have pursuant to any previous agreement(s) with the Company (“Restrictive Covenant Obligations”), including, but not limited to, my obligations under Sections 5 and 6 of the Employment Agreement and any agreements referenced therein, which remain in full force and effect. For the avoidance of doubt, I further acknowledge that all of my Restrictive Covenant Obligations continue to apply during and after my engagement as a consultant to the Company pursuant to the Consulting Agreement attached as Exhibit C to the Retention Agreement.

 

3.                  Non-Disparagement – I understand and agree that, to the extent permitted by law and except as otherwise permitted by paragraph 7 below, I will not, in public or private, make any false, disparaging, derogatory or defamatory statements, online (including, without limitation, on any social media, networking, or employer review site) or otherwise, to any person or entity, including, but not limited to, any media outlet, industry group, financial institution or current or former employee, board member, consultant, client or customer of the Company, regarding the Company or any of the other Released Parties, or regarding the Company’s business affairs, business prospects, or financial condition.

 

4.                  Cooperation – I agree that, to the extent permitted by law, I shall cooperate fully with the Company in the investigation, defense or prosecution of any claims or actions which already have been brought, are currently pending, or which may be brought in the future against the Company by a third party or by or on behalf of the Company against any third party, whether before a state or federal court, any state or federal government agency, or a mediator or arbitrator. My full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with the Company’s counsel, at reasonable times and locations designated by the Company, to investigate or prepare the Company’s claims or defenses, to prepare for trial or discovery or an administrative hearing, mediation, arbitration or other proceeding and to act as a witness when requested by the Company. I further agree that, to the extent permitted by law, I will notify the Company promptly in the event that I am served with a subpoena (other than a subpoena issued by a government agency), or in the event that I am asked to provide a third party (other than a government agency) with information concerning any actual or potential complaint or claim against the Company.

 

 - 2 - 

 

5.                  Return of Company Property and Information – I agree that on the last day of my employment with the Company, or earlier upon request by the Company, I will return to the Company all keys, files, records (and copies thereof), equipment (including, but not limited to, computer hardware, software and printers, flash drives and storage devices, wireless handheld devices, cellular phones, tablets, etc.), Company identification, and any other Company-owned property and information in my possession or control and that I will leave intact all electronic Company documents and information, including but not limited to those documents and that information that I developed or helped to develop during my employment, and I will not retain any copies. I further confirm that I will, on the last day of my employment with the Company, or earlier upon request by the Company, cancel all accounts for my benefit, if any, in the Company’s name, including but not limited to, credit cards, telephone charge cards, cellular phone accounts, and computer accounts. Notwithstanding the foregoing, I understand that to the extent I am retained as a consultant to the Company after termination of my employment, and to the extent required in connection with the consulting services requested of me, I may retain property and information of the Company and accounts in the Company’s name for the duration of the Consultation Period or until such earlier time as the Company may request, and return such property and information, and cancel such accounts, at the end of such period or upon such request, whichever is sooner.

 

6.                  Confidentiality – I understand and agree that, to the extent permitted by law and except as otherwise permitted by paragraph 7 below, the terms and contents of this Release Agreement and the Retention Agreement, and the contents of the negotiations and discussions resulting in this Release Agreement and the Retention Agreement, shall be maintained as confidential by me and my agents and representatives and shall not be disclosed except as otherwise agreed to in writing by the Company.

 

7.                  Scope of Disclosure Restrictions – I understand that nothing in this Release Agreement or elsewhere prohibits me from communicating with government agencies about possible violations of federal, state, or local laws or otherwise providing information to government agencies, filing a complaint with government agencies, or participating in government agency investigations or proceedings. I understand that I am not required to notify the Company of any such communications; provided, however, that nothing herein authorizes the disclosure of information I obtained through a communication that was subject to the attorney-client privilege. Further, notwithstanding my confidentiality and nondisclosure obligations, I understand that I am hereby being advised as follows pursuant to the Defend Trade Secrets Act: “An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.”

 

 - 3 - 

 

8.                  Amendment and Waiver; Successors and Assigns – This Release Agreement may not be modified in any manner, except by an instrument in writing of concurrent or subsequent date signed by duly authorized representatives of the Company. This Release Agreement is binding upon me and my agents, assigns, heirs, executors, successors and administrators, and any party acting on my behalf or by or through myself or my rights, and shall inure to the benefit of the Company’s agents, assigns, successors and administrators. No delay or omission by the Company in exercising any right under this Release Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed as a bar to or waiver of any right on any other occasion.

 

9.                  Validity – Should any provision of this Release Agreement be declared or be determined by any court of competent jurisdiction to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term or provision shall be deemed not to be a part of this Release Agreement.

 

10.              Nature of Agreement I understand and agree that this Release Agreement does not constitute an admission of liability or wrongdoing on the part of the Company.

 

11.              Acknowledgments and Voluntary AssentI acknowledge that I have been given a reasonable amount of time to consider this Release Agreement. I affirm that no other promises or agreements of any kind have been made to or with me by any person or entity whatsoever to cause me to sign this Release Agreement, and that I fully understand the meaning and intent of this Release Agreement. I state and represent that I have had an opportunity to fully discuss and review the terms of this Release Agreement with an attorney. I further state and represent that I have carefully read this Release Agreement, understand the contents herein, freely and voluntarily assent to all of the terms and conditions hereof, and sign my name of my own free act.

 

12.              Applicable Law – This Release Agreement shall be interpreted and construed by the laws of the State of North Carolina, without regard to conflict of laws provisions. I hereby irrevocably submit to and acknowledge and recognize the jurisdiction of the courts of the State of North Carolina, or if appropriate, a federal court located in the State of North Carolina (which courts, for purposes of this Release Agreement, are the only courts of competent jurisdiction), over any suit, action or other proceeding arising out of, under or in connection with this Release Agreement or the subject matter hereof.

 

13.              Entire Agreement – This Release Agreement, together with the Retention Agreement and its other exhibits, contains and constitutes the entire understanding and agreement between the parties hereto with respect to the subject matter thereof and cancels any and all previous oral and written negotiations, agreements, and commitments in connection therewith.

 

14.              Tax Acknowledgement – In connection with the Initial Retention Amount and Temporary Revised Salary Amount and any Second Retention Amount I may receive, each as described in the Retention Agreement, I understand that the Company shall withhold and remit to the tax authorities the amounts required under applicable law, and that I shall be responsible for all applicable taxes with respect to such payments and benefits under applicable law. I further acknowledge that I am not relying upon the advice or representation of the Company with respect to the tax treatment of any payments or benefits described in the Retention Agreement.

 

 - 4 - 

 

I hereby agree to the terms and conditions set forth above.

 

 

 

/s/ Richard Katz   July 20, 2018
Richard Katz   Date

 

 

To be returned in a timely manner as set forth in the Retention Agreement.

 

 

 

 

- 5 -


EX-10.6 7 exh_106.htm EXHIBIT 10.6

Exhibit 10.6

 

RELEASE OF CLAIMS AGREEMENT

 

 

In exchange for the consideration set forth in the Retention Agreement dated July 20, 2018 (the “Retention Agreement”) to which this Release of Claims Agreement (the “Release Agreement”) is attached as Exhibit A, including receipt of the Initial Retention Amount (as defined therein) and eligibility to receive the Temporary Revised Salary Amount and Second Retention Amount (each as defined therein), all of which I acknowledge I would not otherwise be entitled to receive, I hereby agree as follows:

 

1.                  Release – I hereby fully, forever, irrevocably and unconditionally release, remise and discharge the Company, its affiliates, subsidiaries, parent companies, predecessors, and successors, and all of their respective past and present officers, directors, stockholders, partners, members, managers, employees, agents, representatives, plan administrators, attorneys, insurers and fiduciaries (each in their individual and corporate capacities) (collectively, the “Released Parties”) from any and all claims, charges, complaints, demands, actions, causes of action, suits, rights, debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities, and expenses (including attorneys’ fees and costs), of every kind and nature that I ever had or now have against any or all of the Released Parties, including, but not limited to, any and all claims arising out of or relating to my employment with and/or separation from the Company, including, but not limited to, the following and any and all claims for or related to aiding or abetting the following, whether direct or derivative, and whether brought myself or by or through the Company or any trustee, assignee, agent, or other representative thereof: all claims under Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et seq., the Americans With Disabilities Act of 1990, 42 U.S.C. § 12101 et seq., the Genetic Information Nondiscrimination Act of 2008, 42 U.S.C. § 2000ff et seq., the Family and Medical Leave Act, 29 U.S.C. § 2601 et seq., the Worker Adjustment and Retraining Notification Act (“WARN”), 29 U.S.C. § 2101 et seq., the Rehabilitation Act of 1973, 29 U.S.C. § 701 et seq., Executive Order 11246, Executive Order 11141, the Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq., and the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1001 et seq., all as amended; all claims arising out of the North Carolina Equal Employment Practices Act, N.C. Gen. Stat. § 143-422.1 et seq., the North Carolina Persons with Disabilities Protection Act, N.C. Gen. Stat. § 168A-1 et seq., North Carolina Retaliatory Employment Discrimination Act, N.C. Gen. Stat. § 95-240 et seq., N.C. Gen. Stat. § 50B-5.5 (North Carolina domestic violence and crime leave law), N.C. Gen. Stat. § 95-28.3 (North Carolina parental leave for involvement at schools law), N.C. Gen. Stat. § 95-28.1A (North Carolina genetic testing law), and N.C. Gen. Stat. § 95-28.1 (North Carolina sickle cell law), all as amended; all common law claims including, but not limited to, actions in defamation, intentional infliction of emotional distress, breach of duty, misrepresentation, fraud, fraudulent transfer, wrongful discharge, and breach of contract (including without limitation all claims arising out of or related to the Employment Agreement and/or any benefits to which I may otherwise have been entitled thereunder); all claims to any unvested ownership interest in the Company, contractual or otherwise; all state and federal whistleblower claims to the maximum extent permitted by law; and any claim or damage arising out of my employment with and/or separation from the Company (including a claim for retaliation) under any common law theory or any federal, state or local statute or ordinance not expressly referenced above; provided, however, that nothing in this Release Agreement (a) prevents me from filing a charge with, cooperating with, or participating in any investigation or proceeding before, the Equal Employment Opportunity Commission or a state fair employment practices agency (except that I acknowledge that I may not recover any monetary benefits in connection with any such charge, investigation, or proceeding, and I further waive any rights or claims to any payment, benefit, attorneys’ fees or other remedial relief in connection with any such charge, investigation or proceeding), or (b) releases claims to any payments to which I may be entitled under the Retention Agreement).

 

 

 

2.                  Continuing Obligations – I acknowledge and reaffirm my obligation to keep confidential and not to use or disclose any and all non-public information concerning the Company that I acquired during the course of my employment with the Company, including any non-public information concerning the Company’s business affairs, business prospects, and financial condition, except as otherwise permitted by paragraph 7 below. Further, I acknowledge that I remain subject to any and all continuing confidentiality, non-competition and other obligations that I have pursuant to any previous agreement(s) with the Company (“Restrictive Covenant Obligations”), including, but not limited to, my obligations under Sections 5 and 6 of the Employment Agreement and any agreements referenced therein, which remain in full force and effect. For the avoidance of doubt, I further acknowledge that all of my Restrictive Covenant Obligations continue to apply during and after my engagement as a consultant to the Company pursuant to the Consulting Agreement attached as Exhibit C to the Retention Agreement.

 

3.                  Non-Disparagement – I understand and agree that, to the extent permitted by law and except as otherwise permitted by paragraph 7 below, I will not, in public or private, make any false, disparaging, derogatory or defamatory statements, online (including, without limitation, on any social media, networking, or employer review site) or otherwise, to any person or entity, including, but not limited to, any media outlet, industry group, financial institution or current or former employee, board member, consultant, client or customer of the Company, regarding the Company or any of the other Released Parties, or regarding the Company’s business affairs, business prospects, or financial condition.

 

4.                  Cooperation – I agree that, to the extent permitted by law, I shall cooperate fully with the Company in the investigation, defense or prosecution of any claims or actions which already have been brought, are currently pending, or which may be brought in the future against the Company by a third party or by or on behalf of the Company against any third party, whether before a state or federal court, any state or federal government agency, or a mediator or arbitrator. My full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with the Company’s counsel, at reasonable times and locations designated by the Company, to investigate or prepare the Company’s claims or defenses, to prepare for trial or discovery or an administrative hearing, mediation, arbitration or other proceeding and to act as a witness when requested by the Company. I further agree that, to the extent permitted by law, I will notify the Company promptly in the event that I am served with a subpoena (other than a subpoena issued by a government agency), or in the event that I am asked to provide a third party (other than a government agency) with information concerning any actual or potential complaint or claim against the Company.

 

 - 2 - 

 

5.                  Return of Company Property and Information – I agree that on the last day of my employment with the Company, or earlier upon request by the Company, I will return to the Company all keys, files, records (and copies thereof), equipment (including, but not limited to, computer hardware, software and printers, flash drives and storage devices, wireless handheld devices, cellular phones, tablets, etc.), Company identification, and any other Company-owned property and information in my possession or control and that I will leave intact all electronic Company documents and information, including but not limited to those documents and that information that I developed or helped to develop during my employment, and I will not retain any copies. I further confirm that I will, on the last day of my employment with the Company, or earlier upon request by the Company, cancel all accounts for my benefit, if any, in the Company’s name, including but not limited to, credit cards, telephone charge cards, cellular phone accounts, and computer accounts. Notwithstanding the foregoing, I understand that to the extent I am retained as a consultant to the Company after termination of my employment, and to the extent required in connection with the consulting services requested of me, I may retain property and information of the Company and accounts in the Company’s name for the duration of the Consultation Period or until such earlier time as the Company may request, and return such property and information, and cancel such accounts, at the end of such period or upon such request, whichever is sooner.

 

6.                  Confidentiality – I understand and agree that, to the extent permitted by law and except as otherwise permitted by paragraph 7 below, the terms and contents of this Release Agreement and the Retention Agreement, and the contents of the negotiations and discussions resulting in this Release Agreement and the Retention Agreement, shall be maintained as confidential by me and my agents and representatives and shall not be disclosed except as otherwise agreed to in writing by the Company.

 

7.                  Scope of Disclosure Restrictions – I understand that nothing in this Release Agreement or elsewhere prohibits me from communicating with government agencies about possible violations of federal, state, or local laws or otherwise providing information to government agencies, filing a complaint with government agencies, or participating in government agency investigations or proceedings. I understand that I am not required to notify the Company of any such communications; provided, however, that nothing herein authorizes the disclosure of information I obtained through a communication that was subject to the attorney-client privilege. Further, notwithstanding my confidentiality and nondisclosure obligations, I understand that I am hereby being advised as follows pursuant to the Defend Trade Secrets Act: “An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.”

 

 - 3 - 

 

8.                  Amendment and Waiver; Successors and Assigns – This Release Agreement may not be modified in any manner, except by an instrument in writing of concurrent or subsequent date signed by duly authorized representatives of the Company. This Release Agreement is binding upon me and my agents, assigns, heirs, executors, successors and administrators, and any party acting on my behalf or by or through myself or my rights, and shall inure to the benefit of the Company’s agents, assigns, successors and administrators. No delay or omission by the Company in exercising any right under this Release Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed as a bar to or waiver of any right on any other occasion.

 

9.                  Validity – Should any provision of this Release Agreement be declared or be determined by any court of competent jurisdiction to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term or provision shall be deemed not to be a part of this Release Agreement.

 

10.              Nature of Agreement I understand and agree that this Release Agreement does not constitute an admission of liability or wrongdoing on the part of the Company.

 

11.              Acknowledgments and Voluntary AssentI acknowledge that I have been given a reasonable amount of time to consider this Release Agreement. I affirm that no other promises or agreements of any kind have been made to or with me by any person or entity whatsoever to cause me to sign this Release Agreement, and that I fully understand the meaning and intent of this Release Agreement. I state and represent that I have had an opportunity to fully discuss and review the terms of this Release Agreement with an attorney. I further state and represent that I have carefully read this Release Agreement, understand the contents herein, freely and voluntarily assent to all of the terms and conditions hereof, and sign my name of my own free act.

 

12.              Applicable Law – This Release Agreement shall be interpreted and construed by the laws of the State of North Carolina, without regard to conflict of laws provisions. I hereby irrevocably submit to and acknowledge and recognize the jurisdiction of the courts of the State of North Carolina, or if appropriate, a federal court located in the State of North Carolina (which courts, for purposes of this Release Agreement, are the only courts of competent jurisdiction), over any suit, action or other proceeding arising out of, under or in connection with this Release Agreement or the subject matter hereof.

 

13.              Entire Agreement – This Release Agreement, together with the Retention Agreement and its other exhibits, contains and constitutes the entire understanding and agreement between the parties hereto with respect to the subject matter thereof and cancels any and all previous oral and written negotiations, agreements, and commitments in connection therewith.

 

 - 4 - 

 

14.              Tax Acknowledgement – In connection with the Initial Retention Amount and Temporary Revised Salary Amount and any Second Retention Amount I may receive, each as described in the Retention Agreement, I understand that the Company shall withhold and remit to the tax authorities the amounts required under applicable law, and that I shall be responsible for all applicable taxes with respect to such payments and benefits under applicable law. I further acknowledge that I am not relying upon the advice or representation of the Company with respect to the tax treatment of any payments or benefits described in the Retention Agreement.

 

I hereby agree to the terms and conditions set forth above.

 

 

 

/s/ Charles Nicolette   July 20, 2018
Charles Nicolette   Date

 

 

To be returned in a timely manner as set forth in the Retention Agreement.

 

 

 

EX-10.7 8 exh_107.htm EXHIBIT 10.7

Exhibit 10.7

 

ARGOS THERAPEUTICS, INC.

 

CONSULTING AGREEMENT

 

This Consulting Agreement (this “Agreement”) is entered into as of August 29, 2018 (the “Effective Date”) by and between Argos Therapeutics, Inc. (the “Company”), and Jeffrey Abbey (the “Consultant”).

 

WHEREAS, the Consultant has certain knowledge and expertise regarding the Company as a result of having served as its President and Chief Executive Officer; and

 

WHEREAS, the Company desires to have the benefit of the Consultant’s knowledge and experience, and the Consultant desires to provide strategic advisory and consulting services to the Company in connection with the wind-down of its regular business operations, all as hereinafter provided in this Agreement.

 

NOW, THEREFORE, in consideration of the promises and mutual agreements hereinafter set forth, the sufficiency of which are hereby acknowledged, the Company and the Consultant hereby agree as follows:

 

1.                  Services.

 

a.                   Services; Performance. Upon the Company’s request, the Consultant shall render to the Company the strategic advisory and consulting services described in Attachment A to this Agreement and any additional consulting services as mutually agreed to by the Consultant and the Company from time to time in writing (collectively, the “Services”). The Consultant shall perform, during such hours as may be reasonably required for satisfactory performance of the Services, such Services in a professional manner and consistent with the highest industry standards. The Consultant shall be available to spend thirty (30) hours during the first 30 days during which this Agreement is in effect in performing the Services, and fifteen (15) hours during the next 30 days during which this Agreement is in effect and each following month during the Consultation Period in performing the Services, but the Company may request that the Consultant spend fewer or more hours in any month during the Consultation Period (if fewer are requested, the Consultant shall not work more hours than requested; if more are requested, the Consultant may choose to work such additional hours or not). The Consultant shall comply with all rules, procedures and standards promulgated from time to time by the Company with respect to the Consultant’s access to and use of the Company’s property, information, equipment and facilities in the course of the Consultant’s provision of Services hereunder.

 

b.                  Non-Exclusive. The parties agree that, at all times during the term of this Agreement, (i) the Company shall be free to obtain consulting and advisory services from any third party, and (ii) the Consultant shall be free to provide consulting and advisory services to any third party, or to be employed by any third party, so long as the provision of such services by the Consultant does not conflict with (x) the Consultant’s provision of Services to the Company as described in Section 1(a), or (y) the Consultant’s continuing obligations to the Company as detailed in the Retention Agreement entered into by the Company and the Consultant to which this Consulting Agreement is attached as Exhibit C (the “Retention Agreement”).

 

2.                  Compensation and Reimbursement.

 

a.                   Consulting Fees. As partial consideration for the performance of Services by the Consultant hereunder, the Company previously paid to the Consultant certain retention amounts pursuant to the Retention Agreement (the “Retention Amounts”). In addition, during the Consultation Period (as defined below), the Company shall also pay to the Consultant an hourly consulting fee in the amount of $600 (the “Consulting Fees”), to be paid as set forth in Section 2(c).

 

 

b.                  Expense Reimbursement. The Company shall reimburse the Consultant for all reasonable out-of-pocket expenses incurred by the Consultant in connection with the performance of the Services under this Agreement, so long as, in the case of any single expenditure over $1,000, it is approved in writing in advance by the Company.

 

c.                   Itemized Statements. At the end of any month in which the Consultant performs Services and incurs expenses in accordance with Section 2(b), the Consultant shall submit to the Company an itemized statement of the Services performed, including the number of hours worked and the project to which the Services relate, and the expenses incurred, including appropriate and reasonable documentation. The Company shall pay the Consultant the amount set forth on such itemized statement within forty-five (45) days after receipt.

 

d.                  No Employee Benefits. The Consultant’s relationship with the Company will be that of an independent contractor, and the Consultant shall not, in connection with this relationship, be entitled to any benefits, coverages or privileges, including without limitation health insurance, social security, unemployment, workers compensation, pension payments, administrative support or office space on the Company’s premises, made available to employees of the Company.

 

3.                  Term and Termination.

 

a.                   Consultation Period. Subject to the terms and conditions hereinafter set forth, the term of this Agreement shall commence immediately following the termination of Consultant’s employment with the Company and shall continue for six (6) months thereafter unless earlier terminated in accordance with the provisions below (such period, the “Consultation Period”). The Consultation Period shall automatically terminate upon the death, physical incapacitation or mental incompetence of the Consultant. This Agreement may further be terminated prior to the six-month anniversary of the Effective Date in the following manner: (i) by the Company at any time upon written notice if the Consultant has materially breached this Agreement or the Retention Agreement, subject to the notice provision and cure period provided for in Section 3(b); (ii) by the Consultant at any time upon written notice if the Company has materially breached this Agreement or the Retention Agreement, subject to the notice provision and cure period provided for in Section 3(b); (iii) at any time upon the mutual written consent of the parties hereto; (iv) by the Company upon not less than ten (10) days’ notice to the Consultant; or (v) after sixty (60) days following the Effective Date, by the Consultant upon not less than ten (10) days’ notice to the Company.

 

b.                  Effects of Termination. In the event of any termination under this Section 3, the Consultant shall be entitled only to the Consulting Fees payable for the month in which termination occurs and expenses (including reimbursements) incurred in accordance with Section 2(a) and (b) prior to the effective date of such termination, and no further payments of any kind will be due under this Agreement. Such payment shall constitute full settlement of any and all claims of the Consultant of every description against the Company. In the event that either party materially breaches the Consulting Agreement, the non-breaching party shall provide written notice of same to the breaching party and provide the breaching party with a period of ten (10) business days to correct such deficiency. If the Consultant fails to correct such deficiency within this time period, the Consultant shall repay to the Company twenty-five percent (25%) of the Initial Retention Payment and the Second Retention Payment received under the Retention Agreement.

 

2

 

 

4.                  Independent Contractor. During the Consultation Period, the Consultant shall not be, and shall not be deemed to be, an employee of the Company. The Consultant’s status and relationship with the Company shall be that of an independent contractor and consultant. The Consultant is not authorized to assume or create any obligation or responsibility, express or implied, on behalf of, or in the name of, the Company or to bind the Company in any manner. Nothing herein shall create, expressly or by implication, a partnership, joint venture or other association between the parties. The Consultant shall be solely responsible for payment of all charges and taxes arising from the payments to be made to the Consultant under this Agreement and the Consultant agrees that the Company shall have no obligation or liability with respect to such charges and/or taxes.

 

5.                  Notice. Any notice required or desired to be given shall be governed solely by this paragraph. Notice shall be deemed given only upon (a) mailing of any letter or instrument by overnight delivery with a reputable carrier or by registered mail, return receipt requested, postage prepaid by the sender, or (b) personal delivery.

 

If to the Consultant:

Jeffrey Abbey

________________________

________________________

 

If to the Company:

Argos Therapeutics, Inc.

4233 Technology Drive

Durham, NC 27704

Attn: Chair of the Board

 

From time to time, either party may, by written notice to the other in accordance with this Section 5, designate another address that shall thereupon become the effective address of such party for the purpose of this Section 5.

 

6.                  Miscellaneous. This Agreement, together with the Retention Agreement and all exhibits and attachments hereto and thereto, constitutes the entire understanding of the parties hereto with respect to the matters contained herein and supersedes all proposals and agreements, written or oral, and all other communications between the parties relating to the subject matter of this Agreement. For the avoidance of doubt, nothing herein supersedes the Retention Agreement (including without limitation the ongoing force and effect of the Consultant’s continuing obligations). This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina without regard to its conflict of laws rules. The headings contained in this Agreement are for the convenience of the parties and are not to be construed as a substantive provision hereof. This Agreement may not be modified or amended except in writing signed or executed by the Consultant and the Company. In the event any provision of this Agreement is held to be unenforceable or invalid, such unenforceability or invalidity shall not affect any other provisions of this Agreement and such other provisions shall remain in full force and effect. If any provision of this Agreement is held to be excessively broad, it shall be reformed and construed by limiting and reducing it so as to be enforceable to the maximum extent permitted by law. This Agreement shall be binding upon, and inure to the benefit of, both parties hereto and their respective successors and assigns, including any corporation with or into which the Company may be merged or which may succeed to its assets or business; provided, however, that the responsibility for actual performance of the Services is the Consultant’s and may not be assigned or delegated by the Consultant to any other person or entity. This Agreement may be executed in counterparts and by facsimile, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

[Remainder of page intentionally left blank]

 

 

3

 

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the date first written above.

 

JEFFREY ABBEY

 

 

/s/ Jeffrey Abbey

 

 

 

Argos Therapeutics, Inc.

 

 

By: /s/ Hubert Birner
Name: Hubert Birner

Its: Chairman of the Board

 

 

 

 

 

 

 

 

 

 

[Signature Page to Consulting Agreement]

 

 

 

Attachment A

 

Description of Services

 

·The Consultant shall provide consulting and advisory services in connection with the Company’s wind-down, including in the following areas:

 

oAssisting with the termination of the Company’s contracts and other relationships with employees and former employees and with third parties

 

oAssisting with the winding up of the Company’s physical operations, including the disposition of its equipment and other personal property and the removal of the Company’s property from its leased premises

 

oAssisting with the preparation of such information, reports, and other documentation as may be necessary in connection with the Company’s wind-down and, to the extent the Company pursues a bankruptcy or similar filing, in connection with such filing

 

oAssisting with such tax, accounting, legal, and other aspects of the Company’s wind-down, including interfacing with professionals and other consultants retained by the Company

 

 

 

 

 

 

 

 

 

1

 

EX-10.8 9 exh_108.htm EXHIBIT 10.8

Exhibit 10.8

 

ARGOS THERAPEUTICS, INC.

 

CONSULTING AGREEMENT

 

This Consulting Agreement (this “Agreement”) is entered into as of August 29, 2018 (the “Effective Date”) by and between Argos Therapeutics, Inc. (the “Company”), and Richard Katz (the “Consultant”).

 

WHEREAS, the Consultant has certain knowledge and expertise regarding the Company as a result of having served as its Vice President and Chief Financial Officer; and

 

WHEREAS, the Company desires to have the benefit of the Consultant’s knowledge and experience, and the Consultant desires to provide strategic advisory and consulting services to the Company in connection with the wind-down of its regular business operations, all as hereinafter provided in this Agreement.

 

NOW, THEREFORE, in consideration of the promises and mutual agreements hereinafter set forth, the sufficiency of which are hereby acknowledged, the Company and the Consultant hereby agree as follows:

 

1.                  Services.

 

a.                   Services; Performance. Upon the Company’s request, the Consultant shall render to the Company the strategic advisory and consulting services described in Attachment A to this Agreement and any additional consulting services as mutually agreed to by the Consultant and the Company from time to time in writing (collectively, the “Services”). The Consultant shall perform, during such hours as may be reasonably required for satisfactory performance of the Services, such Services in a professional manner and consistent with the highest industry standards. The Consultant shall be available to spend thirty (30) hours during the first 30 days during which this Agreement is in effect in performing the Services, and fifteen (15) hours during the next 30 days during which this Agreement is in effect and each following month during the Consultation Period in performing the Services, but the Company may request that the Consultant spend fewer or more hours in any month during the Consultation Period (if fewer are requested, the Consultant shall not work more hours than requested; if more are requested, the Consultant may choose to work such additional hours or not). The Consultant shall comply with all rules, procedures and standards promulgated from time to time by the Company with respect to the Consultant’s access to and use of the Company’s property, information, equipment and facilities in the course of the Consultant’s provision of Services hereunder.

 

b.                  Non-Exclusive. The parties agree that, at all times during the term of this Agreement, (i) the Company shall be free to obtain consulting and advisory services from any third party, and (ii) the Consultant shall be free to provide consulting and advisory services to any third party, or to be employed by any third party, so long as the provision of such services by the Consultant does not conflict with (x) the Consultant’s provision of Services to the Company as described in Section 1(a), or (y) the Consultant’s continuing obligations to the Company as detailed in the Retention Agreement entered into by the Company and the Consultant to which this Consulting Agreement is attached as Exhibit C (the “Retention Agreement”).

 

2.                  Compensation and Reimbursement.

 

a.                   Consulting Fees. As partial consideration for the performance of Services by the Consultant hereunder, the Company previously paid to the Consultant certain retention amounts pursuant to the Retention Agreement (the “Retention Amounts”). In addition, during the Consultation Period (as defined below), the Company shall also pay to the Consultant an hourly consulting fee in the amount of $400 (the “Consulting Fees”), to be paid as set forth in Section 2(c).

 

 

 

 

b.                  Expense Reimbursement. The Company shall reimburse the Consultant for all reasonable out-of-pocket expenses incurred by the Consultant in connection with the performance of the Services under this Agreement, so long as, in the case of any single expenditure over $1,000, it is approved in writing in advance by the Company.

 

c.                   Itemized Statements. At the end of any month in which the Consultant performs Services and incurs expenses in accordance with Section 2(b), the Consultant shall submit to the Company an itemized statement of the Services performed, including the number of hours worked and the project to which the Services relate, and the expenses incurred, including appropriate and reasonable documentation. The Company shall pay the Consultant the amount set forth on such itemized statement within forty-five (45) days after receipt.

 

d.                  No Employee Benefits. The Consultant’s relationship with the Company will be that of an independent contractor, and the Consultant shall not, in connection with this relationship, be entitled to any benefits, coverages or privileges, including without limitation health insurance, social security, unemployment, workers compensation, pension payments, administrative support or office space on the Company’s premises, made available to employees of the Company.

 

3.                  Term and Termination.

 

a.                   Consultation Period. Subject to the terms and conditions hereinafter set forth, the term of this Agreement shall commence immediately following the termination of Consultant’s employment with the Company and shall continue for six (6) months thereafter unless earlier terminated in accordance with the provisions below (such period, the “Consultation Period”). The Consultation Period shall automatically terminate upon the death, physical incapacitation or mental incompetence of the Consultant. This Agreement may further be terminated prior to the six-month anniversary of the Effective Date in the following manner: (i) by the Company at any time upon written notice if the Consultant has materially breached this Agreement or the Retention Agreement, subject to the notice provision and cure period provided for in Section 3(b); (ii) by the Consultant at any time upon written notice if the Company has materially breached this Agreement or the Retention Agreement, subject to the notice provision and cure period provided for in Section 3(b); (iii) at any time upon the mutual written consent of the parties hereto; (iv) by the Company upon not less than ten (10) days’ notice to the Consultant; or (v) after sixty (60) days following the Effective Date, by the Consultant upon not less than ten (10) days’ notice to the Company.

 

b.                  Effects of Termination. In the event of any termination under this Section 3, the Consultant shall be entitled only to the Consulting Fees payable for the month in which termination occurs and expenses (including reimbursements) incurred in accordance with Section 2(a) and (b) prior to the effective date of such termination, and no further payments of any kind will be due under this Agreement. Such payment shall constitute full settlement of any and all claims of the Consultant of every description against the Company. In the event that either party materially breaches the Consulting Agreement, the non-breaching party shall provide written notice of same to the breaching party and provide the breaching party with a period of ten (10) business days to correct such deficiency. If the Consultant fails to correct such deficiency within this time period, the Consultant shall repay to the Company twenty-five percent (25%) of the Initial Retention Payment and the Second Retention Payment received under the Retention Agreement.

 

2

 

 

4.                  Independent Contractor. During the Consultation Period, the Consultant shall not be, and shall not be deemed to be, an employee of the Company. The Consultant’s status and relationship with the Company shall be that of an independent contractor and consultant. The Consultant is not authorized to assume or create any obligation or responsibility, express or implied, on behalf of, or in the name of, the Company or to bind the Company in any manner. Nothing herein shall create, expressly or by implication, a partnership, joint venture or other association between the parties. The Consultant shall be solely responsible for payment of all charges and taxes arising from the payments to be made to the Consultant under this Agreement and the Consultant agrees that the Company shall have no obligation or liability with respect to such charges and/or taxes.

 

5.                  Notice. Any notice required or desired to be given shall be governed solely by this paragraph. Notice shall be deemed given only upon (a) mailing of any letter or instrument by overnight delivery with a reputable carrier or by registered mail, return receipt requested, postage prepaid by the sender, or (b) personal delivery.

 

If to the Consultant:

Richard Katz

________________________

________________________

 

If to the Company:

Argos Therapeutics, Inc.

4233 Technology Drive

Durham, NC 27704

Attn: Chair of the Board

 

From time to time, either party may, by written notice to the other in accordance with this Section 5, designate another address that shall thereupon become the effective address of such party for the purpose of this Section 5.

 

6.                  Miscellaneous. This Agreement, together with the Retention Agreement and all exhibits and attachments hereto and thereto, constitutes the entire understanding of the parties hereto with respect to the matters contained herein and supersedes all proposals and agreements, written or oral, and all other communications between the parties relating to the subject matter of this Agreement. For the avoidance of doubt, nothing herein supersedes the Retention Agreement (including without limitation the ongoing force and effect of the Consultant’s continuing obligations). This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina without regard to its conflict of laws rules. The headings contained in this Agreement are for the convenience of the parties and are not to be construed as a substantive provision hereof. This Agreement may not be modified or amended except in writing signed or executed by the Consultant and the Company. In the event any provision of this Agreement is held to be unenforceable or invalid, such unenforceability or invalidity shall not affect any other provisions of this Agreement and such other provisions shall remain in full force and effect. If any provision of this Agreement is held to be excessively broad, it shall be reformed and construed by limiting and reducing it so as to be enforceable to the maximum extent permitted by law. This Agreement shall be binding upon, and inure to the benefit of, both parties hereto and their respective successors and assigns, including any corporation with or into which the Company may be merged or which may succeed to its assets or business; provided, however, that the responsibility for actual performance of the Services is the Consultant’s and may not be assigned or delegated by the Consultant to any other person or entity. This Agreement may be executed in counterparts and by facsimile, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

 

[Remainder of page intentionally left blank]

 

 

 

 

 

3

 

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the date first written above.

 

RICHARD KATZ

 

 

/s/ Richard Katz

 

 

 

Argos Therapeutics, Inc.

 

 

By: /s/ Jeff Abbey
Name: Jeff Abbey
__________________________________

 

   

 

 

 

 

 

 

 

 

[Signature Page to Consulting Agreement]

 

 

Attachment A

 

Description of Services

 

·The Consultant shall provide consulting and advisory services in connection with the Company’s wind-down, including in the following areas:

 

oAssisting with the termination of the Company’s contracts and other relationships with employees and former employees and with third parties

 

oAssisting with the winding up of the Company’s physical operations, including the disposition of its equipment and other personal property and the removal of the Company’s property from its leased premises

 

oAssisting with the preparation of such information, reports, and other documentation as may be necessary in connection with the Company’s wind-down and, to the extent the Company pursues a bankruptcy or similar filing, in connection with such filing

 

oAssisting with such tax, accounting, legal, and other aspects of the Company’s wind-down, including interfacing with professionals and other consultants retained by the Company

 

 

 

 

 

 

 

1

 

EX-10.9 10 exh_109.htm EXHIBIT 10.9

Exhibit 10.9

 

ARGOS THERAPEUTICS, INC.

 

CONSULTING AGREEMENT

 

This Consulting Agreement (this “Agreement”) is entered into as of August 29, 2018 (the “Effective Date”) by and between Argos Therapeutics, Inc. (the “Company”), and Charles Nicolette (the “Consultant”).

 

WHEREAS, the Consultant has certain knowledge and expertise regarding the Company as a result of having served as its Vice President of Research and Development and Chief Scientific Officer; and

 

WHEREAS, the Company desires to have the benefit of the Consultant’s knowledge and experience, and the Consultant desires to provide strategic advisory and consulting services to the Company in connection with the wind-down of its regular business operations, all as hereinafter provided in this Agreement.

 

NOW, THEREFORE, in consideration of the promises and mutual agreements hereinafter set forth, the sufficiency of which are hereby acknowledged, the Company and the Consultant hereby agree as follows:

 

1.                  Services.

 

a.                   Services; Performance. Upon the Company’s request, the Consultant shall render to the Company the strategic advisory and consulting services described in Attachment A to this Agreement and any additional consulting services as mutually agreed to by the Consultant and the Company from time to time in writing (collectively, the “Services”). The Consultant shall perform, during such hours as may be reasonably required for satisfactory performance of the Services, such Services in a professional manner and consistent with the highest industry standards. The Consultant shall be available to spend thirty (30) hours during the first 30 days during which this Agreement is in effect in performing the Services, and fifteen (15) hours during the next 30 days during which this Agreement is in effect and each following month during the Consultation Period in performing the Services, but the Company may request that the Consultant spend fewer or more hours in any month during the Consultation Period (if fewer are requested, the Consultant shall not work more hours than requested; if more are requested, the Consultant may choose to work such additional hours or not). The Consultant shall comply with all rules, procedures and standards promulgated from time to time by the Company with respect to the Consultant’s access to and use of the Company’s property, information, equipment and facilities in the course of the Consultant’s provision of Services hereunder.

 

b.                  Non-Exclusive. The parties agree that, at all times during the term of this Agreement, (i) the Company shall be free to obtain consulting and advisory services from any third party, and (ii) the Consultant shall be free to provide consulting and advisory services to any third party, or to be employed by any third party, so long as the provision of such services by the Consultant does not conflict with (x) the Consultant’s provision of Services to the Company as described in Section 1(a), or (y) the Consultant’s continuing obligations to the Company as detailed in the Retention Agreement entered into by the Company and the Consultant to which this Consulting Agreement is attached as Exhibit C (the “Retention Agreement”).

 

 

 

2.                  Compensation and Reimbursement.

 

a.                   Consulting Fees. As partial consideration for the performance of Services by the Consultant hereunder, the Company previously paid to the Consultant certain retention amounts pursuant to the Retention Agreement (the “Retention Amounts”). In addition, during the Consultation Period (as defined below), the Company shall also pay to the Consultant an hourly consulting fee in the amount of $475 (the “Consulting Fees”), to be paid as set forth in Section 2(c).

 

b.                  Expense Reimbursement. The Company shall reimburse the Consultant for all reasonable out-of-pocket expenses incurred by the Consultant in connection with the performance of the Services under this Agreement, so long as, in the case of any single expenditure over $1,000, it is approved in writing in advance by the Company.

 

c.                   Itemized Statements. At the end of any month in which the Consultant performs Services and incurs expenses in accordance with Section 2(b), the Consultant shall submit to the Company an itemized statement of the Services performed, including the number of hours worked and the project to which the Services relate, and the expenses incurred, including appropriate and reasonable documentation. The Company shall pay the Consultant the amount set forth on such itemized statement within forty-five (45) days after receipt.

 

d.                  No Employee Benefits. The Consultant’s relationship with the Company will be that of an independent contractor, and the Consultant shall not, in connection with this relationship, be entitled to any benefits, coverages or privileges, including without limitation health insurance, social security, unemployment, workers compensation, pension payments, administrative support or office space on the Company’s premises, made available to employees of the Company.

 

3.                  Term and Termination.

 

a.                   Consultation Period. Subject to the terms and conditions hereinafter set forth, the term of this Agreement shall commence immediately following the termination of Consultant’s employment with the Company and shall continue for six (6) months thereafter unless earlier terminated in accordance with the provisions below (such period, the “Consultation Period”). The Consultation Period shall automatically terminate upon the death, physical incapacitation or mental incompetence of the Consultant. This Agreement may further be terminated prior to the six-month anniversary of the Effective Date in the following manner: (i) by the Company at any time upon written notice if the Consultant has materially breached this Agreement or the Retention Agreement, subject to the notice provision and cure period provided for in Section 3(b); (ii) by the Consultant at any time upon written notice if the Company has materially breached this Agreement or the Retention Agreement, subject to the notice provision and cure period provided for in Section 3(b); (iii) at any time upon the mutual written consent of the parties hereto; (iv) by the Company upon not less than ten (10) days’ notice to the Consultant; or (v) after sixty (60) days following the Effective Date, by the Consultant upon not less than ten (10) days’ notice to the Company.

 

b.                  Effects of Termination. In the event of any termination under this Section 3, the Consultant shall be entitled only to the Consulting Fees payable for the month in which termination occurs and expenses (including reimbursements) incurred in accordance with Section 2(a) and (b) prior to the effective date of such termination, and no further payments of any kind will be due under this Agreement. Such payment shall constitute full settlement of any and all claims of the Consultant of every description against the Company. In the event that either party materially breaches the Consulting Agreement, the non-breaching party shall provide written notice of same to the breaching party and provide the breaching party with a period of ten (10) business days to correct such deficiency. If the Consultant fails to correct such deficiency within this time period, the Consultant shall repay to the Company twenty-five percent (25%) of the Initial Retention Payment and the Second Retention Payment received under the Retention Agreement.

 

2

 

 

4.                  Independent Contractor. During the Consultation Period, the Consultant shall not be, and shall not be deemed to be, an employee of the Company. The Consultant’s status and relationship with the Company shall be that of an independent contractor and consultant. The Consultant is not authorized to assume or create any obligation or responsibility, express or implied, on behalf of, or in the name of, the Company or to bind the Company in any manner. Nothing herein shall create, expressly or by implication, a partnership, joint venture or other association between the parties. The Consultant shall be solely responsible for payment of all charges and taxes arising from the payments to be made to the Consultant under this Agreement and the Consultant agrees that the Company shall have no obligation or liability with respect to such charges and/or taxes.

 

5.                  Notice. Any notice required or desired to be given shall be governed solely by this paragraph. Notice shall be deemed given only upon (a) mailing of any letter or instrument by overnight delivery with a reputable carrier or by registered mail, return receipt requested, postage prepaid by the sender, or (b) personal delivery.

 

If to the Consultant:

Charles Nicolette

________________________

________________________

 

If to the Company:

Argos Therapeutics, Inc.

4233 Technology Drive

Durham, NC 27704

Attn: Chair of the Board

 

From time to time, either party may, by written notice to the other in accordance with this Section 5, designate another address that shall thereupon become the effective address of such party for the purpose of this Section 5.

 

6.                  Miscellaneous. This Agreement, together with the Retention Agreement and all exhibits and attachments hereto and thereto, constitutes the entire understanding of the parties hereto with respect to the matters contained herein and supersedes all proposals and agreements, written or oral, and all other communications between the parties relating to the subject matter of this Agreement. For the avoidance of doubt, nothing herein supersedes the Retention Agreement (including without limitation the ongoing force and effect of the Consultant’s continuing obligations). This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina without regard to its conflict of laws rules. The headings contained in this Agreement are for the convenience of the parties and are not to be construed as a substantive provision hereof. This Agreement may not be modified or amended except in writing signed or executed by the Consultant and the Company. In the event any provision of this Agreement is held to be unenforceable or invalid, such unenforceability or invalidity shall not affect any other provisions of this Agreement and such other provisions shall remain in full force and effect. If any provision of this Agreement is held to be excessively broad, it shall be reformed and construed by limiting and reducing it so as to be enforceable to the maximum extent permitted by law. This Agreement shall be binding upon, and inure to the benefit of, both parties hereto and their respective successors and assigns, including any corporation with or into which the Company may be merged or which may succeed to its assets or business; provided, however, that the responsibility for actual performance of the Services is the Consultant’s and may not be assigned or delegated by the Consultant to any other person or entity. This Agreement may be executed in counterparts and by facsimile, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

 

[Remainder of page intentionally left blank]

 

 

3

 

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the date first written above.

 

CHARLES NICOLETTE

 

 

/s/ Charles Nicolette

 

 

 

Argos Therapeutics, Inc.

 

 

By: /s/ Jeff Abbey
Name: Jeff Abbey
________________________________

 

   

 

 

 

 

 

 

 

 

[Signature Page to Consulting Agreement]

 

 

Attachment A

 

Description of Services

 

·The Consultant shall provide consulting and advisory services in connection with the Company’s wind-down, including in the following areas:

 

oAssisting with the termination of the Company’s contracts and other relationships with employees and former employees and with third parties

 

oAssisting with the winding up of the Company’s physical operations, including the disposition of its equipment and other personal property and the removal of the Company’s property from its leased premises

 

oAssisting with the preparation of such information, reports, and other documentation as may be necessary in connection with the Company’s wind-down and, to the extent the Company pursues a bankruptcy or similar filing, in connection with such filing

 

oAssisting with such tax, accounting, legal, and other aspects of the Company’s wind-down, including interfacing with professionals and other consultants retained by the Company

 

 

 

 

 

 

 

1

 

EX-31.1 11 exh_311.htm EXHIBIT 31.1

Exhibit 31.1

 

CERTIFICATIONS

 

I, Jeffrey D. Abbey, certify that:

 

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

 

2. Based on my knowledge, this 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;

 

3. 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;

 

4. 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 Rule 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 this 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

 

5. 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.

 

     
  By: /s/ JEFFREY D. ABBEY
Date: November 19, 2018   Jeffrey D. Abbey
    President and Chief Executive Officer
    (Principal Executive Officer)

 

EX-31.2 12 exh_312.htm EXHIBIT 31.2

Exhibit 31.2

 

CERTIFICATIONS

 

I, Richard D. Katz, M.D., certify that:

 

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

 

2. Based on my knowledge, this 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;

 

3. 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;

 

4. 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 Rule 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 this 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

 

5. 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.

 

     
  By:  /s/ RICHARD D. KATZ, M.D.
Date: November 19, 2018   Richard D. Katz, M.D.
    Vice President and Chief Financial Officer
    (Principal Financial Officer)

 

EX-32.1 13 exh_321.htm EXHIBIT 32.1

Exhibit 32.1

 

CERTIFICATIONS PURSUANT TO 18 U.S.C. 1350

 

The undersigned, the Chief Executive Officer and the Vice President and Chief Financial Officer of Argos Therapeutics, Inc. (the “Company”), each hereby certifies that, to his knowledge on the date hereof:

 

(a) the Quarterly Report on Form 10-Q of the Company for the period ended September 30, 2018 filed on the date hereof with the Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(b) information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

  By: /s/ JEFFREY D. ABBEY
November 19, 2018   Jeffrey D. Abbey
    President and Chief Executive Officer

 

 

  By: /s/ RICHARD D. KATZ, M.D.
November 19, 2018   Richard D. Katz, M.D.
    Vice President and Chief Financial Officer

 

 

 

EX-101.INS 14 args-20180930.xml XBRL INSTANCE FILE 2803 2021-08-02 2021-09-29 2021-03-04 2021-06-29 2021-08-02 2022-03-06 P5Y P5Y P5Y 8500000 5000000 P10Y 3600000 30000000 45000000 0.03 0.399 250000 250000 1250000 60 0.005 200000 150000 150000 200000 125000 100000 100000 300000 200000 200000 150000 140000 120000 120000 0.03 0.02 0.01 600000 4000000 12500000 652 1015 1814 1507 428 999 0.49 4098037 4098037 4145112 4145112 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">As of December 31, 2017</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Amortized Cost<br /> Basis</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Gross<br /> Unrealized<br /> Holding<br /> Gains</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Gross<br /> Unrealized<br /> Holding<br /> Losses</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Aggregate<br /> Fair<br /> Value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left; padding-bottom: 1pt">Money-market funds</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,098,037</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,098,037</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,098,037</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,098,037</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">As of September 30, 2018</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Amortized Cost<br /> Basis</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Gross<br /> Unrealized<br /> Holding<br /> Gains</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Gross<br /> Unrealized<br /> Holding<br /> Losses</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Aggregate<br /> Fair<br /> Value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left; padding-bottom: 1pt">Money-market funds</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,145,112</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,145,112</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,145,112</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,145,112</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> 4098037 4098037 4145112 4145112 5400000 500000 360000 87100 100000 1600000 2 P10Y 2 850000 -700000 -1700000 0.147 1050000 1500000 200000 500000 500000 800000 1500000 1500000 1500000 0.25 1 14000 22300000 0.2 0.2 P15Y 0.04 134548 250000 250000 570746 0.04 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Significant Accounting Policies</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">There have been <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> material changes in our significant accounting policies as of and for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>as compared with the significant accounting policies described in our Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>except as described below under Revenue Recognition and Recently Adopted Accounting Standards.</div></div></div></div> 1500000 450000 50000000 39800000 38400000 1400000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.</div> Warrants</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2016, </div>the Company sold and certain investors purchased for a total purchase price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$19.9</div> million a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">182,621</div> shares of common stock and warrants to purchase a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">136,966</div> shares of common stock at a per share exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$107.00.</div> These warrants will terminate on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 14, 2021 </div>or such earlier date as specified in the warrants. Additionally, in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company sold and such investors purchased for a total purchase price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$29.8</div> million a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">273,933</div> shares of common stock and warrants to purchase a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">205,450</div> shares of common stock at a per share exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$107.00.</div> These warrants will terminate on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 29, 2021 </div>or such earlier date as specified in the warrants. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016, </div>warrants to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,803</div> shares of common stock were exercised for proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.3</div> million to the Company.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2016, </div>the Company sold and certain investors purchased for a total purchase price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$50.0</div> million a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">454,545</div> shares of common stock and warrants to purchase a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">340,909</div> shares of common stock at a per share exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$110.00</div> (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> &#x201c;August 2016 </div>Warrants&#x201d;). These warrants will terminate on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2, 2021 </div>or such earlier date as specified in the warrants.</div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 9.9pt">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">As discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div> regarding the Company&#x2019;s notes payable, in connection with the Loan Agreement in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2014, </div>the Company issued to the Lenders and their affiliates the Venture Loan Warrants.&nbsp;Upon the Company&#x2019;s satisfaction of the conditions precedent to the making of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> tranche loan, the Venture Loan Warrants became exercisable in full.&nbsp;The Venture Loan Warrants will terminate on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 29, 2021 </div>or such earlier date as specified in the Venture Loan Warrants.&nbsp;In addition, in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2017, </div>the Company issued to the Lenders <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> year warrants to purchase an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,000</div> shares of the Company&#x2019;s common stock at an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$26.00</div> per share in consideration of the Lenders accepting the early pay-off of the indebtedness under the Loan Agreement. These warrants were recorded at a fair value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$87,100</div></div> and included in additional paid-in capital as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">All outstanding warrants were issued with an original life of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> years. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>outstanding warrants to purchase a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">689,661</div></div> shares of the Company&#x2019;s common stock were as follows:</div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 9pt"></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt 0 0pt 9pt"></div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">Type of Warrant and <br /> Classification</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Date of Issuance</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Number&nbsp;of&nbsp;Shares</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Exercise&nbsp;Price</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Expiration <br /> Date(s)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%; font-size: 10pt; text-align: left">Common stock - Equity</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 17%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 10pt">9/29/14</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 17%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,139</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 17%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">181.20</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 19%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9/29/21</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Common stock - Equity</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 10pt">3/4/16</div></div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">134,163</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">107.00</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3/4/21</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Common stock - Equity</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 10pt">6/29/16</div></div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">205,450</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">107.00</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6/29/21</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Common stock - Liability</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 10pt">8/2/16</div></div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">340,909</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">110.00</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8/02/21</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Common stock - Equity</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 10pt">3/6/17</div></div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,000</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26.00</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3/06/22</div></td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 9pt">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The following warrants were issued in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2016 </div>and remained outstanding as&nbsp;of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>and include provisions that could require cash settlement. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2016 </div>Warrants were therefore recorded as liabilities of the Company at the estimated fair value as of the date of issuance. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2016 </div>Warrants are required to be recorded at fair value as of the end of each subsequent reporting period, with changes in fair value recorded as other income or expense in the Company&#x2019;s condensed consolidated statement of operations in each subsequent period:</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div> <table style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">August&nbsp;2016<br /> Warrants</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 86%; font-size: 10pt">Exercise price</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">110.00</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Expiration date</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right; white-space: nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 10pt">August&nbsp;2, 2021</div></div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Total shares issuable on exercise</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">340,909</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 9pt">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The fair value of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2016 </div>Warrants has been measured using the Black-Scholes valuation model.&nbsp;Inherent in the Black-Scholes valuation model are assumptions related to expected stock price volatility, expected life, risk-free interest rate and dividend yield. The risk-free interest rate is based on the U.S. Treasury <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div>-year maturity yield curve in effect on the date of valuation. The dividend yield percentage is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">zero</div> because the Company neither currently pays dividends nor intends to do so during the expected term of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2016 </div>Warrants. Expected stock price volatility is based on the weighted average of the Company&#x2019;s historical common stock volatility and the volatility of several peer public companies. The expected life of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2016 </div>Warrants is assumed to be equivalent to their remaining contractual term.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The assumptions used by the Company to determine the fair value of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2016 </div>Warrants are summarized in the following table as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017. </div>Due to the market value of the Company&#x2019;s common stock and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$110.00</div> exercise price of its warrants, the Company determined that its outstanding warrants had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> value as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">December 31, 2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">September 30, 2018</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt">Exercise price of warrants</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">110.00</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">110.00</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Closing underlying stock price on date of valuation</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.00</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Expected stock price volatility</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">112</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Expected life (in years)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.58</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Risk-free interest rate</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.04</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Expected dividend yield</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.0</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Valuation per common share underlying each warrant</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.49</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total liability for warrants on the consolidated balance sheet</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">167,636</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Decrease in fair value during the period</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,758,425</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">167,636</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2013,</div> the Company agreed to enter into a manufacturing rights agreement for the manufacturing of rocapuldencel-T in the European market with Pharmstandard, which also provided for the issuance of warrants to Pharmstandard to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,989</div> shares of the Company&#x2019;s common stock at an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$116.40</div> per share. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>the Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> entered into this manufacturing rights agreement or issued such warrants.</div></div> false --12-31 Q3 2018 2018-09-30 10-Q 0001105533 10586661 Yes true Non-accelerated Filer true 21 ARGOS THERAPEUTICS INC true args 970650 327001 31977 56751 1263867 2519088 9679565 9770037 -125864 -129045 363450204 373700536 100000 54508 72800 107455 63788 30064 17711 600000 3200000 620083 154895 1545588 663325 797752 406095 2285798 1307156 563745 3215848 1981580 560990 7047234 1970481 274192 194653 286962 220929 689661 689661 688470 689661 1448352 1448352 40000 20777764 10880900 9041698 17184421 4098037 4098037 4098037 4098037 4145112 4145112 4145112 4145112 600000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Basis of Presentation and Going Concern</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with U.S. generally accepted accounting principles (&#x201c;U.S. GAAP&#x201d;) and with the rules and regulations of the Securities and Exchange Commission (&#x201c;SEC&#x201d;) for interim financial information. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include all disclosures required by U.S. GAAP. Accordingly, the statements do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include all information and footnotes required by U.S. GAAP for annual consolidated financial statements. In the opinion of management, such interim financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of financial position, results of operations and cash flows for such periods. The results for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of the results that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be expected for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>or future operating periods. The information included in these interim financial statements should be read in conjunction with &#x201c;Management&#x2019;s Discussion and Analysis of Financial Condition and Results of Operations&#x201d; in this Quarterly Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q and the consolidated financial statements and footnotes thereto included in the Company&#x2019;s Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">The Company&#x2019;s consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company has evaluated principal conditions and events that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>raise substantial doubt about its ability to continue as a going concern within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year from the date that these financial statements are issued. The Company has incurred losses in each year since inception and as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>had an accumulated deficit of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$386.2</div> million. Also, as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>the Company&#x2019;s current assets totaled <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.0</div> million compared with current liabilities of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.4</div> million, and the Company had cash and cash equivalents of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.9</div> million. Based upon its current and projected cash flow, the Company concluded there is substantial doubt about its ability to continue as a going concern within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year from the date that these financial statements are issued. The financial statements for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>result from uncertainty related to the Company&#x2019;s ability to continue as a going concern.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 3, 2017, </div>the Company entered into a payoff letter with Horizon Technology Finance Corporation and Fortress Credit Co LLC (the &#x201c;Lenders&#x201d;) under a venture loan and security agreement (the &#x201c;Loan Agreement&#x201d;) pursuant to which the Company paid, on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 6, 2017, </div>a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23.1</div> million to the Lenders, representing the principal balance and accrued interest outstanding under the Loan Agreement in repayment of the Company&#x2019;s outstanding obligations under the Loan Agreement. In addition, the Company issued to the Lenders <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> year warrants to purchase an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,000</div> shares of common stock at an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$26.00</div> per share in consideration of the Lenders acceptance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23.1</div> million as payment in full. Upon the payment of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23.1</div> million and the issuance of the warrants pursuant to the payoff letter, all of the Company&#x2019;s outstanding indebtedness and obligations to the Lenders under the Loan Agreement were paid in full, and the Loan Agreement and the notes thereunder were terminated.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2017, </div>the Company announced that its board of directors approved a workforce action plan designed to streamline operations and reduce operating expenses. The Company recognized <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.2</div> million in severance costs, all of which was paid as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017. </div>The Company also recognized <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.2</div> million in stock-based compensation expense from the acceleration of vesting of stock options and restricted stock held by the terminated employees during the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2017, </div>the Company raised net proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.0</div> million through the issuance of a secured convertible note to Pharmstandard International S.A. (&#x201c;Pharmstandard&#x201d;), a collaborator and the Company&#x2019;s largest stockholder, in the aggregate principal amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.0</div> million.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2017, </div>the Company entered into an agreement with Medpace, Inc. (&#x201c;Medpace&#x201d;), regarding <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.5</div> million in deferred fees that the Company owed Medpace for contract research and development services. Under the agreement, the Company paid <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.85</div> million of the amount during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> of quarter <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and paid the balance in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2018.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2017, </div>the Company entered into a satisfaction and release agreement (the &#x201c;Satisfaction and Release Agreement&#x201d;) with Invetech Pty Ltd (&#x201c;Invetech&#x201d;). Under the Invetech Satisfaction and Release Agreement, the Company agreed to make, issue and deliver to Invetech (i) a cash payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.5</div> million, (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">57,142</div> shares of common stock and (iii) an unsecured convertible promissory note in the original principal amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.2</div> million, on account of and in full satisfaction and release of all of the Company&#x2019;s payment obligations to Invetech arising under the Company&#x2019;s development agreement with Invetech (the &#x201c;Invetech Development Agreement&#x201d;) prior to the date of the Invetech Satisfaction and Release Agreement, including the Company&#x2019;s obligation to pay Invetech up to a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8.3</div> million in deferred fees, bonus payments and accrued interest.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2017, </div>the Company entered into a satisfaction and release agreement (the &#x201c;Saint-Gobain Satisfaction and Release Agreement&#x201d;) with Saint-Gobain Performance Plastics Corporation (&#x201c;Saint-Gobain&#x201d;). Under the Saint-Gobain Satisfaction and Release Agreement, the Company agreed to make, issue and deliver to Saint-Gobain (i) a cash payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.5</div> million, (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,499</div> shares of common stock, (iii) an unsecured convertible promissory note in the original principal amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.4</div> million, and (iv) certain specified equipment originally provided to the Company by Saint-Gobain under the development agreement with Saint-Gobain, or the (&#x201c;Saint-Gobain Development Agreement&#x201d;), on account of and in full satisfaction and release of all of the Company&#x2019;s payment obligations to Saint-Gobain arising under the Saint-Gobain Development Agreement, prior to the date of the Saint-Gobain Satisfaction and Release Agreement, including the development fees and charges. In connection with entering into the Saint-Gobain Satisfaction and Release Agreement, the Company and Saint-Gobain entered into an amendment to the Saint-Gobain Development Agreement to extend the term to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">From <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2017 </div>through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Company raised proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15.5</div> million through the issuance of common stock in an at-the-market offering under its sales agreement with Cowen &amp; Company, LLC (&#x201c;Cowen&#x201d;). From <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 25, 2018, </div>an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.5</div> million of proceeds was raised. However, upon the delisting of its common stock from The Nasdaq Capital Market in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2018, </div>the Company ceased to sell any additional shares under the sales agreement.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 23, 2018, </div>the Company received a notification from The Nasdaq Stock Market LLC indicating that, because the Company had indicated that it would be unable to meet the stockholders&#x2019; equity requirement for continued listing as of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 24, 2018 </div>deadline that had been set by the Nasdaq Hearing Panel, the Nasdaq Hearing Panel had determined to delist the Company&#x2019;s common stock from The Nasdaq Capital Market and to suspend trading in its common stock effective at the open of business on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 25, 2018. </div>Following such delisting, the Company transferred its common stock to the OTCQB&reg; Venture Market.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>the Company had cash and cash equivalents of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.9</div> million. The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> currently have sufficient cash resources to pay all of its accrued obligations in full or to continue its business operations beyond the end of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In light of the termination of the development of rocapuldencel-T, cessation of the Company&#x2019;s research and development activities and the Company&#x2019;s cash resources, and based on a review of the status of its internal programs, resources and capabilities, the Company is pursuing a strategic alternative that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>involve an asset sale, dissolution, liquidation, wind-down or protection under the bankruptcy laws. There can be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> assurance that the Company will be able to enter into a strategic transaction on a timely basis, on terms that are favorable to the Company, or at all. If the Company decides to seek protection under the bankruptcy laws, and if the Company decides to wind down under the bankruptcy laws or otherwise, it is unclear to what extent the Company will be able to pay its obligations to creditors, and, whether and to what extent any resources will be available for distributions to the Company&#x2019;s stockholders. However, based on the Company&#x2019;s current resources, the Company believes that it is unlikely that any resources will be available for distributions to its stockholders and that a likely outcome of the Company&#x2019;s wind-down and potential bankruptcy proceeding will be the cancellation or extinguishment of all outstanding shares in the Company without any payment or other distribution on account of those shares.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The condensed consolidated financial statements include the accounts of the Company and DC Bio Corp., the Company&#x2019;s Canadian wholly-owned subsidiary, an unlimited liability corporation incorporated in the Province of Nova Scotia and Argos Therapeutics (Europe) S.&agrave;.r.l., the Company&#x2019;s wholly-owned subsidiary, a soci&eacute;t&eacute; anonyme &agrave; responsabilit&eacute; limit&eacute;e incorporated in Luxembourg. Significant intercompany transactions and accounts have been eliminated.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 18, 2018, </div>the Company effected a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-for-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twenty</div> reverse split of its common stock. All references to shares of common stock outstanding, average number of shares outstanding and per share amounts in these consolidated financial statements and notes to consolidated financial statements have been restated to reflect the reverse split on a retroactive basis.</div></div></div></div> 2470119 7940790 9372642 52973376 15188838 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Cash and Cash Equivalents</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company considers all highly liquid investments with an original maturity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months or less as of the date of purchase to be cash equivalents. Cash deposits are all in financial institutions in the United States of America, Canada and the European Union. The Company maintains cash in accounts which are in excess of federally insured limits. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14.7</div> million and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.7</div> million, respectively, in cash and cash equivalents was uninsured.</div></div></div></div> 10112642 53713376 53713376 15188838 10112642 7940790 -43600734 -7248048 14700000 7700000 26 110 26 181.20 107 107 110 26 110 116.40 110 181.20 107 107 110 26 5000 5000 4139 136966 205450 340909 5000 24989 340909 4139 134163 205450 340909 5000 317958 10899 0.001 0.001 200000000 200000000 5906620 10586661 5906620 10586661 5907 10587 -6060606 -4998302 -38675343 -13593812 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.</div> Contract with the NIH and NIAID</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2006, </div>the Company entered into a multi-year research contract with the NIH and NIAID to design, develop and clinically test an autologous HIV immunotherapy capable of eliciting therapeutic immune responses. The Company used funds from this contract to develop AGS-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">004.</div> Under this contract, as amended, the NIH and NIAID committed to fund up to a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$39.8</div> million, including reimbursement of direct expenses and allocated overhead and general and administrative expenses of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$38.4</div> million and payment of other specified amounts totaling up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.4</div> million upon the Company&#x2019;s achievement of specified development milestones. Since <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2010, </div>the Company has received reimbursement of its allocated overhead and general and administrative expenses at provisional indirect cost rates equal to negotiated provisional indirect cost rates agreed to with the NIH and NIAID in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2010. </div>These provisional indirect cost rates are subject to adjustment based on the Company&#x2019;s actual costs pursuant to the agreement with the NIH and NIAID. This commitment originally extended until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2013. </div>The Company agreed to an additional modification of the Company&#x2019;s contract with the NIH and NIAID under which the NIH and NIAID agreed to increase their funding commitment to the Company by an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.4</div> million in connection with the extension of the contract from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2013 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2015. </div>Additionally, a contract modification for a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.5</div> million increase was agreed to by the NIH on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 18, 2014 </div>to cover a portion of the manufacturing costs of the planned Phase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> clinical trial of AGS-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">004</div> for long-term viral control in pediatric patients. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 29, 2016, </div>a contract modification was agreed to that extended the NIH and NIAID&#x2019;s commitment under the contract to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 31, 2018. </div>The Company agreed to a statement of work under the contract, and was obligated to furnish all the services, qualified personnel, material, equipment, and facilities, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> otherwise provided by the U.S. government, needed to perform the statement of work. This contract expired as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 31, 2018.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The Company recognized revenue from reimbursements earned in connection with the contract as reimbursable costs were incurred and revenues from the achievement of milestones under the NIH and NIAID contract upon the accomplishment of any such milestone.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the Company recorded revenue under the NIH and NIAID agreement of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$17,792</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$69,754,</div> respectively. For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the Company recorded revenue under the NIH and NIAID agreement of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$145,949</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$126,819,</div> respectively. The Company has recorded total revenue of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$38.2</div> million through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>under this agreement. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>the Company recorded a receivable from the NIH and NIAID of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$31,977</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$56,751,</div> respectively. The concentration of credit risk is equal to the outstanding accounts receivable and such risk is subject to the credit worthiness of the NIH and NIAID. There have been <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> credit losses under this arrangement.</div></div> 6000000 50000 1200000 1200000 6900000 1000000 8153500 2121000 27500 82500 70000 1100000 6000000 1100000 5800000 5830583 5218776 2350000 1540000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.</div> Notes Payable and Gain on Early Extinguishment of Debt</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">Notes payable consist of the following as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018:</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">December 31,<br /> 2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">September 30,<br /> 2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Convertible note payable to Pharmstandard (related party), including accrued interest</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,302,959</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,744,420</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Convertible note payable to Invetech, including accrued interest</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,845,655</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">5,063,847</div></div> </td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Convertible note payable to Saint-Gobain, including accrued interest</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,334,929</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,694,929</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Note payable to Medinet, including accrued interest</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,958,824</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,983,494</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other notes payable</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,825</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total notes payable</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,456,192</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">18,486,690</div></div> </td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Less current portion of convertible note payable to Invetech, including accrued interest</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,300,000</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(900,000</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Less current portion of convertible note payable to Saint-Gobain, including accrued interest</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,050,000</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(640,000</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Less current portion of note payable to Medinet, including accrued interest</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,958,824</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,983,494</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less current portion of other notes payable</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13,825</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Long-term portion of notes payable and convertible notes payable</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,133,543</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">11,963,196</div></div> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Convertible Note Payable to Invetech.</div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 22, 2017, </div>the Company entered into the Satisfaction and Release Agreement with Invetech. Under the Satisfaction and Release Agreement, the Company agreed to make, issue and deliver to Invetech (i) a cash payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.5</div> million, (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">57,142</div> shares of the Company&#x2019;s common stock with a fair value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.2</div> million on the date of issuance and (iii) an unsecured convertible promissory note in the original principal amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.2</div> million on account of and in full satisfaction and release of all of the Company&#x2019;s payment obligations to Invetech arising under the Invetech Development Agreement prior to the date of the Satisfaction and Release Agreement, including the Company&#x2019;s obligation to pay Invetech up to a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8.3</div> million in deferred fees, bonus payments and accrued interest. As a result, the Company recognized a gain on the early extinguishment of debt of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.5</div> million in the Company&#x2019;s statement of operations during the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017. </div>Following is a summary of the terms of the convertible note payable to Invetech (the &#x201c;Invetech Note&#x201d;).</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The original principal amount of the Invetech Note is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.2</div> million. The maturity date for the payment of principal and interest under the Invetech Note is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2020. </div>The Invetech Note bears interest at a rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.0%</div> per annum, which interest will compound annually. The Invetech Note is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> secured by any assets of the Company.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The Company was required to make quarterly installment payments under the Invetech Note for the fiscal quarters ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>each in an aggregate amount of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.4</div> million, consisting of (i) cash in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.2</div> million and (ii) if certain specified conditions are met as of the corresponding payment date, up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.2</div> million of shares of the Company&#x2019;s common stock. For the fiscal quarters ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>the Company is required to make quarterly installment payments, each in an aggregate amount of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.3</div> million, consisting of (i) cash in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$150,000</div> and (ii) if certain specified conditions are met as of the corresponding payment date, up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$150,000</div> of shares of the Company&#x2019;s common stock. For the fiscal quarters ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2020, </div>the Company is required to make quarterly installment payments, each in an amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$150,000,</div> payable in cash. The Company made an installment payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.2</div> million in cash to Invetech in each of the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>and made an installment payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$150,000</div> in each of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018.&nbsp;</div>The payments in common stock were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> made in each of the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>because the specified conditions were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> met.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">The Invetech Note also provides that on the anniversary of the issue date for each of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> years following the issue date, the outstanding principal amount of the Invetech Note, if any, plus accrued and unpaid interest thereon shall automatically be deemed to be reduced by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$250,000,</div> if and only if the Company has paid all debt service payments due under the Invetech Note on or prior to the relevant anniversary date and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> event of default, fundamental transaction or change of control, each as defined in the Invetech Note, has occurred on or prior to such anniversary date. As a result, on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 21, 2018, </div>the anniversary of the issue date of the Invetech Note, the outstanding principal amount of the Invetech Note was automatically reduced by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$250,000.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">As detailed further below, Invetech <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>exercise its conversion rights upon: (i) maturity of the Invetech Note, (ii) certain change of control events, and (iii) certain events of default. In each case, the number of shares of common stock issuable upon such complete or partial conversion of the Invetech Note is determined by dividing the portion of the principal and accrued or unpaid interest to be converted by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10.00</div> per share (as adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction).</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">&#x2022; <div style="display: inline; font-style: italic;">Maturity of the Invetech Note</div>. Upon maturity of the Invetech Note or at any time within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75</div> days of such maturity, Invetech <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may, </div>at its option, elect to convert any amount of the outstanding principal and accrued interest into shares of the Company&#x2019;s common stock. The Company will be required to pay any amount <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> so converted in cash.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">&#x2022; <div style="display: inline; font-style: italic;">Change of Control</div>. Upon a change of control pursuant to which Invetech has a redemption right, Invetech <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may, </div>at its option, elect to convert any amount of the outstanding principal and accrued interest, less any remaining installment payments required to be made in cash, into shares of the Company&#x2019;s common stock. The Company will be required to pay any amount <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> so converted in cash.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">&#x2022; <div style="display: inline; font-style: italic;">Default</div>. Upon the occurrence of certain events of default, Invetech <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may, </div>at its option, elect to convert any amount of the outstanding principal and accrued interest into shares of the Company&#x2019;s common stock. The Company will be required to pay any amount <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> so converted in cash.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">Subject to the aforementioned conversion rights of Invetech, the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>prepay the Invetech Note in whole or in part at any time without penalty or premium.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Convertible Note Payable to Saint-Gobain.</div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 22, 2017, </div>the Company entered into the Saint-Gobain Satisfaction and Release Agreement with Saint-Gobain. Under the Saint Gobain Satisfaction and Release Agreement, the Company agreed to make, issue and deliver to Saint-Gobain (i) a cash payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.5</div> million, (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,499</div> shares of common stock, (iii) an unsecured convertible promissory note in the original principal amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.4</div> million, and (iv) certain specified equipment originally provided to the Company by Saint-Gobain under the Saint-Gobain Development Agreement, on account of and in full satisfaction and release of all of the Company&#x2019;s payment obligations to Saint-Gobain arising under the Saint-Gobain Development Agreement, prior to the date of the Saint-Gobain Satisfaction and Release Agreement, including the development fees and charges. In connection with entering into the Saint-Gobain Satisfaction and Release Agreement, the Company and Saint-Gobain entered into an amendment to the Saint-Gobain Development Agreement to extend the term to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019. </div>Following is a summary of the terms of the convertible note payable to Saint-Gobain (the &#x201c;Saint-Gobain Note&#x201d;).</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The original principal amount of the Saint-Gobain Note is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.4</div> million. The maturity date for the payment of principal and interest under the Note is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2020. </div>The Note bears interest at a rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.0%</div> per annum, which interest will compound quarterly. The Note is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> secured by any assets of the Company.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The Company was required to make quarterly installment payments for the fiscal quarters ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>each in an aggregate amount of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$340,000,</div> consisting of (i) cash in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$200,000</div> and (ii) if certain specified conditions are met as of the corresponding payment date, up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$140,000</div> of shares of the Company&#x2019;s common stock. For the fiscal quarters ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>the Company was required to make quarterly installment payments, each in an aggregate amount of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$245,000,</div> consisting of (i) cash in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$125,000</div> and (ii) if certain specified conditions are met as of the corresponding payment date, up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$120,000</div> of shares of the Company&#x2019;s common stock. For the fiscal quarters ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>the Company is required to make quarterly installment payments, each in an aggregate amount of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$220,000,</div> consisting of (i) cash in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$100,000</div> and (ii) if certain specified conditions are met as of the corresponding payment date, up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$120,000</div> of shares of the Company&#x2019;s common stock. For the fiscal quarter ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>if the conditions required for the issuance of common stock are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> met solely because the price of the common stock at the time is less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.06</div> per share (as adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction), then the Company will be required to pay in each such quarter cash equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> of the value of the common stock that would otherwise have been issued. For the fiscal quarters ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2020, </div>the Company is required to make quarterly installment payments, each in an amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$100,000,</div> payable in cash. The Company made an installment payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.3</div> million in cash to Saint-Gobain in each of the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>and made an installment payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.2</div> million in each of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018. </div>The payments in common stock were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> made in each of the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>because the specified conditions were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> met.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">As detailed further below, Saint-Gobain <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>exercise its conversion rights upon: (i) maturity of the Saint-Gobain Note, (ii) certain change of control events, and (iii) certain events of default. In each case, the number of shares of common stock issuable upon such complete or partial conversion of the Saint-Gobain Note is determined by dividing the portion of the principal and accrued or unpaid interest to be converted by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10.00</div> per share (as adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction).</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <table style="; border-collapse: collapse; font-size: 10pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 5%">&nbsp;</td> <td style="width: 2%">&#x2022;</td> <td style="width: 93%"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">Maturity of the Note</div>. Upon maturity of the Saint-Gobain Note or at any time during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75</div> day period prior to the maturity date of the note, Saint-Gobain <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may, </div>at its option, elect to convert any amount of the outstanding principal and accrued interest into shares of the Company&#x2019;s common stock. The Company will be required to pay any amount <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> so converted in cash.</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <table style="; border-collapse: collapse; font-size: 10pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 5%">&nbsp;</td> <td style="width: 2%">&#x2022;</td> <td style="width: 93%"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">Change of Control</div>. Upon a change of control pursuant to which Saint-Gobain has a redemption right, Saint-Gobain <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may, </div>at its option, elect to convert any amount of the outstanding principal and accrued interest, less any remaining installment payments required to be made in cash, into shares of the Company&#x2019;s common stock. The Company will be required to pay any amount <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> so converted in cash.&nbsp;</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <table style="; border-collapse: collapse; font-size: 10pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 5%">&nbsp;</td> <td style="width: 2%">&#x2022;</td> <td style="width: 93%"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">Default</div>. Upon the occurrence of certain events of default, Saint-Gobain <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may, </div>at its option, elect to convert any amount of the outstanding principal and accrued interest into shares of the Company&#x2019;s common stock. The Company will be required to pay any amount <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> so converted in cash.</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">Subject to the aforementioned conversion rights of Saint-Gobain, the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>prepay the Saint-Gobain Note in whole or in part at any time without penalty or premium.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Convertible Note Payable to Pharmstandard.</div>&nbsp;On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 15, 2017, </div>the Company entered into a note purchase agreement (the &#x201c;Note Purchase Agreement&#x201d;) with Pharmstandard, pursuant to which the Company agreed to issue and sell to Pharmstandard a secured convertible promissory note in the original principal amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.0</div> million (the &#x201c;Pharmstandard Note&#x201d;).</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The Company issued the Pharmstandard Note on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 21, 2017, </div>the closing date of the financing. Under the Pharmstandard Note, the maturity date for the payment of principal and interest is the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fifth</div> anniversary of the issue date. The Pharmstandard Note bears interest at a rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.5%</div> per annum, which interest compounds annually. The Pharmstandard Note is secured by a lien on and security interest in all of the Company&#x2019;s intellectual property. The Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>prepay the Pharmstandard Note in whole or in part at any time without penalty or premium. Upon the occurrence of certain events of default, Pharmstandard will have the option to require the Company to repay the unpaid principal amount of the Pharmstandard Note and any unpaid accrued interest.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In addition, at Pharmstandard&#x2019;s election, Pharmstandard <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>convert the entire principal and interest on the Pharmstandard Note into shares of the Company&#x2019;s common stock at a price per share equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10.00.</div> However, Pharmstandard will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be permitted to convert the entire Pharmstandard Note if such conversion would result in Pharmstandard and its affiliates holding shares that exceed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">39.9%</div> of the total number of outstanding shares of common stock of the Company or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">39.9%</div> of the combined voting power of all outstanding securities of the Company. To the extent that conversion of the entire Pharmstandard Note would cause Pharmstandard and its affiliates to exceed these thresholds, Pharmstandard <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>convert a portion of the Pharmstandard Note to the extent these thresholds are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> exceeded by such partial conversion.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">Pharmstandard is the Company&#x2019;s largest stockholder, and beneficially owned, in the aggregate, shares representing approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.70%</div> of the Company&#x2019;s outstanding common stock as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 17, 2018. </div>In addition, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> members of the Company&#x2019;s board of directors are closely associated with Pharmstandard.<div style="display: inline; font-style: italic;">&nbsp;</div>&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Venture Loan Facility and Gain on Early Extinguishment of Debt.</div>&nbsp;In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2014, </div>the Company entered into the Loan Agreement with the Lenders under which the Company could borrow up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25.0</div> million in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> tranches of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12.5</div> million each (the &#x201c;Loan Facility&#x201d;).</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The Company borrowed the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> tranche of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12.5</div> million upon the closing of the Loan Facility in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2014 </div>and borrowed the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> tranche of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12.5</div> million in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2015.&nbsp;</div>The per annum interest rate for each tranche was a floating rate equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.25%</div> plus the amount by which the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-month London Interbank Offered Rate (&#x201c;LIBOR&#x201d;) exceeds <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.50%</div> (effectively a floating rate equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.75%</div> plus the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-month LIBOR Rate).&nbsp;The total per annum interest rate was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to exceed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.75%.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The Company incurred <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.4</div> million in debt issuance costs in connection with the closing of the Loan Facility. Debt issuance costs were presented in the Company&#x2019;s consolidated balance sheet as a direct deduction from the associated liability and amortized to interest expense over the terms of the related debt. Debt issuance costs were eliminated on the Company&#x2019;s consolidated balance sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>as a result of the early extinguishment of debt under the payoff letter discussed below.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The Company made payments with respect to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> tranche of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12.5</div> million on an interest-only basis monthly through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2016, </div>and was obligated to make monthly payments of principal and accrued interest through the scheduled maturity date for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> tranche loan on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018. </div>In addition, a final payment for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> tranche loan equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.6</div> million was due on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>or such earlier date specified in the Loan Agreement.&nbsp;The Company was recognizing the final payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.6</div> million as accrued interest over the expected life of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> tranche loan. The Company agreed to repay the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> tranche loan of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12.5</div> million in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> monthly payments of interest only until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 7, 2017, </div>followed by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24</div> monthly payments of principal and accrued interest through the scheduled maturity date for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> tranche loan on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 7, 2019.&nbsp;</div>In addition, a final payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.6</div> million was due on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 7, 2019, </div>or such earlier date specified in the Loan Agreement.&nbsp;The Company was recognizing the final payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.6</div> million as accrued interest over the expected life of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> tranche loan. In addition, the Company agreed that if the Company repaid all or a portion of the loan prior to the applicable maturity date, it would pay the Lenders a prepayment penalty fee based on a percentage of the then outstanding principal balance, equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3%</div> if the prepayment occurs on or before <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24</div> months after the funding date, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2%</div> if the prepayment occurs more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24</div> months after, but on or before <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36</div> months after, the funding date thereof, or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1%</div> if the prepayment occurs more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36</div> months after the funding date thereof.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 3, 2017, </div>the Company entered into a payoff letter with the Lenders, pursuant to which the Company paid on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 6, 2017, </div>a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23.1</div> million to the Lenders, representing the principal balance and accrued interest outstanding under the Loan Agreement in repayment of the Company&#x2019;s outstanding obligations under the Loan Agreement. In addition, the Company issued to the Lenders <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> year warrants to purchase an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,000</div> shares of the Company&#x2019;s common stock at an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$26.00</div> per share in consideration of the Lenders accepting the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23.1</div> million. The Company recognized a gain on this early extinguishment of debt of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.2</div> million during the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>which is included in Other income (expense) on the statement of operations. The payoff of the debt was considered a troubled debt restructuring because of the doubt surrounding the Company&#x2019;s ability to continue as a going concern and the fact that the final payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.25</div> million and the pre-payment penalty of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.6</div> million were waived by the Lenders in exchange for the issuance of the warrants.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">Upon the payment of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23.1</div> million and the issuance of the warrants pursuant to the payoff letter, all outstanding indebtedness and obligations of the Company owing to the Lenders under the Loan Agreement were deemed paid in full, and the Loan Agreement and the notes thereunder were terminated.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In connection with the Loan Agreement, the Company issued to the Lenders and their affiliates warrants to purchase a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,139</div> shares of the Company&#x2019;s common stock at a per share exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$181.20</div> (the &#x201c;Venture Loan Warrants&#x201d;).&nbsp;Upon the Company&#x2019;s satisfaction of the conditions precedent to the making of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> tranche loan, the Venture Loan Warrants became exercisable in full.&nbsp;The Venture Loan Warrants will terminate on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 29, 2021 </div>or such earlier date as specified in the Venture Loan Warrants.&nbsp;As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 29, 2014, </div>the Company recorded a debt discount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.3</div> million equal&nbsp;to the value of these Venture Loan Warrants.&nbsp;This debt discount&nbsp;was offset against the long-term portion of the note payable balance and included in additional paid-in capital on the Company's consolidated balance sheet. Debt discount was amortized to interest expense over the terms of the related debt. Debt discount was eliminated on the Company&#x2019;s balance sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>as a result of the early extinguishment of debt discussed above.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Medinet Loan.</div>&nbsp;In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2013, </div>in connection with a license agreement currently with Medinet, as described in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,</div> the Company borrowed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.0</div> million pursuant to an unsecured promissory note that bears interest at a rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.0%</div> per annum. The principal and interest under the note are due and payable on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018. </div>Under the terms of the note and the license agreement, any milestone payments related to the developmental and regulatory milestones that become due will be applied <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> to the repayment of the loan. The Company has the right to prepay the loan at any time. If the Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> repaid the loan by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>then the Company has agreed to grant to Medinet a non-exclusive, royalty-bearing license to make and sell Arcelis products in Japan for the treatment of cancer. In such event, the amounts owing under the loan as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>constitute pre-paid royalties under the license or would be due and payable. Royalties under this license would be paid until the expiration of the licensed patent rights in Japan at a rate to be negotiated. If the Company and Medinet cannot agree on the royalty rate, they have agreed to submit the matter to arbitration. Because the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.0</div> million promissory note was issued at a below market interest rate, the Company allocated the proceeds of the loan between the license agreement and the debt at the time of issuance. Accordingly, as of the borrowing date, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2013, </div>the Company recorded <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.9</div> million to notes payable, based upon an effective interest rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.0%,</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.1</div> million as a deferred liability.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015, </div>the Company recorded a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.0</div> million milestone payment as deferred revenue under the Medinet license agreement and reduced the related note payable by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.8</div> million and the deferred liability by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.2</div> million. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>the Company recorded a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.0</div> million milestone payment as deferred revenue under the Medinet license agreement and reduced the related note payable by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.5</div> million and the deferred liability by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.5</div> million. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Company recorded an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.0</div> million milestone payment as deferred revenue under the Medinet license agreement and reduced the related note payable by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.5</div> million and the deferred liability by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.5</div> million.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">Under the agreement, the Company had the right to revoke both the manufacturing license and the sale license to be granted to Medinet or the sale license only. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 14, 2018, </div>the Company notified Medinet that it irrevocably agreed to have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> further right to exercise its right under the license agreement to revoke the manufacturing and the sale license, or the sale license only. As a result of the Company&#x2019;s decision to forego these revocation rights, during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>the Company recognized as revenue <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.8</div> million of milestone payments that had previously been received and recorded as deferred revenue.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>the amount of the note payable was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.0</div> million, including <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.9</div> million of accrued interest. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>the total deferred liability associated with the Medinet note was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.9</div> million and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.0,</div> respectively (see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div>).</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Other Notes.</div> During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2013, </div>the Company borrowed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$77,832</div> from a lending institution to finance the purchase of computer equipment, of which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13,825</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0</div> in principal was outstanding as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>respectively. Borrowings were collateralized by substantially all of the computer equipment financed under the agreement, bore interest at a rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.31%</div> per annum and were to be repaid in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60</div> equal monthly installments commencing on the date of borrowing.</div></div> 0.0925 0.0875 10 10 6000000 5200000 2400000 6000000 25000000 9000000 9000000 9000000 1900000 1800000 1900000 1900000 0.08 0.08 0.06 0.06 0.095 0.1075 0.03 0.0831 0.03 400000 300000 340000 245000 220000 600000 600000 P1Y180D P2Y 300000 400000 2100000 1000000 2000000 1000000 2100000 5400000 6900000 1000000 1000000 2000000 5800000 2000000 242471 714275 733172 1657719 167636 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.</div> Stock Incentive Plans</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> Stock Incentive Plan and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> Employee Stock Purchase Plan</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2014, </div>the Company&#x2019;s board of directors and stockholders approved, effective upon the closing of the Company&#x2019;s initial public offering, the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> Stock Incentive Plan (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x201c;2014</div> Plan&#x201d;). Under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> Plan, the Company is authorized to grant incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">570,746</div> shares of common stock plus an annual increase in the number of shares of our common stock available for issuance under the plan on the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> day of each fiscal year beginning with the fiscal year ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and continuing each fiscal year until, and including, the fiscal year ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2024,</div> equal to the lowest of&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">250,000</div> shares of common stock, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> percent (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4%</div>)&nbsp;of the outstanding shares of common stock on such date or an amount determined by our board of directors.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">At the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 28, 2017 </div>stockholders&#x2019; meeting, the stockholders approved an amendment to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> Plan to increase the number of shares of common stock authorized for issuance under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> Plan by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">300,000</div> and to increase the maximum number of shares that automatically <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be added to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> Plan on the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> day of each fiscal year until the fiscal year ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2024 </div>by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">134,548</div> shares, such that the total number of shares of common stock authorized for issuance under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> Plan is equal to the sum of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">570,746</div> shares, plus an annual increase to be added on the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> day of each fiscal year, beginning with the fiscal year ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and continuing each fiscal year until, and including, the fiscal year ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2024,</div> equal to the lowest of (i)&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">250,000</div> shares of Common Stock, (ii)&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> percent (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4%</div>)&nbsp;of the outstanding shares of Common Stock on such date or (iii)&nbsp;an amount determined by the Company&#x2019;s board of directors.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">Also in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2014, </div>the Company&#x2019;s board of directors and stockholders approved, effective upon the closing of the Company&#x2019;s initial public offering, a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> Employee Stock Purchase Plan (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x201c;2014</div> ESPP&#x201d;). Under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> ESPP, on the offering commencement date of each plan period (the &#x201c;Purchase Plan Period&#x201d;), the Company will grant to each eligible employee who is then a participant in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> ESPP an option to purchase shares of common stock. The employee <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>authorize up to a maximum of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> of his or her base pay to be deducted by the Company during each Purchase Plan Period. Each employee who continues to be a participant in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> ESPP on the last business day of the Purchase Plan Period is deemed to have exercised the option, to the extent of accumulated payroll deductions within the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> ESPP ownership limits.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">Under the terms of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> ESPP, the option exercise price shall be determined by the Company&#x2019;s board of directors for each Purchase Plan Period and the option exercise price will be at least <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85%</div> of the applicable closing price of the common stock. The option exercise price will be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85%</div> of the lower of the Company&#x2019;s closing stock price on the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> and last business day of each Purchase Plan Period. The Company&#x2019;s <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> Purchase Plan Period commenced on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2, 2014 </div>and ended on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 27, 2015. </div>For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> Purchase Plan Period, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">652</div> shares were purchased with employee withholdings at an option exercise price based upon <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85%</div> of the closing price on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 27, 2015 </div>of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$180.40,</div> resulting in the recognition of share-based compensation expense of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$54,508.</div> The Company&#x2019;s <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> Purchase Plan Period commenced on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2, 2015 </div>and ended on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 31, 2015. </div>For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> Purchase Plan Period, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,015</div> shares were purchased with employee withholdings at an option exercise price based upon <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85%</div> of the closing price on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 31, 2015 </div>of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$124.20,</div> resulting in the recognition of share-based compensation expense of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$72,800.</div> The Company&#x2019;s <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> Purchase Plan Period commenced on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 1, 2015 </div>and ended on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div> For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> Purchase Plan Period, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,814</div> shares were purchased with employee withholdings at an option exercise price based upon <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85%</div> of the closing price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$88.80</div> on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> resulting in the recognition of share-based compensation expense of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$107,455.</div> The Company&#x2019;s <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fourth</div> Purchase Plan Period commenced on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 1, 2016 </div>and ended on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 31, 2016. </div>For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fourth</div> Purchase Plan Period, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,507</div> shares were purchased with employee withholdings at an option exercise price based upon <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85%</div> of the closing price at the beginning of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fourth</div> Purchase Plan Period of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$98.20,</div> resulting in the recognition of share-based compensation expense of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$63,788.</div> The Company&#x2019;s <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fifth</div> Purchase Plan Period commenced on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 1, 2016 </div>and ended on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 28, 2017. </div>For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fifth</div> Purchase Plan Period, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">428</div> shares were purchased with employee withholdings at an option exercise price based upon <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85%</div> of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23.00</div> on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 28, 2017, </div>resulting in the recognition of share-based compensation expense of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$30,064.</div> The Company&#x2019;s <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">sixth</div> Purchase Plan Period commenced on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 1, 2017 </div>and ended on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 31, 2017. </div>For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">sixth</div> Purchase Plan Period, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">999</div> shares were purchased with employee withholdings at an option exercise price based upon <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85%</div> of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.00</div> on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 31, 2017, </div>resulting in the recognition of share-based compensation expense of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$17,711.</div> The Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> commence a new Purchase Plan Period after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 1, 2017.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">Upon the exercise of stock options, vesting of other awards and purchase of shares through the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> ESPP or under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> Plan, the Company issues new shares of common stock. All awards granted under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> Plan that are canceled prior to vesting or expire unexercised are returned to the approved pool of reserved shares under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> Plan and made available for future grants. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>there were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">317,958</div> shares of common stock remaining available for future issuance under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> Plan and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,899</div> shares of common stock remaining available for future issuance under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> ESPP.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The Company recorded the following share-based compensation expense:</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Three Months Ended September&nbsp;30,</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Nine Months Ended September&nbsp;30,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left">Research and development</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">620,083</div></div> </td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">154,895</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">1,545,588</div></div> </td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">663,325</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">General and administrative</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">797,752</div></div> </td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">406,095</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">2,285,798</div></div> </td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,307,156</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Restructuring costs</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">563,745</div></div> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">3,215,848</div></div> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Total stock-based compensation expense</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">1,981,580</div></div> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">560,990</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">7,047,234</div></div> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,970,481</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">Allocations to research and development and general and administrative expenses are based upon the department to which the associated employee reported. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> related tax benefits of the stock-based compensation expense have been recognized. Stock-based payments issued to non-employees are recorded at their fair values and are periodically revalued as the equity instruments vest and are recognized as expense over the related service period. As part of the restructuring costs discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,</div> the Company recognized <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.6</div> million and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.2</div> million in stock-based compensation expense from the acceleration of vesting of stock options and restricted stock during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>respectively, for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">61</div> employees that were terminated during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>the Company granted options to a new director to purchase a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,500</div> shares of the Company&#x2019;s common stock at an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.40</div> per share, which was the closing price of the Company&#x2019;s common stock on the grant date. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> options were granted during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018. </div>During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>the Company granted options to employees and to a new member of its board of directors to purchase a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">70,604</div> shares of the Company&#x2019;s common stock at exercise prices ranging from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.40</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$101.00</div> per share, which, in each instance was the closing price of the Company&#x2019;s common stock on the grant date. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> options were granted during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The following table summarizes the Company&#x2019;s stock option activity during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018:</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Number of <br /> Shares</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Weighted <br /> Average&nbsp;Exercise <br /> Price</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Weighted <br /> Average <br /> Contractual <br /> Term <br /> (in years)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; font-size: 10pt; font-weight: bold">Outstanding as of December&nbsp;31, 2017</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">269,514</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">111.91</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Granted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Exercised</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Cancelled</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(85,893</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">141.71</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt">Outstanding as of September&nbsp;30, 2018</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">183,621</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118.11</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.09</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Exercisable as of September&nbsp;30, 2018</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">133,661</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">119.22</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.56</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Vested and expected to vest as of September&nbsp;30, 2018</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">179,774</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118.17</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.54</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Valuation Assumptions for Stock Option Plans and Employee Stock Purchase Plan</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The employee stock-based compensation expense recognized was determined using the Black-Scholes option valuation model. Option valuation models require the input of subjective assumptions and these assumptions can vary over time. The weighted average assumptions used were as follows for the periods indicated:</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Stock Option Plan</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Employee Stock Purchase Plan</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Nine Months Ended September&nbsp;30,</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Nine Months Ended September&nbsp;30,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left">Risk-free interest rate</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.26</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.79</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Dividend yield</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Expected option term (in years)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.5</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Volatility</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">86</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">141</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div></div> -2.08 -0.47 -16.45 -1.41 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.</div> Net Loss Per Share</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">Basic and diluted net loss per share of common stock was determined by dividing net loss by the weighted average of shares of common stock outstanding during the period. The Company&#x2019;s potentially dilutive shares, which include options to purchase common stock and warrants, have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> been included in the computation of diluted net loss per share for all periods as the result would be antidilutive.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The following table presents the computation of basic and diluted net loss per share of common stock:</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Three Months Ended September&nbsp;30,</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Nine Months Ended September&nbsp;30,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left">Net loss</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,065,947</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">(5,000,647</div></div> </td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(38,684,637</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">(13,590,631</div></div> </td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Weighted average common shares outstanding, basic and diluted</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,911,800</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,586,661</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,351,839</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,607,577</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Net loss per share, basic and diluted</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2.08</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">(0.47</div></div> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(16.45</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">(1.41</div></div> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The following potentially dilutive securities have been excluded from the computation of diluted weighted average common shares outstanding, as they would be antidilutive:</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Three Months Ended September&nbsp;30,</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Nine Months Ended September&nbsp;30,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left">Stock options outstanding</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">274,192</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">194,653</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">286,962</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">220,929</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Warrants outstanding</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">689,661</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">689,661</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">688,470</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">689,661</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">&nbsp;Convertible notes outstanding</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,448,352</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,448,352</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div></div> 9164 -3134 0 23100000 8300000 -20681631 -167636 20758425 167636 -501870 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Quoted Prices<br /> in Active<br /> Markets for<br /> Identical&nbsp;Assets<br /> (Level 1)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Significant<br /> Other<br /> Observable<br /> Inputs<br /> (Level&nbsp;2)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Significant<br /> Unobservable<br /> Inputs<br /> (Level 3)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Balance as of<br /> December 31,<br /> 2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Assets</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 48%; font-size: 10pt; text-align: left">Money-market funds</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,098,037</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,098,037</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; text-indent: 10pt">Total assets at fair value</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,098,037</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,098,037</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold">Liabilities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Warrants</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">167,636</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">167,636</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; text-indent: 10pt">Total liabilities at fair value</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">167,636</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">167,636</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Quoted Prices<br /> in Active<br /> Markets for<br /> Identical&nbsp;Assets<br /> (Level 1)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Significant<br /> Other<br /> Observable<br /> Inputs<br /> (Level&nbsp;2)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Significant<br /> Unobservable<br /> Inputs<br /> (Level 3)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Balance as of<br /> September 30,<br /> 2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Assets</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 48%; font-size: 10pt; text-align: left; padding-bottom: 1pt">Money-market funds</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,145,112</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,145,112</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; text-indent: 10pt">Total assets at fair value</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,145,112</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,145,112</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold">Liabilities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Warrants</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; text-indent: 10pt">Total liabilities at fair value</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div> Fair Value of Financial Instruments</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The estimated fair values of all of the Company&#x2019;s financial instruments, excluding long-term debt, approximate their carrying amounts in the consolidated balance sheets as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>the Company held certain assets and liabilities that are required to be measured at fair value on a recurring basis. These assets include money market funds included in cash equivalents. Additionally, as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>the Company had outstanding warrants recorded as a liability and measured at fair value on a recurring basis. The valuation of these financial instruments uses a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-tiered approach, which requires that fair value measurements be classified and disclosed in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> tiers. These tiers are: Level&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> defined as quoted prices in active markets for identical assets or liabilities; Level&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,</div> defined as valuations based on observable inputs other than those included in Level&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> such as quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable input data; and Level&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,</div> defined as valuations based on unobservable inputs reflecting the Company&#x2019;s own assumptions, consistent with reasonably available assumptions made by other market participants.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The Company&#x2019;s Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> assets consist of money-market funds. The method used to estimate the fair value of the Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> assets is based on observable market data, as these money-market funds are publicly-traded. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> assets. As of each balance sheet date, observable market inputs <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>include trade information, broker or dealer quotes, bids, offers or a combination of these data sources.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The Company&#x2019;s warrant liability is classified as a Level&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> financial liability. The fair value of the warrant liability is measured using the Black-Scholes valuation model.&nbsp;Inherent in the Black-Scholes valuation model are assumptions related to expected stock price volatility, expected life, risk-free interest rate and dividend yield (see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div>). Due to the market value of the Company&#x2019;s common stock and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$110.00</div> exercise price of its warrants, the Company determined that its outstanding warrants had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> value as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0; background-color: white">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> there were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> transfers between Levels <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> assets or liabilities.</div> <div style=" font-size: 10pt; margin: 0pt 0; background-color: white">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt 0; background-color: white"></div> <div style=" font-size: 10pt; margin: 0pt 0">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>these financial instruments and respective fair values have been classified as follows:</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Quoted Prices<br /> in Active<br /> Markets for<br /> Identical&nbsp;Assets<br /> (Level 1)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Significant<br /> Other<br /> Observable<br /> Inputs<br /> (Level&nbsp;2)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Significant<br /> Unobservable<br /> Inputs<br /> (Level 3)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Balance as of<br /> December 31,<br /> 2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Assets</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 48%; font-size: 10pt; text-align: left">Money-market funds</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,098,037</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,098,037</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; text-indent: 10pt">Total assets at fair value</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,098,037</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,098,037</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold">Liabilities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Warrants</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">167,636</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">167,636</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; text-indent: 10pt">Total liabilities at fair value</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">167,636</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">167,636</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Quoted Prices<br /> in Active<br /> Markets for<br /> Identical&nbsp;Assets<br /> (Level 1)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Significant<br /> Other<br /> Observable<br /> Inputs<br /> (Level&nbsp;2)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Significant<br /> Unobservable<br /> Inputs<br /> (Level 3)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Balance as of<br /> September 30,<br /> 2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Assets</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 48%; font-size: 10pt; text-align: left; padding-bottom: 1pt">Money-market funds</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,145,112</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,145,112</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; text-indent: 10pt">Total assets at fair value</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,145,112</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,145,112</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold">Liabilities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Warrants</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; text-indent: 10pt">Total liabilities at fair value</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">Changes in the fair value of the Company&#x2019;s Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> liability for warrants during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> were as follows:</div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 9pt">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; font-size: 10pt">Balance as of December 31, 2017</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">167,636</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Change in fair value during the period</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(167,636</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Balance as of September 30, 2018</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and estimated fair value of money-market funds included in cash and cash equivalents as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>were as follows:</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">As of December 31, 2017</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Amortized Cost<br /> Basis</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Gross<br /> Unrealized<br /> Holding<br /> Gains</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Gross<br /> Unrealized<br /> Holding<br /> Losses</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Aggregate<br /> Fair<br /> Value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left; padding-bottom: 1pt">Money-market funds</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,098,037</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,098,037</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,098,037</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,098,037</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt 0"></div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">As of September 30, 2018</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Amortized Cost<br /> Basis</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Gross<br /> Unrealized<br /> Holding<br /> Gains</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Gross<br /> Unrealized<br /> Holding<br /> Losses</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Aggregate<br /> Fair<br /> Value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left; padding-bottom: 1pt">Money-market funds</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,145,112</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,145,112</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,145,112</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,145,112</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">The fair value of the Company&#x2019;s debt was derived by evaluating the nature and terms of each note, considering the prevailing economic and market conditions as of each balance sheet date and based on the Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> valuation hierarchy of the fair value measurements standard using a present value methodology. The fair value of the Company&#x2019;s debt as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>was approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$19.1</div> million compared with its carrying value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$19.5</div> million (see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div>). The fair value of the Company&#x2019;s debt as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>was approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$18.1</div> million compared with its carrying value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$18.5</div> million (see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div>).</div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">December 31, 2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">September 30, 2018</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt">Exercise price of warrants</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">110.00</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">110.00</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Closing underlying stock price on date of valuation</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.00</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Expected stock price volatility</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">112</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Expected life (in years)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.58</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Risk-free interest rate</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.04</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Expected dividend yield</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.0</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Valuation per common share underlying each warrant</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.49</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total liability for warrants on the consolidated balance sheet</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">167,636</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Decrease in fair value during the period</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,758,425</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">167,636</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; font-size: 10pt">Balance as of December 31, 2017</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">167,636</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Change in fair value during the period</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(167,636</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Balance as of September 30, 2018</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> -167636 167636 22998 -66172 1500000 200000 1756359 281808 1506901 281808 2879011 3015182 9521769 8009830 0 27204349 900000 18300000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.</div> Income Taxes</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The Company has incurred net operating losses since inception and is forecasting additional losses through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018. </div>Therefore, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> U.S. Federal, state or foreign income taxes are expected for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> provision for such taxes has been recorded as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">Due to the Company&#x2019;s history of losses since inception, there is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> enough evidence at this time to support the conclusion that the Company will generate future income of a sufficient amount and nature to utilize the benefits of the Company&#x2019;s net deferred tax assets. Accordingly, as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>the Company provided a full valuation allowance against its net deferred tax assets since as of that time, the Company could <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> assert that it was more likely than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> that these deferred tax assets would be realized.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 22, 2017, </div>the U.S. government enacted the Tax Cuts and Jobs Act of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> (the &#x201c;Tax Act&#x201d;). ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740</div> &#x201c;Income Taxes&#x201d; generally requires the effects of the tax law change under the Tax Act to be recorded in the period of enactment. However, the SEC staff issued Staff Accounting Bulletin <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118</div> to address situations when a registrant does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. The Company has recognized the tax impacts in its consolidated financial statements for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>on a provisional basis. The ultimate impact <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>differ from these provisional amounts, possibly materially, due to among other things, additional analysis, changes in interpretations and assumptions the Company has made, and additional interpretive regulatory guidance that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be issued. The Company filed its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> U.S. corporate income tax return during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> which did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> result in any material adjustments to the provisional amount originally recorded. The Company is continuing to evaluate the impact of the recently enacted tax law on its business and consolidated financial statements. For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>the Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> made any measurement-period adjustments related to the provisional amounts recorded as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017.</div></div></div> 0 -2368676 -643649 -2751011 1255220 512336 466131 -82500 -6032500 -409680 402827 -294674 150103 67211 165699 1089971 466614 667553 578 11027 24173 50485 62143 P10Y 20777764 10880900 9369583 9557166 167636 167636 167636 167636 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div> Collaboration Agreements</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Pharmstandard License Agreement</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2013, </div>Pharmstandard purchased shares of the Company&#x2019;s series E preferred stock. Concurrent with such purchase, the Company entered into an exclusive royalty-bearing license agreement with Pharmstandard. Under this license agreement, the Company granted Pharmstandard and its affiliates a license, with the right to sublicense, develop, manufacture and commercialize rocapuldencel-T and other products for the treatment of human diseases, which are developed by Pharmstandard using the Company&#x2019;s individualized immunotherapy platform, in the Russian Federation, Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Ukraine and Uzbekistan, which the Company refers to as the Pharmstandard Territory. The Company also provided Pharmstandard with a right of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> negotiation for development and commercialization rights in the Pharmstandard Territory to specified additional products the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>develop.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">Under the terms of the license agreement, Pharmstandard licensed the Company rights to clinical data generated by Pharmstandard under the agreement and granted the Company an option to obtain an exclusive license outside of the Pharmstandard Territory to develop and commercialize improvements to the Company&#x2019;s Arcelis technology generated by Pharmstandard under the agreement, a non-exclusive worldwide royalty-free license to Pharmstandard improvements to manufacture products using the Company&#x2019;s Arcelis technology and a license to specified follow-on licensed products generated by Pharmstandard outside of the Pharmstandard Territory, each on terms to be negotiated upon the Company&#x2019;s request for a license. In addition, Pharmstandard agreed to pay the Company pass-through royalties on net sales of all licensed products in the low single digits until it has generated a specified amount of aggregate net sales. Once the net sales threshold is achieved, Pharmstandard will pay the Company royalties on net sales of specified licensed products, including rocapuldencel-T, in the low double digits below <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20%.</div> These royalty obligations last until the later of the expiration of specified licensed patent rights in a country or the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twelfth</div> anniversary of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> commercial sale in such country on a country by country basis and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> further royalties on specified other licensed products. After the net sales threshold is achieved, Pharmstandard has the right to offset a portion of the royalties Pharmstandard pays to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> parties for licenses to necessary <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party intellectual property against the royalties that Pharmstandard pays to the Company.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">The agreement will terminate upon expiration of the royalty term, upon which all licenses will become fully paid-up perpetual exclusive licenses. Either party <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>terminate the agreement for the other party&#x2019;s uncured material breach or if specified conditions occur relating to the other party&#x2019;s insolvency or bankruptcy and the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>terminate the agreement if Pharmstandard challenges or assists a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party in challenging specified patent rights of the Company. If Pharmstandard terminates the agreement upon the Company&#x2019;s material breach or bankruptcy, Pharmstandard is entitled to terminate the Company&#x2019;s licenses to improvements generated by Pharmstandard, upon which the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>come to rely for the development and commercialization of rocapuldencel-T and other licensed products outside of the Pharmstandard Territory, and to retain its licenses from the Company and to pay the Company substantially reduced royalty payments following such termination.&nbsp;&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2013, </div>the Company entered into an agreement with Pharmstandard under which Pharmstandard purchased shares of the Company&#x2019;s series E preferred stock. Under this agreement, the Company agreed to enter into a manufacturing rights agreement for the European market with Pharmstandard, which also provided for the issuance of warrants to Pharmstandard to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,989</div> shares of the Company&#x2019;s common stock at an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$116.40</div> per share. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> entered into this manufacturing rights agreement or issued the warrants. All outstanding shares of the Company&#x2019;s preferred stock converted into shares of the Company&#x2019;s common stock upon the closing of its initial public offering in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2014.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Pharmstandard and Actigen Option Agreement</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 1, 2018, </div>the Company entered into an option agreement with Pharmstandard and Actigen to evaluate, with an option to license, certain patent rights and know-how related to a group of fully human <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">PD1</div> monoclonal antibodies and related technology held by Actigen. Actigen previously granted Pharmstandard an option to exclusively license these patent rights. Under the option agreement, Pharmstandard granted to the Company (i) an exclusive license for evaluation purposes only to make, have made, use and import the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">PD1</div> monoclonal antibodies covered by these patent rights (but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> offer to sell or sell products and processes covered by or incorporating the patent rights) for a period of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year from the date of the agreement and (ii) an option exercisable during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-year period to obtain an exclusive license (with the right to sublicense) under the patent rights to make, have made, use, offer for sale, sell and import (with a right to grant sublicenses) the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">PD1</div> monoclonal antibodies for all prophylactic, therapeutic and diagnostic uses and for all human diseases and conditions in the United States and Canada. The parties have agreed that, if the Company exercises the option during the option exercise period, the parties will negotiate in good faith a license agreement on the terms and conditions outlined in the option agreement, including payments by the Company to Pharmstandard of (i) an upfront license fee of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.6</div> million, payable upon execution of the license agreement in common stock of the Company, (ii) various development and regulatory milestone payments totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8.5</div> million, and (iii) upper single digit percentage royalties on net sales of any pharmaceutical product or therapeutic regimen incorporating the licensed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">PD1</div> monoclonal antibodies that will apply on a country-by-country basis until the later of the last to expire patent or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> years from the date of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> commercial sale, against which the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.0</div> million of the Company&#x2019;s development expenditures will be credited as prepaid royalties.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In consideration for the rights granted under the option agreement, the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">169,014</div> shares of its common stock to Pharmstandard, the value of which will be creditable against the upfront license fee payable under the option agreement if the Company enters into a license agreement. Unless earlier terminated by any party for uncured material breach or by the Company without cause upon <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">thirty</div> days prior written notice, the option agreement will terminate upon the later of the end of the option exercise period if the Company decides <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to exercise the option or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">sixty</div> days after the Company exercises the option.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Green Cross License Agreement</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2013, </div>the Company entered into an exclusive royalty-bearing license agreement with Green Cross Corp. ("Green Cross"). Under this agreement, the Company granted Green Cross a license to develop, manufacture and commercialize rocapuldencel-T for mRCC in South Korea. The Company also provided Green Cross with a right of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> negotiation for development and commercialization rights in South Korea to specified additional products the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>develop.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">Under the terms of the license, Green Cross has agreed to pay the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.5</div> million upon the initial submission of an application for regulatory approval of a licensed product in South Korea, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.5</div> million upon the initial regulatory approval of a licensed product in South Korea and royalties ranging from the mid-single digits to low double digits below <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20%</div> on net sales until the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fifteenth</div> anniversary of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> commercial sale in South Korea. In addition, Green Cross has granted the Company an exclusive royalty free license to develop and commercialize all Green Cross improvements to the Company&#x2019;s licensed intellectual property in the rest of the world, excluding South Korea, except that, as to such improvements for which Green Cross makes a significant financial investment and that generate significant commercial benefit in the rest of the world, the Company is required to negotiate in good faith a reasonable royalty that the Company will be obligated to pay to Green Cross for such license. Under the terms of the agreement, the Company is required to continue to develop and to use commercially reasonable efforts to obtain regulatory approval for rocapuldencel-T in the United States.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The agreement will terminate upon expiration of the royalty term, which is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> years from the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> commercial sale, upon which all licenses will become fully paid up perpetual non-exclusive licenses. Either party <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>terminate the agreement for the other party&#x2019;s uncured material breach or if specified conditions occur relating to the other party&#x2019;s insolvency or bankruptcy and the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>terminate the agreement if Green Cross challenges or assists a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party in challenging specified patent rights of the Company. If Green Cross terminates the agreement upon the Company&#x2019;s material breach or bankruptcy, Green Cross is entitled to terminate the Company&#x2019;s licenses to improvements and retain its licenses from the Company and to pay the Company substantially reduced milestone and royalty payments following such termination.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Medinet License Agreement</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2013, </div>the Company entered into a license agreement with Medinet Co., Ltd. This agreement was subsequently novated, amended and restated among the Company, Medinet Co., Ltd. and MEDcell Co., Ltd. in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2014. </div>Pursuant to the novation, Medinet Co., Ltd. assigned and transferred all of its rights and obligations under the original license agreement, including the rights to receive payments under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.0</div> million note in favor of Medinet Co., Ltd., to MEDcell Co., Ltd. without any substantive change in the underlying rights or obligations. Medinet Co., Ltd. and MEDcell Co., Ltd. together are referred to herein as &#x201c;Medinet.&#x201d; Under this agreement, the Company granted Medinet an exclusive, royalty-free license to manufacture in Japan rocapuldencel-T and other products using the Company&#x2019;s Arcelis technology solely for the purpose of the development and commercialization of rocapuldencel-T and these other products for the treatment of mRCC. The Company refers to this license as the manufacturing license.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In addition, under this agreement, the Company granted Medinet an option to acquire a nonexclusive, royalty-bearing license under the Company&#x2019;s Arcelis technology to sell in Japan rocapuldencel-T and other products for the treatment of mRCC. The Company refers to the option as the sale option and the license as the sale license. This option expired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2016. </div>As a result, Medinet <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>only manufacture rocapuldencel-T and these other products for the Company or its designee. The Company and Medinet have agreed to negotiate in good faith a supply agreement under which Medinet would supply the Company or its designee with rocapuldencel-T and these other products for development and sale for the treatment of mRCC in Japan. During the term of the manufacturing license, the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> manufacture rocapuldencel-T or these other products for the Company or any designee for development or sale for the treatment of mRCC in Japan.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In consideration for the manufacturing license, Medinet paid the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.0</div> million. Medinet also loaned the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.0</div> million in connection with the Company entering into the agreement. The Company agreed to use these funds in the development and manufacturing of rocapuldencel-T and the other products. Medinet also agreed to pay the Company milestone payments of up to a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.0</div> million upon the achievement of developmental and regulatory milestones and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.0</div> million upon the achievement of a sales milestone related to rocapuldencel-T and these products. Under the terms of the note and the manufacturing license agreement, any milestone payments related to the developmental and regulatory milestones that become due will be applied <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> to the repayment of the loan. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> milestone was achieved in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2015 </div>and resulted in a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.0</div> million payment. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> milestone was achieved in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016 </div>and resulted in a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.0</div> million payment. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> milestone was achieved in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2017 </div>and resulted in a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.0</div> million payment. Together, these milestone payments reduced the outstanding principal under the loan as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.0</div> million.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2013, </div>in connection with the manufacturing license agreement with Medinet, the Company borrowed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.0</div> million pursuant to an unsecured promissory note that bears interest at a rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.0%</div>&nbsp;per annum. The principal and interest under the note are due and payable on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> The Company has the right to prepay the loan at any time. If the Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> repaid the loan by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> then the Company has agreed to grant to Medinet a non-exclusive, royalty-bearing license to make and sell Arcelis products in Japan for the treatment of cancer. In such event, the amounts owing under the loan as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>constitute pre-paid royalties under the license or would be due and payable. Royalties under this license would be paid until the expiration of the licensed patent rights in Japan at a rate to be negotiated. If the Company and Medinet cannot agree on the royalty rate, the Company and Medinet have agreed to submit the matter to arbitration.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The Company recorded the initial <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.0</div> million payment from Medinet as a deferred liability. In addition, because the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.0</div> million promissory note was issued at a below market interest rate, the Company allocated the proceeds of the loan between the manufacturing license agreement and the debt at the time of issuance. Accordingly, as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2013, </div>the date of borrowing, the Company recorded <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.9</div> million to notes payable, based upon an effective interest rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.0%,</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.1</div> million as a deferred liability. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015, </div>the Company recorded a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.0</div> million milestone payment as deferred revenue under the license agreement and reduced the related note payable by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.8</div> million and the deferred liability by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.2</div> million.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>the Company recorded a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.0</div> million milestone payment as deferred revenue under this license agreement and reduced the related note payable by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.5</div> million and the deferred liability by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.5</div> million. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>the amount of the note payable was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.4</div> million, including <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.8</div> million accrued interest, and the total deferred liability associated with the Medinet note was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.4</div> million.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Company recorded an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.0</div> million milestone payment as deferred revenue under this license agreement and reduced the related note payable by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.5</div> million and the deferred liability by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.5</div> million. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the amount of the note payable was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.0</div> million, including <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.9</div> million of accrued interest, and the total deferred liability associated with the Medinet note was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.9</div> million of which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.0</div> million was deferred revenue.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 14, 2018, </div>the Company notified Medinet that the Company irrevocably agreed to have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> further right to exercise its right under the license agreement to revoke the manufacturing and sale license, or the sale license only. In all other respects, the Medinet license agreement remains in full force and effect. As a result of the revocation right <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> longer being of force and effect, the Company recognized <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.8</div> million of deferred milestone revenue as revenue under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div> during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>the amount of the note payable was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.0</div> million, including <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.9</div> million of accrued interest, and the total deferred liability associated with the Medinet note was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.0</div> million of which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$50,000</div> was deferred revenue. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>there are performance obligations related to the Medinet license agreement of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$50,000</div> that are unsatisfied. The Company expects that the remaining performance obligations related to the Medinet license agreement will be satisfied by the end of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and that upon such satisfaction, the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$50,000</div> of deferred revenue will be recognized as revenue.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The agreement will terminate upon expiration of the royalty term, upon which all licenses will become fully paid up, perpetual non-exclusive licenses. Either party <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>terminate the agreement for the other party&#x2019;s uncured material breach or if specified conditions occur relating to the other party&#x2019;s insolvency or bankruptcy, and the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>terminate the agreement if Medinet challenges or assists a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party in challenging specified patent rights of the Company. If Medinet terminates the agreement upon the Company&#x2019;s material breach or bankruptcy, Medinet is entitled to terminate the Company&#x2019;s licenses to improvements and retain its royalty-bearing licenses from the Company. </div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Lummy License Agreement</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 7, 2015, </div>the Company and Lummy HK, a wholly owned subsidiary of Chongqing Lummy Pharmaceutical Co. Ltd., entered into a license agreement (the &#x201c;License Agreement&#x201d;) whereby the Company granted to Lummy HK an exclusive license under the Arcelis technology, including patents, know-how and improvements to manufacture, develop and commercialize products for the treatment of cancer (&#x201c;Licensed Product&#x201d;) in China, Hong Kong, Taiwan and Macau (the &#x201c;Territory&#x201d;).&nbsp;Under the License Agreement, Lummy HK also has a right of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> negotiation with respect to a license under the Arcelis technology for the treatment of infectious diseases in the Territory. This agreement was subsequently amended in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2016, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2018.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">Under the terms of the License Agreement, the parties will share relevant data, and the Company will have a right to reference Lummy HK data for purposes of its development programs under the Arcelis technology. In addition, Lummy HK has granted to the Company an exclusive, royalty-free license under and to any and all Lummy HK improvements to the Arcelis technology conceived or reduced to practice by Lummy HK (&#x201c;Lummy HK Improvements&#x201d;) and Lummy HK data to develop and/or commercialize products (&#x201c;Arcelis-Based Products&#x201d;) outside the Territory, an exclusive, royalty-free license under and to any and all investigational new drug applications ("INDs") and other regulatory approvals and Lummy HK trademarks used for an Arcelis-Based Product to develop and/or commercialize an Arcelis-Based Product outside the Territory and a non-exclusive, worldwide, royalty-free license under any Lummy HK Improvements and Lummy HK data to manufacture Arcelis-Based Products anywhere in the world. Lummy HK has the right to reference the Company&#x2019;s data, INDs and other regulatory filings and submissions for the purpose of developing and obtaining regulatory approval of Licensed Products in the Territory.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">Pursuant to the License Agreement, Lummy HK will pay the Company royalties on net sales and an aggregate of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$22.3</div> million upon the achievement of manufacturing, regulatory and commercial milestones.&nbsp;The License Agreement will terminate upon expiration of the last to expire royalty term for all Arcelis-Based Products, with each royalty term being the longer of the expiration of the last valid patent claim covering the applicable Arcelis-Based Product and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> years from the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> commercial sale of such Arcelis-Based Product. Either party <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>terminate the License Agreement for the other party&#x2019;s uncured material breach or if specified conditions occur relating to the other party&#x2019;s insolvency or bankruptcy.&nbsp;The Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>terminate the License Agreement if Lummy HK challenges or assists a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party in challenging specified patent rights of the Company. If Lummy HK terminates the License Agreement upon the Company&#x2019;s material breach or bankruptcy, Lummy HK is entitled to terminate the licenses it granted to the Company and retain its licenses from the Company with respect to Arcelis-Based Products then in development or being commercialized, subject to Lummy HK&#x2019;s continued obligation to pay royalties and milestones with respect to such Arcelis-Based Products.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">Pursuant to the License Agreement, Lummy HK paid the Company a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.5</div> million milestone payment upon the achievement of a manufacturing milestone in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2017. </div>The milestone payment was made in consideration of the successful initiation of transfer of technology related to the manufacturing of rocapuldencel-T, to which Lummy HK has a license for commercialization in China and other Asian territories. The Company recorded this <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.5</div> million payment from Lummy HK as revenue.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2018, </div>the Company entered into a stock purchase agreement with Lummy HK under which the Company agreed to issue and sell&nbsp;to Lummy HK in a private financing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">375,000</div> shares of the Company&#x2019;s common stock for an aggregate purchase price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.5</div> million.&nbsp; In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2018, </div>the Company and Lummy HK amended the stock purchase agreement to reduce the aggregate price for the shares to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$450,000.</div> Concurrent with such amendment, the Company entered into a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> amendment to its license agreement with Lummy HK pursuant to which Lummy HK agreed to pay the Company a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.05</div> million milestone payment. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2018, </div>the Company received from Lummy HK <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$450,000</div> for the purchase of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">375,000</div> shares and a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.05</div> million milestone payment.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>there are performance obligations related to the Lummy HK License Agreement of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.2</div> million that are unsatisfied. The remaining <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.2</div> million in performance obligations were to be satisfied and recognized as revenue on a straight-line basis over the estimated remaining license period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 1, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2029. </div>As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>the Company had deferred revenue from the Lummy HK License Agreement of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.2</div> million and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.2</div> million, respectively.</div></div> 19456192 18486690 6302959 6744420 5845655 5063847 2334929 1694929 4958824 4983494 13825 1300000 900000 1050000 640000 4958824 4983494 13825 19100000 18100000 12133543 11963196 -9883493 6770709 -2213280 630204 -31513125 -14645827 -38684637 -13590631 -6065947 -5000647 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Recently Issued Accounting Pronouncements <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Not</div> Yet Adopted</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div>&nbsp;<div style="display: inline; font-style: italic;">Leases (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>)</div> ("ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02"</div>). The provisions of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> set out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). This new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months regardless of their classification. Leases with a term of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months or less will be accounted using guidance similar to existing guidance for operating leases. Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> supersedes the previous lease standard, Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div>&nbsp; <div style="display: inline; font-style: italic;">Leases</div>. This guidance will be effective for annual periods and interim periods within those annual periods beginning after&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018, </div>and will be effective for the Company on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019. </div>The Company is currently evaluating the impact that the implementation of this standard will have on the Company's consolidated financial statements.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 17, 2018, </div>the SEC adopted the final rule under SEC Release <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10532,</div> &#x201c;<div style="display: inline; font-style: italic;">Disclosure Update and Simplification</div>&#x201d; amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders' equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders' equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of comprehensive income is required to be filed. <div style="display: inline; font-size: 10pt">The new rule was published in the Federal Register on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 4, 2018 </div>which means the changes in the new rule are effective for SEC filings made on or after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 5, 2018.&nbsp;</div>The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> caveat to this effective date is for the addition to changes in shareholders&#x2019; equity information to Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q, where the SEC&nbsp;issued a Compliance &amp; Disclosure Interpretation indicating &#x201c;the staff would <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> object if the filer&#x2019;s <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> presentation of the changes in shareholders&#x2019; equity is included in its Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q for the quarter that begins after the effective date of the amendments.&#x201d; Accordingly, the changes in stockholders' equity is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> required to be presented until the Company&#x2019;s Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019.</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Recently Adopted Accounting Standards</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2014, </div>the FASB issued Accounting Standards Update (&#x201c;ASU&#x201d;) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div><div style="display: inline; font-style: italic;">, Revenue from Contracts with Customers (&#x201c;ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09&#x201d;</div>)</div> pertaining to revenue recognition. The primary objective of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> is for entities to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which an entity expects to be entitled to in exchange for those goods or services. This new standard also requires enhanced disclosures about revenue, provides guidance for transactions that were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> previously addressed comprehensively and improve guidance for multiple-element arrangements. Additionally, the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,</div> <div style="display: inline; font-style: italic;">Identifying Performance Obligations and Licensing,</div> which provided additional guidance and clarity on this topic. This new standard was effective for the Company in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.The</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> permitted transition methods under ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> are the full retrospective method, in which case the new standard would be applied to each prior period presented and the cumulative effect of applying the standard would be recognized as of the earliest period reported, or the modified retrospective method, in which case the cumulative effect of applying the new standard would be recognized as of the date of initial application. The Company elected the modified retrospective method and there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact upon the Company&#x2019;s consolidated financial statements upon adoption.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div>&nbsp;<div style="display: inline; font-style: italic;">Statement of Cash Flows (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">230</div>): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).</div> &nbsp;This ASU requires changes in the presentation of certain items in the statement of cash flows including but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> limited to debt prepayment or debt extinguishment costs; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies and distributions received from equity method investees.&nbsp;This guidance was effective for annual periods and interim periods within those annual periods beginning after&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017, </div>requires adoption on a retrospective basis and was effective for the Company on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018. </div>The Company adopted this standard and there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact to the Company&#x2019;s consolidated financial statements upon adoption.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,</div> <div style="display: inline; font-style: italic;">Restricted Cash</div> ("ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18"</div>). ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and restricted cash. Accordingly, restricted cash will be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> and the standard has been retrospectively applied to all periods presented. The following provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheet to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; font-size: 10pt; text-align: left">Cash and cash equivalents</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,372,642</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Restricted cash included in current assets</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,112,642</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The following provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheet to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016:</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; font-size: 10pt; text-align: left">Cash and cash equivalents</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">52,973,376</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Restricted cash included in current assets</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">53,713,376</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">There was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></div> restricted cash as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018.</div></div></div></div></div> 1988933 91872 21429945 -21199 6900000 5000000 13825 0 6900000 6400000 5000000 5000000 4972649 4983494 6302959 6744420 8108377 6339773 60343031 20803866 -8054880 -5092519 -60114582 -13569432 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div> Organization and Basis of Presentation</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">Argos Therapeutics, Inc. (the &#x201c;Company&#x201d;), was incorporated in the State of Delaware on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1997.</div> The Company is an immuno-oncology company that has been focused on the development and commercialization of individualized immunotherapies for the treatment of cancer and infectious diseases based on its proprietary precision immunotherapy technology platform called Arcelis.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2018 </div>the Company terminated its development program for rocapuldencel-T, its lead product candidate, which the Company had been developing for the treatment of metastatic renal cell carcinoma, or mRCC, and other cancers. Additionally, in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2018, </div>the Company ceased its support for the development of its other clinical product candidate, AGS-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">004,</div> which it was developing for the eradication of HIV. The Company has ceased its research and development activities and has significantly reduced its workforce. Based on a review of the status of its internal programs, resources and capabilities, the Company is pursuing a strategic alternative that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>involve an asset sale, dissolution, liquidation, wind-down or protection under bankruptcy laws. There can be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> assurance that the Company will be able to enter into a strategic transaction on a timely basis, on terms that are favorable to the Company, or at all. If the Company decides to seek protection under the bankruptcy laws, and if the Company decides to wind down under the bankruptcy laws or otherwise, it is unclear to what extent the Company will be able to pay its obligations to creditors, and, whether and to what extent any resources will be available for distributions to the Company&#x2019;s stockholders. However, based on the Company&#x2019;s current resources, the Company believes that it is unlikely that any resources will be available for distributions to its stockholders and that a likely outcome of the Company&#x2019;s wind-down and potential bankruptcy proceeding will be the cancellation or extinguishment of all outstanding shares in the Company without any payment or other distribution on account of those shares.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">Prior to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2018, </div>the Company had been conducting a pivotal Phase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> clinical trial of rocapuldencel-T in combination with sunitinib / standard of care for the treatment of newly diagnosed mRCC (&#x201c;the ADAPT trial&#x201d;). In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2017, </div>the independent data monitoring committee (&#x201c;IDMC&#x201d;), for the ADAPT trial recommended that the trial be discontinued for futility based on its planned interim data analysis. The IDMC concluded that the trial was unlikely to demonstrate a statistically significant improvement in overall survival in the combination treatment arm, utilizing the intent-to-treat population at the pre-specified number of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">290</div> events (deaths), the original primary endpoint of the study. Notwithstanding the IDMC&#x2019;s recommendation, the Company determined to continue to conduct the trial while it analyzed interim data from the trial. Following a meeting with the U.S. Food and Drug Administration (the &#x201c;FDA&#x201d;), the Company determined to continue the ADAPT trial until at least the pre-specified number of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">290</div> events occurred, and to submit to the FDA a protocol amendment to increase the pre-specified number of events for the primary analysis of overall survival in the trial beyond <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">290</div> events. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2018, </div>the Company submitted a protocol amendment to the FDA that included an amended primary endpoint analysis with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> co-primary endpoints. Subsequently in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2018, </div>the Company conducted another interim analysis of the data from the ADAPT trial, at which time <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51</div> new events (deaths) had occurred subsequent to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2017 </div>interim analysis. Based upon review of the interim data from this analysis, the Company determined that it was unlikely to achieve the endpoints if the trial were to be continued and decided to discontinue the ADAPT clinical trial.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The Company had also been developing AGS-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">004,</div> also an Arcelis-based product candidate, for the treatment of HIV. The Company has completed Phase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> and Phase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> trials funded by government grants and a Phase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2b</div> trial that was funded in full by the National Institutes of Health (&#x201c;NIH&#x201d;) and the National Institute of Allergy and Infectious Diseases (&#x201c;NIAID&#x201d;). More recently, the Company was supporting an investigator-initiated clinical trial of AGS-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">004</div> in adult HIV patients evaluating the use of AGS-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">004</div> in combination with vorinostat, a latency reversing drug, for HIV eradication. In connection with the cessation of its research and development activities, the Company recently ceased its support for the trial, and enrollment was suspended.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Basis of Presentation and Going Concern</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with U.S. generally accepted accounting principles (&#x201c;U.S. GAAP&#x201d;) and with the rules and regulations of the Securities and Exchange Commission (&#x201c;SEC&#x201d;) for interim financial information. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include all disclosures required by U.S. GAAP. Accordingly, the statements do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include all information and footnotes required by U.S. GAAP for annual consolidated financial statements. In the opinion of management, such interim financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of financial position, results of operations and cash flows for such periods. The results for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of the results that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be expected for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>or future operating periods. The information included in these interim financial statements should be read in conjunction with &#x201c;Management&#x2019;s Discussion and Analysis of Financial Condition and Results of Operations&#x201d; in this Quarterly Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q and the consolidated financial statements and footnotes thereto included in the Company&#x2019;s Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">The Company&#x2019;s consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company has evaluated principal conditions and events that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>raise substantial doubt about its ability to continue as a going concern within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year from the date that these financial statements are issued. The Company has incurred losses in each year since inception and as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>had an accumulated deficit of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$386.2</div> million. Also, as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>the Company&#x2019;s current assets totaled <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.0</div> million compared with current liabilities of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.4</div> million, and the Company had cash and cash equivalents of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.9</div> million. Based upon its current and projected cash flow, the Company concluded there is substantial doubt about its ability to continue as a going concern within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year from the date that these financial statements are issued. The financial statements for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>result from uncertainty related to the Company&#x2019;s ability to continue as a going concern.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 3, 2017, </div>the Company entered into a payoff letter with Horizon Technology Finance Corporation and Fortress Credit Co LLC (the &#x201c;Lenders&#x201d;) under a venture loan and security agreement (the &#x201c;Loan Agreement&#x201d;) pursuant to which the Company paid, on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 6, 2017, </div>a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23.1</div> million to the Lenders, representing the principal balance and accrued interest outstanding under the Loan Agreement in repayment of the Company&#x2019;s outstanding obligations under the Loan Agreement. In addition, the Company issued to the Lenders <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> year warrants to purchase an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,000</div> shares of common stock at an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$26.00</div> per share in consideration of the Lenders acceptance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23.1</div> million as payment in full. Upon the payment of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23.1</div> million and the issuance of the warrants pursuant to the payoff letter, all of the Company&#x2019;s outstanding indebtedness and obligations to the Lenders under the Loan Agreement were paid in full, and the Loan Agreement and the notes thereunder were terminated.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2017, </div>the Company announced that its board of directors approved a workforce action plan designed to streamline operations and reduce operating expenses. The Company recognized <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.2</div> million in severance costs, all of which was paid as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017. </div>The Company also recognized <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.2</div> million in stock-based compensation expense from the acceleration of vesting of stock options and restricted stock held by the terminated employees during the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2017, </div>the Company raised net proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.0</div> million through the issuance of a secured convertible note to Pharmstandard International S.A. (&#x201c;Pharmstandard&#x201d;), a collaborator and the Company&#x2019;s largest stockholder, in the aggregate principal amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.0</div> million.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2017, </div>the Company entered into an agreement with Medpace, Inc. (&#x201c;Medpace&#x201d;), regarding <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.5</div> million in deferred fees that the Company owed Medpace for contract research and development services. Under the agreement, the Company paid <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.85</div> million of the amount during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> of quarter <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and paid the balance in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2018.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2017, </div>the Company entered into a satisfaction and release agreement (the &#x201c;Satisfaction and Release Agreement&#x201d;) with Invetech Pty Ltd (&#x201c;Invetech&#x201d;). Under the Invetech Satisfaction and Release Agreement, the Company agreed to make, issue and deliver to Invetech (i) a cash payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.5</div> million, (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">57,142</div> shares of common stock and (iii) an unsecured convertible promissory note in the original principal amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.2</div> million, on account of and in full satisfaction and release of all of the Company&#x2019;s payment obligations to Invetech arising under the Company&#x2019;s development agreement with Invetech (the &#x201c;Invetech Development Agreement&#x201d;) prior to the date of the Invetech Satisfaction and Release Agreement, including the Company&#x2019;s obligation to pay Invetech up to a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8.3</div> million in deferred fees, bonus payments and accrued interest.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2017, </div>the Company entered into a satisfaction and release agreement (the &#x201c;Saint-Gobain Satisfaction and Release Agreement&#x201d;) with Saint-Gobain Performance Plastics Corporation (&#x201c;Saint-Gobain&#x201d;). Under the Saint-Gobain Satisfaction and Release Agreement, the Company agreed to make, issue and deliver to Saint-Gobain (i) a cash payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.5</div> million, (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,499</div> shares of common stock, (iii) an unsecured convertible promissory note in the original principal amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.4</div> million, and (iv) certain specified equipment originally provided to the Company by Saint-Gobain under the development agreement with Saint-Gobain, or the (&#x201c;Saint-Gobain Development Agreement&#x201d;), on account of and in full satisfaction and release of all of the Company&#x2019;s payment obligations to Saint-Gobain arising under the Saint-Gobain Development Agreement, prior to the date of the Saint-Gobain Satisfaction and Release Agreement, including the development fees and charges. In connection with entering into the Saint-Gobain Satisfaction and Release Agreement, the Company and Saint-Gobain entered into an amendment to the Saint-Gobain Development Agreement to extend the term to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">From <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2017 </div>through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Company raised proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15.5</div> million through the issuance of common stock in an at-the-market offering under its sales agreement with Cowen &amp; Company, LLC (&#x201c;Cowen&#x201d;). From <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 25, 2018, </div>an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.5</div> million of proceeds was raised. However, upon the delisting of its common stock from The Nasdaq Capital Market in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2018, </div>the Company ceased to sell any additional shares under the sales agreement.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 23, 2018, </div>the Company received a notification from The Nasdaq Stock Market LLC indicating that, because the Company had indicated that it would be unable to meet the stockholders&#x2019; equity requirement for continued listing as of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 24, 2018 </div>deadline that had been set by the Nasdaq Hearing Panel, the Nasdaq Hearing Panel had determined to delist the Company&#x2019;s common stock from The Nasdaq Capital Market and to suspend trading in its common stock effective at the open of business on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 25, 2018. </div>Following such delisting, the Company transferred its common stock to the OTCQB&reg; Venture Market.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>the Company had cash and cash equivalents of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.9</div> million. The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> currently have sufficient cash resources to pay all of its accrued obligations in full or to continue its business operations beyond the end of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In light of the termination of the development of rocapuldencel-T, cessation of the Company&#x2019;s research and development activities and the Company&#x2019;s cash resources, and based on a review of the status of its internal programs, resources and capabilities, the Company is pursuing a strategic alternative that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>involve an asset sale, dissolution, liquidation, wind-down or protection under the bankruptcy laws. There can be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> assurance that the Company will be able to enter into a strategic transaction on a timely basis, on terms that are favorable to the Company, or at all. If the Company decides to seek protection under the bankruptcy laws, and if the Company decides to wind down under the bankruptcy laws or otherwise, it is unclear to what extent the Company will be able to pay its obligations to creditors, and, whether and to what extent any resources will be available for distributions to the Company&#x2019;s stockholders. However, based on the Company&#x2019;s current resources, the Company believes that it is unlikely that any resources will be available for distributions to its stockholders and that a likely outcome of the Company&#x2019;s wind-down and potential bankruptcy proceeding will be the cancellation or extinguishment of all outstanding shares in the Company without any payment or other distribution on account of those shares.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The condensed consolidated financial statements include the accounts of the Company and DC Bio Corp., the Company&#x2019;s Canadian wholly-owned subsidiary, an unlimited liability corporation incorporated in the Province of Nova Scotia and Argos Therapeutics (Europe) S.&agrave;.r.l., the Company&#x2019;s wholly-owned subsidiary, a soci&eacute;t&eacute; anonyme &agrave; responsabilit&eacute; limit&eacute;e incorporated in Luxembourg. Significant intercompany transactions and accounts have been eliminated.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 18, 2018, </div>the Company effected a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-for-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twenty</div> reverse split of its common stock. All references to shares of common stock outstanding, average number of shares outstanding and per share amounts in these consolidated financial statements and notes to consolidated financial statements have been restated to reflect the reverse split on a retroactive basis.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of 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.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Significant Accounting Policies</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">There have been <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> material changes in our significant accounting policies as of and for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>as compared with the significant accounting policies described in our Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>except as described below under Revenue Recognition and Recently Adopted Accounting Standards.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Cash and Cash Equivalents</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company considers all highly liquid investments with an original maturity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months or less as of the date of purchase to be cash equivalents. Cash deposits are all in financial institutions in the United States of America, Canada and the European Union. The Company maintains cash in accounts which are in excess of federally insured limits. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14.7</div> million and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.7</div> million, respectively, in cash and cash equivalents was uninsured.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Revenue Recognition</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">An important part of the Company&#x2019;s business strategy has been to enter into arrangements with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> parties both to assist in the development and commercialization of its product candidates, particularly in international markets, and to in-license product candidates in order to expand its pipeline. The terms of the agreements typically include non-refundable license fees, funding of research and development, payments based upon achievement of clinical development and regulatory objectives, and royalties on product sales. The Company has adopted the provisions of the Financial Accounting Standards Board (&#x201c;FASB&#x201d;), Codification Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> Revenue from Contracts with Customers (&#x201c;Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606&#x201d;</div>). This guidance supersedes the provisions of FASB Codification Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">605,</div> Revenue Recognition (&#x201c;Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">605&#x201d;</div>).</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">Effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018, </div>the Company adopted ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> using the modified retrospective transition method. Under this method, results for reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>are presented under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> while prior period amounts are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> adjusted and continue to be reported in accordance with Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">605.</div> The Company applied the modified retrospective transition method to contracts that were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> completed as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018, </div>the effective date of adoption for ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606.</div> The contracts to which the Company is a party that were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> completed as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>are the multi-year research contract with the NIH and NIAID (see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>) and the collaboration agreements included in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div> The Company assessed the potential effects to the consolidated financial statements and retained earnings of adoption of the modified retrospective transition method and has concluded that, upon adoption of the new standard, there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact on the Company's consolidated financial statements and there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> difference in what would have been recognized under Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">605</div> or Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">License Fees and Multiple Element Arrangements.</div> If a license to the Company&#x2019;s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, up-front fees allocated to the license at such time as the license is transferred to the licensee and the licensee is able to use, and benefit from, the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress in each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.</div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">If the Company is involved in a steering committee as part of a multiple element arrangement, the Company assesses whether its involvement constitutes a performance obligation or a right to participate. Steering committee services that are determined to be performance obligations are combined with other research services or performance obligations required under an arrangement, if any, in determining the level of effort required in an arrangement and the period over which the Company expects to complete its aggregate performance obligations.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">If the Company cannot reasonably measure its progress toward complete satisfaction of a performance obligation because it lacks reliable information that would be required to apply an appropriate method of measuring progress, but the Company can reasonably estimate when the performance obligation ceases or the remaining obligations become inconsequential and perfunctory, then revenue is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recognized until the Company can reasonably estimate when the performance obligation ceases or becomes inconsequential. Revenue is then recognized over the remaining estimated period of performance.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">Significant management judgment is required in determining the level of effort required under an arrangement and the period over which the Company is expected to complete its performance obligations under an arrangement.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Development Milestone Payments</div>. At the inception of each arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> occur, the associated milestone value is included in the transaction price. Milestone payments that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> within the control of the Company or the licensee, such as regulatory approvals, are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Reimbursement of Costs.</div> Reimbursement of research and development costs by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party collaborators is recognized as revenue over time provided the Company has determined that it transfers control (i.e. performs the services) of a service over time and, therefore, satisfies a performance obligation according to the provisions outlined in the FASB Codification Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,</div> Revenue Recognition.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Royalty Revenue.</div> For arrangements that include sales-based royalties, including milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, the Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recognized any royalty revenue resulting from any of its collaboration agreements.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Deferred Revenue.</div> Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying condensed consolidated balance sheets. Short-term deferred revenue would consist of amounts that are expected to be recognized as revenue within the next fiscal year. Amounts that the Company expects will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recognized in the next fiscal year would be classified as long-term deferred revenue.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Summary.</div> During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>the Company recognized <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$26,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$146,000,</div> respectively, of contract revenue under the Company&#x2019;s contract with the NIH and NIAID and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$27,500</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$82,500,</div> respectively, of deferred revenue as revenue under the Company&#x2019;s license agreement with Lummy (Hong Kong) Co. Ltd. (&#x201c;Lummy HK&#x201d;). During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>the Company recognized <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$70,000</div> of contract revenue under the contract with the NIH and NIAID and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.1</div> million of deferred revenue as revenue under the Lummy HK license agreement. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>the Company recognized <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.0</div> million of deferred milestone revenue as revenue under the Company&#x2019;s license agreement with Medinet Co., Ltd and its wholly-owned subsidiary, MEDcell Co., Ltd. (together "Medinet"), <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.1</div> million of deferred revenue as revenue and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14,000</div></div> in reimbursement of costs under the Lummy HK license agreement, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$127,000</div> of contract revenue under its contract with the NIH and NIAID and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11,000</div> of grant revenue.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">For additional discussion of accounting for collaboration revenues, see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">With respect to each of the foregoing areas of revenue recognition, the Company exercises significant judgment in determining whether an arrangement contains multiple elements, and, if so, how much revenue is allocable to each element. In addition, the Company exercises its judgment in determining when its significant obligations have been met under such agreements and the specific time periods over which it recognized revenue, such as non-refundable, up-front license fees. To the extent that actual facts and circumstances differ from the Company&#x2019;s initial judgments, revenue recognition with respect to such transactions would change accordingly and any such change could affect the Company&#x2019;s reported financial results.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Recently Issued Accounting Pronouncements <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Not</div> Yet Adopted</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div>&nbsp;<div style="display: inline; font-style: italic;">Leases (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>)</div> ("ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02"</div>). The provisions of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> set out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). This new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months regardless of their classification. Leases with a term of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months or less will be accounted using guidance similar to existing guidance for operating leases. Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> supersedes the previous lease standard, Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div>&nbsp; <div style="display: inline; font-style: italic;">Leases</div>. This guidance will be effective for annual periods and interim periods within those annual periods beginning after&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018, </div>and will be effective for the Company on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019. </div>The Company is currently evaluating the impact that the implementation of this standard will have on the Company's consolidated financial statements.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 17, 2018, </div>the SEC adopted the final rule under SEC Release <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10532,</div> &#x201c;<div style="display: inline; font-style: italic;">Disclosure Update and Simplification</div>&#x201d; amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders' equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders' equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of comprehensive income is required to be filed. <div style="display: inline; font-size: 10pt">The new rule was published in the Federal Register on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 4, 2018 </div>which means the changes in the new rule are effective for SEC filings made on or after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 5, 2018.&nbsp;</div>The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> caveat to this effective date is for the addition to changes in shareholders&#x2019; equity information to Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q, where the SEC&nbsp;issued a Compliance &amp; Disclosure Interpretation indicating &#x201c;the staff would <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> object if the filer&#x2019;s <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> presentation of the changes in shareholders&#x2019; equity is included in its Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q for the quarter that begins after the effective date of the amendments.&#x201d; Accordingly, the changes in stockholders' equity is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> required to be presented until the Company&#x2019;s Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019.</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Recently Adopted Accounting Standards</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2014, </div>the FASB issued Accounting Standards Update (&#x201c;ASU&#x201d;) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div><div style="display: inline; font-style: italic;">, Revenue from Contracts with Customers (&#x201c;ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09&#x201d;</div>)</div> pertaining to revenue recognition. The primary objective of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> is for entities to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which an entity expects to be entitled to in exchange for those goods or services. This new standard also requires enhanced disclosures about revenue, provides guidance for transactions that were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> previously addressed comprehensively and improve guidance for multiple-element arrangements. Additionally, the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,</div> <div style="display: inline; font-style: italic;">Identifying Performance Obligations and Licensing,</div> which provided additional guidance and clarity on this topic. This new standard was effective for the Company in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.The</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> permitted transition methods under ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> are the full retrospective method, in which case the new standard would be applied to each prior period presented and the cumulative effect of applying the standard would be recognized as of the earliest period reported, or the modified retrospective method, in which case the cumulative effect of applying the new standard would be recognized as of the date of initial application. The Company elected the modified retrospective method and there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact upon the Company&#x2019;s consolidated financial statements upon adoption.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div>&nbsp;<div style="display: inline; font-style: italic;">Statement of Cash Flows (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">230</div>): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).</div> &nbsp;This ASU requires changes in the presentation of certain items in the statement of cash flows including but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> limited to debt prepayment or debt extinguishment costs; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies and distributions received from equity method investees.&nbsp;This guidance was effective for annual periods and interim periods within those annual periods beginning after&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017, </div>requires adoption on a retrospective basis and was effective for the Company on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018. </div>The Company adopted this standard and there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact to the Company&#x2019;s consolidated financial statements upon adoption.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,</div> <div style="display: inline; font-style: italic;">Restricted Cash</div> ("ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18"</div>). ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and restricted cash. Accordingly, restricted cash will be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> and the standard has been retrospectively applied to all periods presented. The following provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheet to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; font-size: 10pt; text-align: left">Cash and cash equivalents</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,372,642</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Restricted cash included in current assets</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,112,642</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The following provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheet to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016:</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; font-size: 10pt; text-align: left">Cash and cash equivalents</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">52,973,376</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Restricted cash included in current assets</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">53,713,376</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">There was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></div> restricted cash as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018.</div></div></div> 11020 11020 5341 2345 9294 -3181 36346 -48410 31441 -66172 143449 56751 3674358 0.001 0.001 5000000 5000000 0 0 0 0 0 0 1252134 1044157 6000000 15500000 7500000 7800000 7500000 450000 7790622 7924534 11756 1000000 1000000 2000000 2000000 12500000 12500000 12500000 9000000 77832 9000000 6000000 600000 1461078 630204 300000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div> Property and Equipment and Assets Held for Sale</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">Property and equipment consist of the following:</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">December 31,<br /> 2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">September 30,<br /> 2018</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Office furniture and equipment</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">639,603</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">639,603</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Computer equipment</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">989,137</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">892,105</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Computer software</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,146,978</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,143,633</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Laboratory equipment</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,050,640</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,487,348</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Leasehold improvements</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,435,530</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,435,530</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total property and equipment, gross</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,261,888</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,598,219</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less: Accumulated depreciation and amortization</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9,679,565</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9,770,037</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Property and equipment, net</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,582,323</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,828,182</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 9pt">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company sold <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> isolators included in assets held for sale at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and received proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.6</div> million. The Company reviews its property and equipment for impairment whenever events or changes indicate its carrying value <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recoverable.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">Depreciation and amortization expense was as follows:</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; font-size: 10pt">Three months ended September&nbsp;30, 2017</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">242,471</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Three months ended September&nbsp;30, 2018</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">714,275</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Nine months ended September&nbsp;30, 2017</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">733,172</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Nine months ended September&nbsp;30, 2018</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,657,719</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div></div> 639603 639603 989137 892105 3146978 3143633 6050640 4487348 2435530 2435530 13261888 11598219 3582323 1828182 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">December 31,<br /> 2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">September 30,<br /> 2018</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Office furniture and equipment</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">639,603</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">639,603</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Computer equipment</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">989,137</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">892,105</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Computer software</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,146,978</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,143,633</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Laboratory equipment</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,050,640</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,487,348</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Leasehold improvements</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,435,530</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,435,530</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total property and equipment, gross</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,261,888</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,598,219</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less: Accumulated depreciation and amortization</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9,679,565</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9,770,037</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Property and equipment, net</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,582,323</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,828,182</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; font-size: 10pt">Three months ended September&nbsp;30, 2017</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">242,471</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Three months ended September&nbsp;30, 2018</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">714,275</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Nine months ended September&nbsp;30, 2017</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">733,172</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Nine months ended September&nbsp;30, 2018</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,657,719</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> 42085 500000 500000 200000 150000 23643786 1153825 4550353 3324591 17585134 12794036 0 0 740000 740000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div> Restructuring Activities and Related Impairments of Property and Equipment and Leases</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>the Company had restructuring activities and impairments of property and equipment and leases. These activities were completed during the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and there were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> such activities during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018. </div>Following is a discussion of these activities during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">As discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> the Company&#x2019;s most advanced product candidate was rocapuldencel-T, which the Company was developing for the treatment of mRCC and other cancers. The Company was conducting a pivotal Phase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> clinical trial of rocapuldencel-T in combination with sunitinib / standard of care for the treatment of newly diagnosed mRCC. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2017, </div>the IDMC for the ADAPT trial recommended that the trial be discontinued for futility based on its planned interim data analysis. The IDMC concluded that the trial was unlikely to demonstrate a statistically significant improvement in overall survival in the combination treatment arm utilizing the intent-to-treat population at the pre-specified number of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">290</div> events (deaths), the primary endpoint of the study. This development triggered a restructuring of the Company&#x2019;s operations and impairments of property and equipment and leases during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017. </div>As set forth below, the Company recognized restructuring costs of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.0</div> million and an impairment loss of property and equipment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$27.2</div> million during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017 </div>and restructuring costs of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.7</div> million during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017.</div></div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Workforce Action Plan</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 10, 2017, </div>the Company enacted a workforce action plan designed to streamline operations and reduce the Company&#x2019;s operating expenses. Under this plan, the Company reduced its workforce by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">61</div> employees during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017. </div>The Company recognized <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.2</div> million in severance costs and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.2</div> million in stock-based compensation costs from the acceleration of vesting of stock options held by the terminated employees during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017. </div>Through additional targeted reductions and attrition, the workforce was further reduced to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21</div> employees as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">CTI Lease Agreement</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2017, </div>the Company entered into a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div>-year lease agreement with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two five</div>-year renewal options for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40,000</div> square feet of manufacturing and office space at CTI on the Centennial Campus of North Carolina State University in Raleigh, North Carolina. The Company provided a security deposit in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.4</div> million as security for obligations under the lease agreement, which was provided in the form of a letter of credit. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2017, </div>the Company initiated discussions with the landlord of the CTI facility regarding the termination of this lease.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2017 </div>the landlord of the CTI facility notified the Company that it was terminating the lease due to nonpayment of invoices for up-fit costs, effective immediately. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2017, </div>the Company entered into a termination agreement with the landlord terminating the lease as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 17, 2017. </div>From the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.4</div> million letter of credit, the landlord drew down <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.7</div> million to cover unpaid construction costs in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.7</div> million in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2017 </div>for lease termination damages and agreed to return <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.1</div> million in consideration for being able to salvage some of the construction costs. Pursuant to the termination agreement, the Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> further obligations under the lease. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>the Company recorded a lease termination fee of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.6</div> million which is included in Restructuring costs on the statement of operations. The Company also recorded an impairment loss on Construction-in-progress on the property of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.9</div> million during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Impairment of Centerpoint Facility and Construction-in-Progress</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2017, </div>the Company also determined that it would <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> longer need to develop its facility in Durham County, North Carolina (&#x201c;Centerpoint&#x201d;), which the Company intended to be built to house the Company&#x2019;s corporate headquarters and primary manufacturing facility. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2017, </div>the Company and TKC Properties, the landlord of the Centerpoint facility, entered into a lease termination agreement in connection with the sale by TKC of the facility to a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party. In the statement of operations for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>the Company recorded an impairment loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$18.3</div> million for the Construction-in-progress on the property.</div></div> 61 6031779 679013 100000 -386154957 -372564327 26000 146000 127000 11000 53497 1247254 228449 7234434 1500000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Revenue Recognition</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">An important part of the Company&#x2019;s business strategy has been to enter into arrangements with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> parties both to assist in the development and commercialization of its product candidates, particularly in international markets, and to in-license product candidates in order to expand its pipeline. The terms of the agreements typically include non-refundable license fees, funding of research and development, payments based upon achievement of clinical development and regulatory objectives, and royalties on product sales. The Company has adopted the provisions of the Financial Accounting Standards Board (&#x201c;FASB&#x201d;), Codification Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> Revenue from Contracts with Customers (&#x201c;Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606&#x201d;</div>). This guidance supersedes the provisions of FASB Codification Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">605,</div> Revenue Recognition (&#x201c;Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">605&#x201d;</div>).</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">Effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018, </div>the Company adopted ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> using the modified retrospective transition method. Under this method, results for reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>are presented under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> while prior period amounts are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> adjusted and continue to be reported in accordance with Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">605.</div> The Company applied the modified retrospective transition method to contracts that were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> completed as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018, </div>the effective date of adoption for ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606.</div> The contracts to which the Company is a party that were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> completed as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>are the multi-year research contract with the NIH and NIAID (see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>) and the collaboration agreements included in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div> The Company assessed the potential effects to the consolidated financial statements and retained earnings of adoption of the modified retrospective transition method and has concluded that, upon adoption of the new standard, there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact on the Company's consolidated financial statements and there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> difference in what would have been recognized under Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">605</div> or Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">License Fees and Multiple Element Arrangements.</div> If a license to the Company&#x2019;s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, up-front fees allocated to the license at such time as the license is transferred to the licensee and the licensee is able to use, and benefit from, the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress in each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.</div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">If the Company is involved in a steering committee as part of a multiple element arrangement, the Company assesses whether its involvement constitutes a performance obligation or a right to participate. Steering committee services that are determined to be performance obligations are combined with other research services or performance obligations required under an arrangement, if any, in determining the level of effort required in an arrangement and the period over which the Company expects to complete its aggregate performance obligations.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">If the Company cannot reasonably measure its progress toward complete satisfaction of a performance obligation because it lacks reliable information that would be required to apply an appropriate method of measuring progress, but the Company can reasonably estimate when the performance obligation ceases or the remaining obligations become inconsequential and perfunctory, then revenue is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recognized until the Company can reasonably estimate when the performance obligation ceases or becomes inconsequential. Revenue is then recognized over the remaining estimated period of performance.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">Significant management judgment is required in determining the level of effort required under an arrangement and the period over which the Company is expected to complete its performance obligations under an arrangement.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Development Milestone Payments</div>. At the inception of each arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> occur, the associated milestone value is included in the transaction price. Milestone payments that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> within the control of the Company or the licensee, such as regulatory approvals, are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Reimbursement of Costs.</div> Reimbursement of research and development costs by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party collaborators is recognized as revenue over time provided the Company has determined that it transfers control (i.e. performs the services) of a service over time and, therefore, satisfies a performance obligation according to the provisions outlined in the FASB Codification Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,</div> Revenue Recognition.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Royalty Revenue.</div> For arrangements that include sales-based royalties, including milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, the Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recognized any royalty revenue resulting from any of its collaboration agreements.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Deferred Revenue.</div> Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying condensed consolidated balance sheets. Short-term deferred revenue would consist of amounts that are expected to be recognized as revenue within the next fiscal year. Amounts that the Company expects will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recognized in the next fiscal year would be classified as long-term deferred revenue.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Summary.</div> During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>the Company recognized <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$26,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$146,000,</div> respectively, of contract revenue under the Company&#x2019;s contract with the NIH and NIAID and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$27,500</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$82,500,</div> respectively, of deferred revenue as revenue under the Company&#x2019;s license agreement with Lummy (Hong Kong) Co. Ltd. (&#x201c;Lummy HK&#x201d;). During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>the Company recognized <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$70,000</div> of contract revenue under the contract with the NIH and NIAID and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.1</div> million of deferred revenue as revenue under the Lummy HK license agreement. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>the Company recognized <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.0</div> million of deferred milestone revenue as revenue under the Company&#x2019;s license agreement with Medinet Co., Ltd and its wholly-owned subsidiary, MEDcell Co., Ltd. (together "Medinet"), <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.1</div> million of deferred revenue as revenue and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14,000</div></div> in reimbursement of costs under the Lummy HK license agreement, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$127,000</div> of contract revenue under its contract with the NIH and NIAID and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11,000</div> of grant revenue.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">For additional discussion of accounting for collaboration revenues, see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">With respect to each of the foregoing areas of revenue recognition, the Company exercises significant judgment in determining whether an arrangement contains multiple elements, and, if so, how much revenue is allocable to each element. In addition, the Company exercises its judgment in determining when its significant obligations have been met under such agreements and the specific time periods over which it recognized revenue, such as non-refundable, up-front license fees. To the extent that actual facts and circumstances differ from the Company&#x2019;s initial judgments, revenue recognition with respect to such transactions would change accordingly and any such change could affect the Company&#x2019;s reported financial results.</div></div></div></div> 50000 1200000 17792 69754 145949 126819 38200000 500000 9000000 5000000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Three Months Ended September&nbsp;30,</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Nine Months Ended September&nbsp;30,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left">Stock options outstanding</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">274,192</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">194,653</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">286,962</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">220,929</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Warrants outstanding</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">689,661</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">689,661</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">688,470</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">689,661</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">&nbsp;Convertible notes outstanding</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,448,352</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,448,352</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; font-size: 10pt; text-align: left">Cash and cash equivalents</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,372,642</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Restricted cash included in current assets</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,112,642</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; font-size: 10pt; text-align: left">Cash and cash equivalents</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">52,973,376</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Restricted cash included in current assets</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">53,713,376</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">December 31,<br /> 2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">September 30,<br /> 2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Convertible note payable to Pharmstandard (related party), including accrued interest</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,302,959</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,744,420</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Convertible note payable to Invetech, including accrued interest</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,845,655</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">5,063,847</div></div> </td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Convertible note payable to Saint-Gobain, including accrued interest</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,334,929</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,694,929</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Note payable to Medinet, including accrued interest</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,958,824</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,983,494</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other notes payable</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,825</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total notes payable</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,456,192</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">18,486,690</div></div> </td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Less current portion of convertible note payable to Invetech, including accrued interest</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,300,000</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(900,000</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Less current portion of convertible note payable to Saint-Gobain, including accrued interest</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,050,000</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(640,000</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Less current portion of note payable to Medinet, including accrued interest</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,958,824</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,983,494</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less current portion of other notes payable</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13,825</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Long-term portion of notes payable and convertible notes payable</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,133,543</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">11,963,196</div></div> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Three Months Ended September&nbsp;30,</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Nine Months Ended September&nbsp;30,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left">Net loss</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,065,947</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">(5,000,647</div></div> </td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(38,684,637</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">(13,590,631</div></div> </td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Weighted average common shares outstanding, basic and diluted</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,911,800</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,586,661</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,351,839</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,607,577</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Net loss per share, basic and diluted</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2.08</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">(0.47</div></div> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(16.45</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">(1.41</div></div> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Three Months Ended September&nbsp;30,</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Nine Months Ended September&nbsp;30,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left">Research and development</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">620,083</div></div> </td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">154,895</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">1,545,588</div></div> </td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">663,325</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">General and administrative</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">797,752</div></div> </td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">406,095</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">2,285,798</div></div> </td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,307,156</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Restructuring costs</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">563,745</div></div> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">3,215,848</div></div> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Total stock-based compensation expense</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">1,981,580</div></div> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">560,990</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style=" margin: 0">7,047,234</div></div> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,970,481</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Number of <br /> Shares</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Weighted <br /> Average&nbsp;Exercise <br /> Price</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Weighted <br /> Average <br /> Contractual <br /> Term <br /> (in years)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; font-size: 10pt; font-weight: bold">Outstanding as of December&nbsp;31, 2017</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">269,514</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">111.91</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Granted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Exercised</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Cancelled</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(85,893</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">141.71</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt">Outstanding as of September&nbsp;30, 2018</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">183,621</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118.11</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.09</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Exercisable as of September&nbsp;30, 2018</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">133,661</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">119.22</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.56</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Vested and expected to vest as of September&nbsp;30, 2018</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">179,774</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118.17</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.54</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Stock Option Plan</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Employee Stock Purchase Plan</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Nine Months Ended September&nbsp;30,</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Nine Months Ended September&nbsp;30,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left">Risk-free interest rate</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.26</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.79</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Dividend yield</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Expected option term (in years)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.5</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Volatility</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">86</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">141</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">Type of Warrant and <br /> Classification</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Date of Issuance</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Number&nbsp;of&nbsp;Shares</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Exercise&nbsp;Price</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Expiration <br /> Date(s)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%; font-size: 10pt; text-align: left">Common stock - Equity</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 17%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 10pt">9/29/14</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 17%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,139</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 17%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">181.20</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 19%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9/29/21</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Common stock - Equity</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 10pt">3/4/16</div></div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">134,163</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">107.00</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3/4/21</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Common stock - Equity</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 10pt">6/29/16</div></div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">205,450</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">107.00</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6/29/21</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Common stock - Liability</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 10pt">8/2/16</div></div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">340,909</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">110.00</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8/02/21</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Common stock - Equity</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 10pt">3/6/17</div></div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,000</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26.00</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3/06/22</div></td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">August&nbsp;2016<br /> Warrants</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 86%; font-size: 10pt">Exercise price</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">110.00</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Expiration date</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right; white-space: nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 10pt">August&nbsp;2, 2021</div></div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Total shares issuable on exercise</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">340,909</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> 2400000 2400000 1200000 1200000 200000 7047234 1970481 3200000 3200000 368 210000 2333 210000 28689 0 0 0.86 1.41 0.0226 0.0079 0.1 300000 570746 133661 119.22 85893 141.71 1500 0 70604 0 269514 183621 111.91 118.11 179774 118.17 3.40 3.40 101 4.06 180.40 124.20 88.80 98.20 23 4 3 P7Y P182D P6Y204D P6Y32D P6Y197D 0.85 57142 34499 1442836 4135993 169014 375000 375000 182621 273933 454545 169014 4005 369999 20999 200000 19900000 29800000 394534 1400000 -9234080 -12572879 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div> Stockholders&#x2019; Deficit</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Issuance of Restricted Stock in Nine Months Ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017</div></div></div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In lieu of paying certain annual cash bonuses for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2017 </div>the Company granted restricted stock awards to certain of its executive officers and employees. The number of shares granted to each executive officer and employee was calculated by dividing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div> of the amount of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> annual cash bonus that would otherwise have been paid by the closing price of the Company&#x2019;s common stock on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 13, 2017. </div>A total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,005</div> restricted shares of common stock with an aggregate value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$394,534</div> were issued. Each of the restricted stock awards is subject to a lapsing right of repurchase in the Company&#x2019;s favor, which right lapsed with respect to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> of the underlying shares of each award on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 17, 2017, </div>for those executive officers and employees still providing services to the Company on such date. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2017 </div>prior to vesting, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">368</div> restricted shares of common stock were forfeited back to the Company. The Company granted an additional award of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,333</div> restricted shares of common stock to an employee resulting in stock-based compensation expense of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$20,999</div> included in General and administrative expenses.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>the Company granted restricted stock awards for an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">369,999</div> shares of common stock with a fair value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.4</div> million to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">43</div> employees resulting in stock-based compensation expense of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.2</div> million and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.1</div> million included in research and development and general and administrative expenses, respectively, for such period. Awards for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,689</div> shares of common stock vested upon termination of the recipients&#x2019; employment during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>with such stock-based compensation costs of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.1</div> million included in restructuring expenses. The remaining shares vested in full during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2018.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Issuance of Common Stock in Nine Months Ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017</div></div></div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">At-the-market Offering </div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2015, </div>the Company entered into a sales agreement with Cowen pursuant to which the Company could issue and sell shares of the Company&#x2019;s common stock from time to time having an aggregate offering price of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$30</div> million through Cowen, acting as the Company&#x2019;s agent. Sales of the Company&#x2019;s common stock through Cowen could be made by any method permitted that was deemed an &#x201c;at-the-market offering&#x201d; as defined in Rule <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">415</div> under the Securities Act of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1933,</div> as amended, including sales made directly on or through the Nasdaq Global Market, sales made to or through a market maker other than on an exchange or otherwise, in negotiated transactions at market prices, and/or any other method permitted by law. Cowen was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> required to sell any specific amount, but acted as the Company&#x2019;s sales agent using commercially reasonable efforts consistent with its normal trading and sales practices. Shares sold pursuant to the sales agreement were sold pursuant to a shelf registration statement, which became effective on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 14, 2015. </div>Under the sales agreement, the Company paid Cowen a commission of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3%</div> of the gross proceeds of any sales made pursuant to the sales agreement. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>the Company sold <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,442,836</div> shares of common stock pursuant to the sales agreement, resulting in proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.8</div> million, net of commissions and issuance costs.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Issuance of Restricted Stock in Nine Months Ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018</div></div></div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2018, </div>the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">210,000</div></div> restricted shares of common stock to employees, including certain executives. In connection with the delisting of the Company&#x2019;s common stock from The Nasdaq Capital Market, in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2018 </div>such restricted shares of common stock were forfeited back to the Company.</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Issuance of Common Stock in Nine Months Ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018</div></div></div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">At-the-Market Offering</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2018, </div>the Company amended and restated the sales agreement with Cowen to increase the maximum aggregate offering price from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$30</div> million to up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$45</div> million. From <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 25, 2018, </div>the Company sold <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,135,993</div> shares of common stock pursuant to the sales agreement, resulting in proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.5</div> million, net of commissions and issuance costs. However, upon the delisting of the Company&#x2019;s common stock from The Nasdaq Capital Market in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2018, </div>the Company ceased to sell any additional shares under the sales agreement.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Issuance of Common Stock under Collaboration Agreements</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2, 2018, </div>in consideration for the rights granted under an option agreement entered into with Pharmstandard and Actigen Limited (&#x201c;Actigen&#x201d;) in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2018, </div>the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">169,014</div> shares of its common stock to Pharmstandard, the value of which will be creditable against the upfront license fee payable under the option agreement if the Company enters into a license agreement. The option agreement is described further in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2018, </div>the Company entered into a stock purchase agreement with Lummy HK under which the Company agreed to issue and sell to Lummy HK in a private financing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">375,000</div> shares of the Company&#x2019;s common stock for an aggregate purchase price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.5</div> million. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 23, 2018, </div>the Company and Lummy HK amended the stock purchase agreement to reduce the aggregate price for the shares to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$450,000.</div> Concurrent with such amendment, the Company entered into a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> amendment to its license agreement with Lummy HK pursuant to which Lummy HK agreed to pay the Company a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.05</div> million milestone payment. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2018, </div>the Company received from Lummy HK <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$450,000</div> for the purchase of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">375,000</div> shares and a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.05</div> million milestone payment.</div></div> 20 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of 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.</div></div></div></div> 0 87100 689661 0 87100 689661 167636 0 110 110 1.12 3.58 0.0204 0 2911800 10586661 2351839 9607577 xbrli:shares xbrli:pure utr:sqft iso4217:USD iso4217:USD xbrli:shares utr:Y 0001105533 args:NIHNIAIDMember 2006-09-01 2018-09-30 0001105533 args:December2013NoteMember 2013-01-01 2013-12-31 0001105533 args:NIHNIAIDMember 2013-05-01 2015-09-30 0001105533 args:GreenCrossMember 2013-07-31 2013-07-31 0001105533 args:November2013NoteMember 2013-11-01 2013-11-30 0001105533 args:MedinetMember 2013-12-01 2013-12-31 0001105533 args:The2014ESPPMember 2014-01-01 2014-01-31 0001105533 args:The2014ESPPMember 2014-09-03 2015-02-27 0001105533 args:NIHNIAIDMember 2014-09-18 2014-09-18 0001105533 args:PrimaryTrancheMember args:VentureLoanAndSecurityAgreementMember 2014-09-29 2014-09-29 0001105533 args:VentureLoanAndSecurityAgreementMember 2014-09-29 2014-09-29 0001105533 args:VentureLoanAndSecurityAgreementMember args:LiborRateInExcessOfAHalfAPercentMember 2014-09-29 2014-09-29 0001105533 args:VentureLoanAndSecurityAgreementMember us-gaap:LondonInterbankOfferedRateLIBORMember 2014-09-29 2014-09-29 0001105533 args:MedinetMember 2015-01-01 2015-12-31 0001105533 args:The2014ESPPMember 2015-03-03 2015-08-31 0001105533 args:CowenAndCompanyLLCMember srt:MaximumMember 2015-05-08 2015-05-08 0001105533 args:MedinetMember 2015-07-01 2015-07-31 0001105533 args:PrimaryTrancheMember args:VentureLoanAndSecurityAgreementMember 2015-08-01 2015-08-31 0001105533 args:MedinetMember 2016-01-01 2016-12-31 0001105533 args:The2014ESPPMember 2016-02-29 2016-02-29 0001105533 args:The2014ESPPMember 2016-03-01 2016-08-31 0001105533 args:InvestorsMember us-gaap:PrivatePlacementMember 2016-03-14 2016-03-14 0001105533 args:InvestorsMember us-gaap:PrivatePlacementMember 2016-06-01 2016-06-30 0001105533 args:MedinetMember 2016-06-01 2016-06-30 0001105533 args:InvestorsMember us-gaap:PrivatePlacementMember 2016-06-29 2016-06-29 0001105533 args:UnderwrittenOfferingMember 2016-08-01 2016-08-31 0001105533 args:August2016WarrantMember 2016-08-02 2016-08-02 0001105533 args:The2014ESPPMember 2016-09-01 2017-02-28 0001105533 args:PrimaryTrancheMember args:VentureLoanAndSecurityAgreementMember 2016-10-31 2016-10-31 0001105533 2017-01-01 2017-01-31 0001105533 args:SecondaryTrancheMember args:VentureLoanAndSecurityAgreementMember args:PrimaryPaymentPeriodMember 2017-01-01 2017-03-02 0001105533 args:SecondaryTrancheMember args:VentureLoanAndSecurityAgreementMember args:SecondaryPaymentPeriodMember 2017-01-01 2017-03-02 0001105533 args:SalesAgreementAtTheMarketOfferingMember 2017-01-01 2017-06-30 0001105533 2017-01-01 2017-09-30 0001105533 us-gaap:ConvertibleDebtSecuritiesMember 2017-01-01 2017-09-30 0001105533 us-gaap:EmployeeStockOptionMember 2017-01-01 2017-09-30 0001105533 us-gaap:WarrantMember 2017-01-01 2017-09-30 0001105533 us-gaap:RestrictedStockMember 2017-01-01 2017-09-30 0001105533 us-gaap:GeneralAndAdministrativeExpenseMember 2017-01-01 2017-09-30 0001105533 us-gaap:ResearchAndDevelopmentExpenseMember 2017-01-01 2017-09-30 0001105533 us-gaap:RestructuringChargesMember 2017-01-01 2017-09-30 0001105533 args:CTIFacilityMember us-gaap:ConstructionInProgressMember 2017-01-01 2017-09-30 0001105533 args:CenterpointFacilityMember us-gaap:ConstructionInProgressMember 2017-01-01 2017-09-30 0001105533 args:PowerGenerationAgreementsMember 2017-01-01 2017-09-30 0001105533 args:LummyCoLtdMember us-gaap:LicenseMember 2017-01-01 2017-09-30 0001105533 args:NIHNIAIDMember 2017-01-01 2017-09-30 0001105533 args:EmployeeStockPurchasePlanMember 2017-01-01 2017-09-30 0001105533 args:StockOptionPlansMember 2017-01-01 2017-09-30 0001105533 us-gaap:EmployeeSeveranceMember 2017-01-01 2017-09-30 0001105533 args:SalesAgreementAtTheMarketOfferingMember 2017-01-01 2017-09-30 0001105533 args:August2016WarrantMember 2017-01-01 2017-12-31 0001105533 args:MedinetMember 2017-01-01 2017-12-31 0001105533 args:ConvertibleNotePayableToInvetechPtyLtdMember 2017-01-01 2017-12-31 0001105533 args:December2013NoteMember 2017-01-01 2017-12-31 0001105533 args:VentureLoanAndSecurityAgreementMember 2017-01-01 2017-12-31 0001105533 args:ExtinguishmentOfResearchAndDevelopmentObligationToInvetechMember 2017-01-01 2017-12-31 0001105533 us-gaap:NonoperatingIncomeExpenseMember 2017-01-01 2017-12-31 0001105533 us-gaap:EmployeeSeveranceMember 2017-01-01 2017-12-31 0001105533 args:CTIFacilityMember 2017-03-01 2017-03-31 0001105533 args:The2014ESPPMember 2017-03-01 2017-08-31 0001105533 2017-03-06 2017-03-06 0001105533 args:LendersAndAffiliatesMember 2017-03-06 2017-03-06 0001105533 args:CTIFacilityMember 2017-04-01 2017-04-30 0001105533 us-gaap:RestrictedStockMember 2017-04-01 2017-09-30 0001105533 args:EmployeeMember 2017-04-01 2017-09-30 0001105533 args:SalesAgreementAtTheMarketOfferingMember 2017-06-01 2017-12-31 0001105533 2017-07-01 2017-09-30 0001105533 us-gaap:ConvertibleDebtSecuritiesMember 2017-07-01 2017-09-30 0001105533 us-gaap:EmployeeStockOptionMember 2017-07-01 2017-09-30 0001105533 us-gaap:WarrantMember 2017-07-01 2017-09-30 0001105533 us-gaap:RestrictedStockMember 2017-07-01 2017-09-30 0001105533 us-gaap:RestrictedStockMember us-gaap:GeneralAndAdministrativeExpenseMember args:FortyThreeEmployeesMember 2017-07-01 2017-09-30 0001105533 us-gaap:RestrictedStockMember us-gaap:ResearchAndDevelopmentExpenseMember args:FortyThreeEmployeesMember 2017-07-01 2017-09-30 0001105533 args:MedpaceIncMember 2017-07-01 2017-09-30 0001105533 us-gaap:GeneralAndAdministrativeExpenseMember 2017-07-01 2017-09-30 0001105533 us-gaap:ResearchAndDevelopmentExpenseMember 2017-07-01 2017-09-30 0001105533 us-gaap:RestructuringChargesMember 2017-07-01 2017-09-30 0001105533 args:LummyCoLtdMember us-gaap:LicenseMember 2017-07-01 2017-09-30 0001105533 args:NIHNIAIDMember 2017-07-01 2017-09-30 0001105533 us-gaap:EmployeeSeveranceMember 2017-07-01 2017-09-30 0001105533 args:FortyThreeEmployeesMember 2017-07-01 2017-09-30 0001105533 args:The2014PlanMember 2017-07-28 2017-07-28 0001105533 args:ConvertibleNotePayableToInvetechPtyLtdMember 2017-09-22 2017-09-22 0001105533 args:ConvertibleNotePayableToInvetechPtyLtdMember srt:MaximumMember args:QuartersEndingDecember312017AndMarch312018Member 2017-09-22 2017-09-22 0001105533 args:ConvertibleNotePayableToInvetechPtyLtdMember srt:MaximumMember args:QuartersEndingJune302018ThroughMarch312019Member 2017-09-22 2017-09-22 0001105533 args:ConvertibleNotePayableToInvetechPtyLtdMember srt:MaximumMember args:QuartersEndingJune302019ThroughJune302020Member 2017-09-22 2017-09-22 0001105533 args:ConvertibleNotePayableToInvetechPtyLtdMember args:QuartersEndingDecember312017AndMarch312018Member 2017-09-22 2017-09-22 0001105533 args:ConvertibleNotePayableToInvetechPtyLtdMember args:QuartersEndingJune302018ThroughMarch312019Member 2017-09-22 2017-09-22 0001105533 args:ConvertiblePromissoryNoteToSaintGobainMember srt:MaximumMember args:QuartersEndingDecember312017AndMarch312018Member 2017-09-22 2017-09-22 0001105533 args:ExtinguishmentOfResearchAndDevelopmentObligationToInvetechMember 2017-09-22 2017-09-22 0001105533 args:LummyLicenseAgreementMember 2017-10-01 2017-10-31 0001105533 args:ConvertiblePromissoryNoteToSaintGobainMember srt:MaximumMember args:QuartersEndingDecember312017AndMarch312018Member 2017-11-22 2017-11-22 0001105533 args:ConvertiblePromissoryNoteToSaintGobainMember srt:MaximumMember args:QuartersEndingDecember312018ThroughMarch312019Member 2017-11-22 2017-11-22 0001105533 args:ConvertiblePromissoryNoteToSaintGobainMember srt:MaximumMember args:QuartersEndingJune302018ThroughSeptember302018Member 2017-11-22 2017-11-22 0001105533 args:ConvertiblePromissoryNoteToSaintGobainMember args:QuartersEndingDecember312017AndMarch312018Member 2017-11-22 2017-11-22 0001105533 args:ConvertiblePromissoryNoteToSaintGobainMember args:QuartersEndingDecember312018ThroughMarch312019Member 2017-11-22 2017-11-22 0001105533 args:ConvertiblePromissoryNoteToSaintGobainMember args:QuartersEndingJune302018ThroughSeptember302018Member 2017-11-22 2017-11-22 0001105533 args:ExtinguishmentOfResearchAndDevelopmentObligationToSaintGobainMember 2017-11-22 2017-11-22 0001105533 args:StockPurchaseAgreementWithLummyHKMember 2018-01-01 2018-01-31 0001105533 args:SalesAgreementAtTheMarketOfferingMember 2018-01-01 2018-03-16 0001105533 args:MedinetMember 2018-01-01 2018-03-31 0001105533 args:ConvertiblePromissoryNoteToSaintGobainMember 2018-01-01 2018-03-31 0001105533 args:ConvertiblePromissoryNoteToSaintGobainMember args:QuartersEndingJune302019ThroughJune302020Member 2018-01-01 2018-03-31 0001105533 args:LendersAndAffiliatesMember 2018-01-01 2018-06-30 0001105533 2018-01-01 2018-09-30 0001105533 us-gaap:ConvertibleDebtSecuritiesMember 2018-01-01 2018-09-30 0001105533 us-gaap:EmployeeStockOptionMember 2018-01-01 2018-09-30 0001105533 us-gaap:WarrantMember 2018-01-01 2018-09-30 0001105533 us-gaap:RestrictedStockMember 2018-01-01 2018-09-30 0001105533 args:August2016WarrantMember 2018-01-01 2018-09-30 0001105533 args:WarrantFiveMember 2018-01-01 2018-09-30 0001105533 args:WarrantFourMember 2018-01-01 2018-09-30 0001105533 args:WarrantOneMember 2018-01-01 2018-09-30 0001105533 args:WarrantThreeMember 2018-01-01 2018-09-30 0001105533 args:WarrantTwoMember 2018-01-01 2018-09-30 0001105533 args:MedinetMember 2018-01-01 2018-09-30 0001105533 args:WarrantLiabilityMember 2018-01-01 2018-09-30 0001105533 args:DepreciationAndAmortizationExpenseMember 2018-01-01 2018-09-30 0001105533 us-gaap:GeneralAndAdministrativeExpenseMember 2018-01-01 2018-09-30 0001105533 us-gaap:ResearchAndDevelopmentExpenseMember 2018-01-01 2018-09-30 0001105533 us-gaap:RestructuringChargesMember 2018-01-01 2018-09-30 0001105533 args:PowerGenerationAgreementsMember 2018-01-01 2018-09-30 0001105533 args:LummyCoLtdMember us-gaap:LicenseMember 2018-01-01 2018-09-30 0001105533 args:MedinetMember args:MilestoneMember 2018-01-01 2018-09-30 0001105533 args:NIHNIAIDMember 2018-01-01 2018-09-30 0001105533 args:EmployeeStockPurchasePlanMember 2018-01-01 2018-09-30 0001105533 args:StockOptionPlansMember 2018-01-01 2018-09-30 0001105533 args:The2014ESPPMember 2018-01-01 2018-09-30 0001105533 us-gaap:GrantMember 2018-01-01 2018-09-30 0001105533 args:IsolatorsMember 2018-01-01 2018-09-30 0001105533 args:SalesAgreementAtTheMarketOfferingMember 2018-01-01 2018-09-30 0001105533 args:LummyLicenseAgreementMember 2018-01-01 2018-09-30 0001105533 args:ReverseStockSplitMember 2018-01-18 2018-01-18 0001105533 args:PharmstandardAndActigenOptionAgreementMember 2018-02-01 2018-02-01 0001105533 args:CowenAndCompanyLLCMember srt:MaximumMember 2018-02-01 2018-02-28 0001105533 args:PharmstandardMember 2018-02-01 2018-04-02 0001105533 args:LummyHKMember 2018-04-01 2018-04-30 0001105533 2018-04-01 2018-06-30 0001105533 args:ConvertibleNotePayableToInvetechPtyLtdMember 2018-04-01 2018-06-30 0001105533 args:PharmstandardMember 2018-04-02 2018-04-02 0001105533 2018-07-01 2018-09-30 0001105533 us-gaap:ConvertibleDebtSecuritiesMember 2018-07-01 2018-09-30 0001105533 us-gaap:EmployeeStockOptionMember 2018-07-01 2018-09-30 0001105533 us-gaap:WarrantMember 2018-07-01 2018-09-30 0001105533 us-gaap:GeneralAndAdministrativeExpenseMember 2018-07-01 2018-09-30 0001105533 us-gaap:ResearchAndDevelopmentExpenseMember 2018-07-01 2018-09-30 0001105533 us-gaap:RestructuringChargesMember 2018-07-01 2018-09-30 0001105533 args:LummyCoLtdMember args:MilestoneMember 2018-07-01 2018-09-30 0001105533 args:NIHNIAIDMember 2018-07-01 2018-09-30 0001105533 args:NIHNIAIDMember us-gaap:LicenseMember 2018-07-01 2018-09-30 0001105533 args:ConvertibleNotePayableToInvetechPtyLtdMember 2018-09-21 2018-09-21 0001105533 us-gaap:OperatingExpenseMember args:NIHNIAIDMember 2006-09-30 0001105533 args:OtherSpecifiedMember args:NIHNIAIDMember 2006-09-30 0001105533 args:NIHNIAIDMember 2006-09-30 0001105533 args:GreenCrossMember srt:MaximumMember 2013-07-31 0001105533 args:GreenCrossMember args:InitialSubmissionOfApplicationForRegulatoryApprovalMember 2013-07-31 0001105533 args:PharmstandardMember srt:MaximumMember 2013-08-31 0001105533 args:PharmstandardMember 2013-11-30 0001105533 args:MedinetMember 2013-12-31 0001105533 args:MedinetMember args:BelowMarketRateAdjustmentMember 2013-12-31 0001105533 args:MedinetMember us-gaap:NonsoftwareLicenseArrangementMember 2013-12-31 0001105533 args:MedinetMember srt:MaximumMember args:DevelopmentalAndRegulatoryMilestonesMember 2013-12-31 0001105533 args:December2013NoteMember 2013-12-31 0001105533 args:MedinetMember 2013-12-31 0001105533 args:The2014ESPPMember 2014-01-31 0001105533 args:The2014PlanMember 2014-01-31 0001105533 args:PrimaryTrancheMember args:VentureLoanAndSecurityAgreementMember 2014-09-29 0001105533 args:VentureLoanAndSecurityAgreementMember 2014-09-29 0001105533 args:VentureLoanAndSecurityAgreementMember srt:MaximumMember 2014-09-29 0001105533 args:The2014ESPPMember 2015-02-27 0001105533 args:CowenAndCompanyLLCMember srt:MaximumMember 2015-05-08 0001105533 args:The2014ESPPMember 2015-08-31 0001105533 args:MedinetMember 2015-12-31 0001105533 args:December2013NoteMember args:ManufacturingLicenseMember 2015-12-31 0001105533 args:The2014ESPPMember 2016-02-29 0001105533 args:The2014ESPPMember 2016-03-01 0001105533 args:InvestorsMember us-gaap:PrivatePlacementMember 2016-03-14 0001105533 args:InvestorsMember us-gaap:PrivatePlacementMember 2016-06-29 0001105533 args:August2016WarrantMember 2016-08-02 0001105533 args:August2016WarrantMember us-gaap:MeasurementInputExpectedDividendRateMember 2016-08-31 0001105533 args:The2014ESPPMember 2016-08-31 0001105533 args:UnderwrittenOfferingMember 2016-08-31 0001105533 2016-12-31 0001105533 args:MedinetMember 2016-12-31 0001105533 args:December2013NoteMember args:ManufacturingLicenseMember 2016-12-31 0001105533 2017-01-31 0001105533 args:CTIFacilityMember 2017-01-31 0001105533 args:The2014ESPPMember 2017-02-28 0001105533 args:VentureLoanAndSecurityAgreementMember args:PrepaymentAfterThirtySixMonthsOfFundingDateMember 2017-03-02 0001105533 args:VentureLoanAndSecurityAgreementMember args:PrepaymentAfterTwentyFourMonthsButOnOrBeforeThirtySixMonthsMember 2017-03-02 0001105533 args:VentureLoanAndSecurityAgreementMember args:PrepaymentOnOrBeforeTwentyFourMonthsOfFundingDateMember 2017-03-02 0001105533 2017-03-06 0001105533 us-gaap:CommonStockMember 2017-03-06 0001105533 args:LendersAndAffiliatesMember 2017-03-06 0001105533 args:CTIFacilityMember 2017-03-17 0001105533 2017-04-17 0001105533 args:ConvertibleNotePayableToPharmstandardMember 2017-06-15 0001105533 args:ConvertibleNotePayableToPharmstandardMember 2017-06-21 0001105533 args:ConvertibleNotePayableToPharmstandardMember 2017-06-30 0001105533 args:The2014PlanMember 2017-07-28 0001105533 args:MedpaceIncMember 2017-08-31 0001105533 args:The2014ESPPMember 2017-08-31 0001105533 args:ConvertibleNotePayableToInvetechPtyLtdMember 2017-09-22 0001105533 2017-09-30 0001105533 2017-11-22 0001105533 args:ConvertiblePromissoryNoteToSaintGobainMember 2017-11-22 0001105533 2017-12-31 0001105533 args:August2016WarrantMember 2017-12-31 0001105533 args:August2016WarrantMember us-gaap:MeasurementInputExercisePriceMember 2017-12-31 0001105533 args:August2016WarrantMember us-gaap:MeasurementInputExpectedDividendRateMember 2017-12-31 0001105533 args:August2016WarrantMember us-gaap:MeasurementInputExpectedTermMember 2017-12-31 0001105533 args:August2016WarrantMember us-gaap:MeasurementInputPriceVolatilityMember 2017-12-31 0001105533 args:August2016WarrantMember us-gaap:MeasurementInputRiskFreeInterestRateMember 2017-12-31 0001105533 args:MedinetMember 2017-12-31 0001105533 args:ConvertibleNotePayableToInvetechPtyLtdMember 2017-12-31 0001105533 args:ConvertibleNotePayableToPharmstandardMember 2017-12-31 0001105533 args:ConvertiblePromissoryNoteToSaintGobainMember 2017-12-31 0001105533 args:December2013NoteMember 2017-12-31 0001105533 args:July2012NoteMember 2017-12-31 0001105533 args:November2013NoteMember 2017-12-31 0001105533 args:OtherNotesPayableMember 2017-12-31 0001105533 args:VentureLoanAndSecurityAgreementMember 2017-12-31 0001105533 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2017-12-31 0001105533 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2017-12-31 0001105533 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2017-12-31 0001105533 us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember 2017-12-31 0001105533 us-gaap:FairValueInputsLevel1Member args:WarrantLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember 2017-12-31 0001105533 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2017-12-31 0001105533 us-gaap:FairValueInputsLevel2Member args:WarrantLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember 2017-12-31 0001105533 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2017-12-31 0001105533 us-gaap:FairValueInputsLevel3Member args:WarrantLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember 2017-12-31 0001105533 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2017-12-31 0001105533 args:WarrantLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember 2017-12-31 0001105533 args:WarrantLiabilityMember 2017-12-31 0001105533 us-gaap:FairValueMeasurementsRecurringMember 2017-12-31 0001105533 us-gaap:MoneyMarketFundsMember 2017-12-31 0001105533 args:NIHNIAIDMember 2017-12-31 0001105533 us-gaap:ComputerEquipmentMember 2017-12-31 0001105533 args:ComputerSoftwareMember 2017-12-31 0001105533 args:LaboratoryEquipmentMember 2017-12-31 0001105533 us-gaap:LeaseholdImprovementsMember 2017-12-31 0001105533 args:OfficeFurnitureAndEquipmentMember 2017-12-31 0001105533 us-gaap:AdditionalPaidInCapitalMember args:LendersAndAffiliatesMember 2017-12-31 0001105533 args:LummyLicenseAgreementMember 2017-12-31 0001105533 args:LummyHKMember 2018-01-31 0001105533 args:PharmstandardAndActigenOptionAgreementMember 2018-02-01 0001105533 args:LummyHKMember 2018-03-23 0001105533 args:August2016WarrantMember 2018-06-30 0001105533 2018-09-30 0001105533 args:August2016WarrantMember 2018-09-30 0001105533 args:August2016WarrantMember us-gaap:MeasurementInputExercisePriceMember 2018-09-30 0001105533 args:August2016WarrantMember us-gaap:MeasurementInputExpectedDividendRateMember 2018-09-30 0001105533 args:August2016WarrantMember us-gaap:MeasurementInputExpectedTermMember 2018-09-30 0001105533 args:August2016WarrantMember us-gaap:MeasurementInputPriceVolatilityMember 2018-09-30 0001105533 args:August2016WarrantMember us-gaap:MeasurementInputRiskFreeInterestRateMember 2018-09-30 0001105533 args:WarrantFiveMember 2018-09-30 0001105533 args:WarrantFourMember 2018-09-30 0001105533 args:WarrantOneMember 2018-09-30 0001105533 args:WarrantThreeMember 2018-09-30 0001105533 args:WarrantTwoMember 2018-09-30 0001105533 args:MedinetMember 2018-09-30 0001105533 args:PrimaryTrancheMember args:VentureLoanAndSecurityAgreementMember 2018-09-30 0001105533 args:ConvertibleNotePayableToInvetechPtyLtdMember 2018-09-30 0001105533 args:ConvertibleNotePayableToPharmstandardMember 2018-09-30 0001105533 args:ConvertiblePromissoryNoteToSaintGobainMember 2018-09-30 0001105533 args:December2013NoteMember 2018-09-30 0001105533 args:July2012NoteMember 2018-09-30 0001105533 args:November2013NoteMember 2018-09-30 0001105533 args:OtherNotesPayableMember 2018-09-30 0001105533 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0001105533 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0001105533 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0001105533 us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0001105533 us-gaap:FairValueInputsLevel1Member args:WarrantLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0001105533 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0001105533 us-gaap:FairValueInputsLevel2Member args:WarrantLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0001105533 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0001105533 us-gaap:FairValueInputsLevel3Member args:WarrantLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0001105533 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0001105533 args:WarrantLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0001105533 args:WarrantLiabilityMember 2018-09-30 0001105533 us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0001105533 us-gaap:MoneyMarketFundsMember 2018-09-30 0001105533 args:NIHNIAIDMember 2018-09-30 0001105533 args:The2014ESPPMember 2018-09-30 0001105533 us-gaap:ComputerEquipmentMember 2018-09-30 0001105533 args:ComputerSoftwareMember 2018-09-30 0001105533 args:LaboratoryEquipmentMember 2018-09-30 0001105533 us-gaap:LeaseholdImprovementsMember 2018-09-30 0001105533 args:OfficeFurnitureAndEquipmentMember 2018-09-30 0001105533 2018-10-01 args:LummyLicenseAgreementMember 2018-09-30 0001105533 us-gaap:AdditionalPaidInCapitalMember args:LendersAndAffiliatesMember 2018-09-30 0001105533 args:LummyLicenseAgreementMember 2018-09-30 0001105533 2018-11-17 0001105533 args:PharmstandardMember us-gaap:SubsequentEventMember 2018-11-17 0001105533 args:PrimaryTrancheMember args:VentureLoanAndSecurityAgreementMember us-gaap:ScenarioForecastMember 2019-02-07 EX-101.SCH 15 args-20180930.xsd XBRL SCHEMA FILE 000 - Document - Document And Entity Information link:calculationLink link:definitionLink link:presentationLink 001 - Statement - Condensed Consolidated Balance Sheets (Current Period Unaudited) link:calculationLink link:definitionLink link:presentationLink 002 - Statement - Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) link:calculationLink link:definitionLink link:presentationLink 003 - Statement - Condensed Consolidated Statements of Operations (Unaudited) link:calculationLink link:definitionLink link:presentationLink 004 - Statement - Condensed Consolidated Statements of Comprehensive Loss (Unaudited) link:calculationLink link:definitionLink link:presentationLink 005 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) link:calculationLink link:definitionLink link:presentationLink 006 - Disclosure - Note 1 - Organization and Basis of Presentation link:calculationLink link:definitionLink link:presentationLink 007 - Disclosure - Note 2 - Fair Value of Financial Instruments link:calculationLink link:definitionLink link:presentationLink 008 - Disclosure - Note 3 - Restructuring Activities and Related Impairments of Property and Equipment and Leases link:calculationLink link:definitionLink link:presentationLink 009 - Disclosure - Note 4 - Property and Equipment and Assets Held for Sale link:calculationLink link:definitionLink link:presentationLink 010 - Disclosure - Note 5 - Income Taxes link:calculationLink link:definitionLink link:presentationLink 011 - Disclosure - Note 6 - Notes Payable and Gain on Early Extinguishment of Debt link:calculationLink link:definitionLink link:presentationLink 012 - Disclosure - Note 7 - Stockholders' Deficit link:calculationLink link:definitionLink link:presentationLink 013 - Disclosure - Note 8 - Stock Incentive Plans link:calculationLink link:definitionLink link:presentationLink 014 - Disclosure - Note 9 - Warrants link:calculationLink link:definitionLink link:presentationLink 015 - Disclosure - Note 10 - Contract with the NIH and NIAID link:calculationLink link:definitionLink link:presentationLink 016 - Disclosure - Note 11 - Collaboration Agreements link:calculationLink link:definitionLink link:presentationLink 017 - Disclosure - Note 12 - Net Loss Per Share link:calculationLink link:definitionLink link:presentationLink 018 - Disclosure - Significant Accounting Policies (Policies) link:calculationLink link:definitionLink link:presentationLink 019 - Disclosure - Note 1 - Organization and Basis of Presentation (Tables) link:calculationLink link:definitionLink link:presentationLink 020 - Disclosure - Note 2 - Fair Value of Financial Instruments (Tables) link:calculationLink link:definitionLink link:presentationLink 021 - Disclosure - Note 4 - Property and Equipment and Assets Held for Sale (Tables) link:calculationLink link:definitionLink link:presentationLink 022 - Disclosure - Note 6 - Notes Payable and Gain on Early Extinguishment of Debt (Tables) link:calculationLink link:definitionLink link:presentationLink 023 - Disclosure - Note 8 - Stock Incentive Plans (Tables) link:calculationLink link:definitionLink link:presentationLink 024 - Disclosure - Note 9 - Warrants (Tables) link:calculationLink link:definitionLink link:presentationLink 025 - Disclosure - Note 12 - Net Loss Per Share (Tables) link:calculationLink link:definitionLink link:presentationLink 026 - Disclosure - Note 1 - Organization and Basis of Presentation (Details Textual) link:calculationLink link:definitionLink link:presentationLink 027 - Disclosure - Note 1 - Organization and Basis of Presentation - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) link:calculationLink link:definitionLink link:presentationLink 028 - Disclosure - Note 2 - Fair Value of Financial Instruments (Details Textual) link:calculationLink link:definitionLink link:presentationLink 029 - Disclosure - Note 2 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) link:calculationLink link:definitionLink link:presentationLink 030 - Disclosure - Note 2 - Fair Value of Financial Instruments - Changes in Fair Value for Warrants (Details) link:calculationLink link:definitionLink link:presentationLink 031 - Disclosure - Note 2 - Fair Value of Financial Instruments - Financial Instruments (Details) link:calculationLink link:definitionLink link:presentationLink 032 - Disclosure - Note 3 - Restructuring Activities and Related Impairments of Property and Equipment and Leases (Details Textual) link:calculationLink link:definitionLink link:presentationLink 033 - Disclosure - Note 4 - Property and Equipment and Assets Held for Sale (Details Textual) link:calculationLink link:definitionLink link:presentationLink 034 - Disclosure - Note 4 - Property and Equipment and Assets Held for Sale - Property and Equipment (Details) link:calculationLink link:definitionLink link:presentationLink 035 - Disclosure - Note 4 - Property and Equipment and Assets Held for Sale - Depreciation and Amortization Expense (Details) link:calculationLink link:definitionLink link:presentationLink 036 - Disclosure - Note 5 - Income Taxes (Details Textual) link:calculationLink link:definitionLink link:presentationLink 037 - Disclosure - Note 6 - Notes Payable and Gain on Early Extinguishment of Debt (Details Textual) link:calculationLink link:definitionLink link:presentationLink 038 - Disclosure - Note 6 - Notes Payable and Gain on Early Extinguishment of Debt - Notes Payable (Details) link:calculationLink link:definitionLink link:presentationLink 039 - Disclosure - Note 7 - Stockholders' Deficit (Details Textual) link:calculationLink link:definitionLink link:presentationLink 040 - Disclosure - Note 8 - Stock Incentive Plans (Details Textual) link:calculationLink link:definitionLink link:presentationLink 041 - Disclosure - Note 8 - Stock Incentive Plans - Stock-based Compensation Expense (Details) link:calculationLink link:definitionLink link:presentationLink 042 - Disclosure - Note 8 - Stock Incentive Plans - Stock Option Activity (Details) link:calculationLink link:definitionLink link:presentationLink 043 - Disclosure - Note 8 - Stock Incentive Plans - Stock Option Valuation Assumptions (Details) link:calculationLink link:definitionLink link:presentationLink 044 - Disclosure - Note 9 - Warrants (Details Textual) link:calculationLink link:definitionLink link:presentationLink 045 - Disclosure - Note 9 - Warrants - Outstanding Warrants (Details) link:calculationLink link:definitionLink link:presentationLink 046 - Disclosure - Note 9 - Warrants - August 2016, Warrants (Details) link:calculationLink link:definitionLink link:presentationLink 047 - Disclosure - Note 9 - Warrants - Warrants Valuation Assumptions (Details) link:calculationLink link:definitionLink link:presentationLink 048 - Disclosure - Note 10 - Contract with the NIH and NIAID (Details Textual) link:calculationLink link:definitionLink link:presentationLink 049 - Disclosure - Note 11 - Collaboration Agreements 1 (Details Textual) link:calculationLink link:definitionLink link:presentationLink 050 - Disclosure - Note 11 - Collaboration Agreements 2 (Details Textual) link:calculationLink link:definitionLink link:presentationLink 051 - Disclosure - Note 12 - Net Loss Per Share - Basic and Diluted Net Loss Per Share (Details) link:calculationLink link:definitionLink link:presentationLink 052 - Disclosure - Note 12 - Net Loss Per Share - Antidilutive Securities (Details) link:calculationLink link:definitionLink link:presentationLink EX-101.CAL 16 args-20180930_cal.xml XBRL CALCULATION FILE EX-101.DEF 17 args-20180930_def.xml XBRL DEFINITION FILE EX-101.LAB 18 args-20180930_lab.xml XBRL LABEL FILE Document And Entity Information Dividend yield Note To Financial Statement Details Textual Significant Accounting Policies Note 1 - Organization and Basis of Presentation Note 2 - Fair Value of Financial Instruments Risk-free interest rate args_CommonStockSalesAgreementAmount Common Stock Sales Agreement, Amount Represents the amount of the sales agreement for the issuance and sale of common stock from time to time in "at-the-market" offerings. Note 4 - Property and Equipment and Assets Held for Sale Note 6 - Notes Payable and Gain on Early Extinguishment of Debt Cowen and Company LLC [Member] Represents Cowen and Company LLC. Note 8 - Stock Incentive Plans Note 9 - Warrants Note 12 - Net Loss Per Share Note 1 - Organization and Basis of Presentation - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) Income Tax Disclosure [Text Block] Note 2 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) Note 2 - Fair Value of Financial Instruments - Changes in Fair Value for Warrants (Details) Note 2 - Fair Value of Financial Instruments - Financial Instruments (Details) Note 4 - Property and Equipment and Assets Held for Sale - Property and Equipment (Details) Volatility us-gaap_LiabilitiesCurrent Liabilities, Current, Total Total current liabilities Note 4 - Property and Equipment and Assets Held for Sale - Depreciation and Amortization Expense (Details) Note 6 - Notes Payable and Gain on Early Extinguishment of Debt - Notes Payable (Details) Schedule of Debt [Table Text Block] Note 8 - Stock Incentive Plans - Stock-based Compensation Expense (Details) Note 8 - Stock Incentive Plans - Stock Option Activity (Details) Note 8 - Stock Incentive Plans - Stock Option Valuation Assumptions (Details) Expected option term (Year) Note 9 - Warrants - Outstanding Warrants (Details) Note 9 - Warrants - August 2016, Warrants (Details) Note 9 - Warrants - Warrants Valuation Assumptions (Details) Note 12 - Net Loss Per Share - Basic and Diluted Net Loss Per Share (Details) Note 12 - Net Loss Per Share - Antidilutive Securities (Details) Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] Notes To Financial Statements Notes To Financial Statements [Abstract] Share-based Compensation, Stock Options, Activity [Table Text Block] Significant Accounting Policies [Policy Text Block] Disclosure of accounting policy for material changes in significant accounting policies. us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period Foreign currency translation gain (loss) us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1 Weighted Average Contractual Term, Vested and Expected to Vest (Year) us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber Number of Shares Vested and Expected to Vest (in shares) us-gaap_LongTermDebtCurrent Less current portion Other comprehensive gain (loss) us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice Weighted Average Exercise Price, Vested and Expected to Vest (in dollars per share) us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice Weighted Average Exercise Price, Exercisable (in dollars per share) us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1 Weighted Average Contractual Term, Exercisable (Year) Notes payable Current portion of other convertible notes Grant [Member] us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber Number of Shares Exercisable (in shares) args_ReductionInDeferredLiability Reduction in Deferred Liability Amount of deferred liability reduced during the period. args_ReductionInNotesPayable Reduction in Notes Payable Amount of notes payable reduced during the period. us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 Weighted Average Contractual Term, Outstanding, Ending Balance (Year) Financial Instruments [Domain] us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice Weighted Average Exercise Price, Outstanding, Beginning Balance (in dollars per share) Weighted Average Exercise Price, Outstanding, Ending Balance (in dollars per share) Financial Instrument [Axis] us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice Weighted Average Exercise Price, Cancelled (in dollars per share) us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice Weighted Average Exercise Price, Granted (in dollars per share) us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice Weighted Average Exercise Price, Exercised (in dollars per share) Accrued expenses Accounts payable us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber Number of Shares Outstanding, Beginning Balance (in shares) Number of Shares Outstanding, Ending Balance (in shares) us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod Number of Shares Cancelled (in shares) Purchase of property and equipment included in accounts payable and accrued expenses Proceeds from sale of property and equipment Proceeds from Sale of Property, Plant, and Equipment, Total Credit Facility [Axis] Credit Facility [Domain] us-gaap_PolicyTextBlockAbstract Accounting Policies us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumEmployeeSubscriptionRate Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate Issuance of warrants in exchange for early extinguishment of debt The amount of warrants issued in exchange for early extinguishment of debt in noncash investing and financing activities. us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent us-gaap_PaymentsToAcquirePropertyPlantAndEquipment Purchase of property and equipment us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized Supplemental disclosure of noncash investing and financing activities us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized Current liabilities us-gaap_Assets Total assets Supplemental disclosure of cash flow information us-gaap_LongTermDebtFairValue Long-term Debt, Fair Value Plan Name [Axis] Plan Name [Domain] us-gaap_DeferredCreditsAndOtherLiabilitiesNoncurrent Deferred Credits and Other Liabilities, Noncurrent us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense Employee Service Share-based Compensation, Tax Benefit from Compensation Expense args_LeaseTerminationFee Lease Termination Fee Represents the amount of fee associated with a lease termination. Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Power Generation Agreements [Member] A capital lease agreement with an electric utility company. Under the Power Generation Agreements, the electric utility company will design, procure, install, own and maintain equipment at the Company’s new corporate headquarters and primary manufacturing facility. Warrants [Text Block] The entire disclosure for warrants. Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] Equity Award [Domain] Warrant Liabilities [Member] Liabilities outstanding derivative securities that permit the holder the right to purchase securities (usually equity) from the issuer at a specified price. Award Type [Axis] Net loss Net loss Net loss Restricted Stock [Member] Convertible Debt Securities [Member] Employee Stock Option [Member] Warrant [Member] Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] Antidilutive Securities [Axis] Antidilutive Securities, Name [Domain] Underwritten Offering [Member] Underwritten offering means a purchase and sale. It is a method of underwriting in which an underwriter buys an issue for his/her own account and then attempts to sell the issue to other investors. If the underwriter failed in placing the issue, he/she keeps what remains. args_TotalPurchasePriceOfSharesAndWarrantsSold Total Purchase Price of Shares and Warrants Sold The total purchase price of shares and warrants sold to investors by the company. us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment Less: Accumulated depreciation and amortization Property and equipment, net Property and equipment, net Expiration date Date the warrants or rights are expired, in CCYY-MM-DD format. August 2016, Warrant [Member] Represent the warrants issued in August 2016. Property and equipment, gross Valuation per common share underlying each warrant (in dollars per share) The value per common share underlying each instrument. args_DebtInstrumentPrincipalBalance Debt Instrument, Principal Balance The outstanding principal amount of debt instrument at balance sheet date. CTI Facility [Member] The manufacturing and office space at the Center of Technology Innovation on the Centennial Campus of North Carolina State University in Raleigh, North Carolina. us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest Total comprehensive loss Cash flows from investing activities Extinguishment of Debt, Type [Domain] Current portion of restructuring obligation us-gaap_IncreaseDecreaseInRestructuringReserve Earnings Per Share [Text Block] us-gaap_ExtinguishmentOfDebtAmount Extinguishment of Debt, Amount Manufacturing research and development obligation Extinguishment of Debt [Axis] Interest accrued on long-term debt us-gaap_IncomeTaxExpenseBenefit Income Tax Expense (Benefit), Total Accrued expenses us-gaap_IncreaseDecreaseInAccruedLiabilities Accounts payable us-gaap_IncreaseDecreaseInAccountsPayable args_DebtInstrumentConvertibleConversionPrerequisiteOwnershipPercentageCanNotExceedIfConverted Debt Instrument, Convertible, Conversion Prerequisite, Ownership Percentage Can Not Exceed If Converted The percentage of ownership percentage that can't be exceed if convertible debt converted. args_PercentageOfOutstandingCommonStockOwnedByRelatedParty Percentage of Outstanding Common Stock Owned by Related Party The percentage of outstanding common stock that is owned by a related party of the company. us-gaap_OperatingExpenses Total operating expenses Convertible Note Payable to Pharmstandard [Member] A note purchase agreement with Pharmstandard International S.A. us-gaap_DebtInstrumentTerm Debt Instrument, Term us-gaap_RestrictedCash Restricted Cash, Total General and administrative Restricted cash included in current assets us-gaap_DebtInstrumentIncreaseAccruedInterest Debt Instrument, Increase, Accrued Interest Cash and cash equivalents Cash and cash equivalents Cash and Cash Equivalents, at Carrying Value, Ending Balance us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities Deferred liabilities us-gaap_DebtInstrumentConvertibleConversionPrice1 Debt Instrument, Convertible, Conversion Price Stock-based compensation expense Allocated Share-based Compensation Expense, Total Change in fair value during the period Amendment Flag 43 Employees [Member] Represents 43 employees. args_DebtInstrumentPrepaymentPenaltyWaivedInExchangeForIssuanceOfWarrants Debt Instrument, Prepayment Penalty Waived in Exchange for Issuance of Warrants Prepayment penalty under the debt instrument that was waived by the lenders in exchange for the issuance of warrants. args_DebtInstrumentFinalPaymentWaivedInExchangeForIssuanceOfWarrants Debt Instrument, Final Payment Waived in Exchange for Issuance of Warrants Final payment under the debt instrument that was waived by the lenders in exchange for the issuance of warrants. Use of Estimates, Policy [Policy Text Block] us-gaap_DebtInstrumentPeriodicPayment Debt Instrument, Periodic Payment, Total New Accounting Pronouncements, Policy [Policy Text Block] Medpace, Inc. [Member] Represents Medpace, Inc. us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid us-gaap_GainLossOnSaleOfPropertyPlantEquipment (Gain) loss on disposal of equipment Common stock, shares outstanding (in shares) Preferred stock, shares outstanding (in shares) args_PaymentOfResearchAndDevelopmentObligation Payment of Research and Development Obligation The cash outflow for research and development obligation during the period. Warrant Liability [Member] Represents the warrant liability. Current Fiscal Year End Date us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 Debt Instrument, Basis Spread on Variable Rate us-gaap_DebtInstrumentInterestRateStatedPercentage Debt Instrument, Interest Rate, Stated Percentage Lease Arrangement, Type [Axis] Lease Arrangement, Type [Domain] us-gaap_DebtInstrumentInterestRateEffectivePercentage Debt Instrument, Interest Rate, Effective Percentage us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets Prepaid expenses and other receivables Document Fiscal Period Focus Document Fiscal Year Focus Document Period End Date args_LeaseArrangementRefundOfSecurityDeposit Lease Arrangement, Refund of Security Deposit The amount agreed to be returned on a security deposit for a leasing arrangement. Entity Emerging Growth Company Entity Ex Transition Period us-gaap_DebtInstrumentFaceAmount Debt Instrument, Face Amount Document Type Centerpoint Facility [Member] A facility in Durham County, North Carolina (“Centerpoint”), which the Company intended to be built to house the Company’s corporate headquarters and primary manufacturing facility. Gain on early extinguishment of debt Gain (Loss) on Extinguishment of Debt, Total Gain on early extinguishment of debt Entity Small Business Employee [Member] Represents an employee of the company. Document Information [Line Items] Document Information [Table] us-gaap_AreaOfRealEstateProperty Area of Real Estate Property us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue Balance Balance us-gaap_SeveranceCosts1 Severance Costs Entity Filer Category Debt Instrument [Axis] Entity Current Reporting Status Debt Instrument, Name [Domain] Restructuring costs Restructuring Charges, Total args_PaymentsForUnpaidConstruction Payments for Unpaid Construction The amount of cash outflow for unpaid construction. London Interbank Offered Rate (LIBOR) [Member] dei_EntityNumberOfEmployees Entity Number of Employees Variable Rate [Domain] us-gaap_ImpairmentOfLongLivedAssetsHeldForUse Impairment of Long-Lived Assets Held-for-use Variable Rate [Axis] Statement of Comprehensive Income [Abstract] Impairment loss on property and equipment Impairment of Long-Lived Assets to be Disposed of Entity Central Index Key Entity Registrant Name Liability Class [Axis] Fair Value by Liability Class [Domain] Entity [Domain] Legal Entity [Axis] Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] args_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumAutomaticAnnualIncrease Share-based Compensation Arrangement by Share-based Payment Award, Maximum Automatic Annual Increase Represents the maximum number of shares that may automatically be added to the share-based compensation plan on the first day of each fiscal year until the specified final year. args_ShareBasedCompensationArrangementByShareBasedPaymentAwardFutureIncreasesInTheNumberOfSharesAuthorizedPercentOfSharesOutstanding Share-based Compensation Arrangement by Share-based Payment Award, Future Increases in the Number of Shares Authorized, Percent of Shares Outstanding Represents the future increases planned to be added, through yearly increases, to the maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors) for awards under the equity-based compensation plan, expressed as a percentage of the outstanding shares of common stock. args_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorizedBeforeAnnualIncreases Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized, Before Annual Increases The maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), before planned future annual increases, for awards under the equity-based compensation plan. args_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumFutureIncreasesInTheNumberOfSharesAuthorized Share-based Compensation Arrangement by Share-based Payment Award, Maximum Future Increases in the Number of Shares Authorized Represents the maximum future increases planned to be added, through yearly increases, to the maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors) for awards under the equity-based compensation plan. Entity Common Stock, Shares Outstanding (in shares) Investments [Domain] Trading Symbol Investment Type [Axis] us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities Stock Issued During Period, Value, Conversion of Convertible Securities us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities Stock Issued During Period, Shares, Conversion of Convertible Securities Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised Number of Shares Exercised (in shares) us-gaap_TableTextBlock Notes Tables us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross Stock Issued During Period, Shares, Restricted Stock Award, Gross us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross Stock Issued During Period, Value, Restricted Stock Award, Gross Related Party [Axis] Related Party [Domain] us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross Stock Issued During Period, Shares, Share-based Compensation, Gross us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross Warrants and rights outstanding, measurement input Warrants and Rights Outstanding, Measurement Input Arrangements and Non-arrangement Transactions [Domain] us-gaap_StockIssuedDuringPeriodSharesNewIssues Stock Issued During Period, Shares, New Issues us-gaap_LiabilitiesAndStockholdersEquity Total liabilities and stockholders’ deficit us-gaap_CashUninsuredAmount Cash, Uninsured Amount us-gaap_StockIssuedDuringPeriodValueNewIssues Stock Issued During Period, Value, New Issues args_RestrictedStockAwardsGrantedInLieuOfAnnualCashBonusesSharesPercentageOfAnnualCashBonusUsedInCalculation Restricted Stock Awards Granted in Lieu of Annual Cash Bonuses, Shares, Percentage of Annual Cash Bonus Used in Calculation Represents the percentage of the annual cash bonus that would otherwise have been paid, by which the closing price of common stock is divided in the calculation of the number of restricted stock awards granted in lieu of annual cash bonuses. Accumulated deficit Retained Earnings (Accumulated Deficit), Ending Balance Research and development Accumulated other comprehensive loss Money Market Funds [Member] Debt Disclosure [Text Block] us-gaap_InterestExpense Interest expense Measurement Input, Price Volatility [Member] Warrant Five [Member] Represents information pertaining to the fifth warrant in a series of warrants. Changes in operating assets and liabilities: us-gaap_DebtRelatedCommitmentFeesAndDebtIssuanceCosts Debt Related Commitment Fees and Debt Issuance Costs Measurement Input, Risk Free Interest Rate [Member] us-gaap_DisclosureTextBlockAbstract Notes to Financial Statements Subsequent Event [Member] Measurement Input, Expected Dividend Rate [Member] Schedule of Cash and Cash Equivalents [Table Text Block] Measurement Input, Expected Term [Member] args_IncreaseInUnattainedFundsContractedCommitment Increase in Unattained Funds, Contracted Commitment Represents the amount of increase in unattained funds related to a contracted commitment. Subsequent Event Type [Axis] Measurement Input, Exercise Price [Member] Subsequent Event Type [Domain] Measurement Input Type [Axis] Measurement Input Type [Domain] Pharmstandard and Actigen Option Agreement [Member] Represents information pertaining to the Pharmstandard and Actigen Option Agreement. args_CollaborativeArrangementUpfrontLicenseFee Collaborative Arrangement, Upfront License Fee The amount of upfront license fee that payable upon execution of the agreement. Decrease in fair value of warrant liability Change in fair value of warrant liability args_CollaborativeArrangementRoyaltyPaymentMinimumTerm Collaborative Arrangement, Royalty Payment, Minimum Term The minimum term for royalty payment pursuant to the agreement. Warrant Three [Member] Represents warrant three. Compensation expense related to stock options Share-based Compensation, Total Other assets args_CollaborativeArrangementDevelopmentAndRegulatoryMilestonePayments Collaborative Arrangement, Development and Regulatory Milestone Payments The amount of development and regulatory milestone payments pursuant to the agreement. Title of Individual [Axis] Relationship to Entity [Domain] args_CollaborativeArrangementDevelopmentExpendituresCreditedAsPrepaidRoyalties Collaborative Arrangement, Development Expenditures Credited as Prepaid Royalties The amount of development expenditures would credit as prepaid royalties pursuant to the agreement. Lummy License Agreement [Member] Represents the information pertaining to Lummy License Agreement. us-gaap_Revenues Revenues, Total Operating expenses Assets at fair value args_StockPurchaseAgreementAggregatePurchasePrice Stock Purchase Agreement, Aggregate Purchase Price The aggregate purchase price for share issued or issuable pursuant to the stock purchase agreement. us-gaap_LesseeOperatingLeaseTermOfContract Lessee, Operating Lease, Term of Contract args_ProceedsFromMilestonePayments Proceeds from Milestone Payments Cash received from milestone payments. us-gaap_StockholdersEquityNoteStockSplitConversionRatio1 Stockholders' Equity Note, Stock Split, Conversion Ratio Depreciation and amortization Three months ended September 30, 2017 Liabilities at fair value us-gaap_AssetsCurrent Assets, Current, Total Total current assets Stockholders' Equity Note Disclosure [Text Block] Common stock $0.001 par value; 200,000,000 shares authorized as of December 31, 2017 and September 30, 2018; 5,906,620 and 10,586,661 shares issued and outstanding as of December 31, 2017 and September 30, 2018 Assets held for sale Adjustments to reconcile net loss to net cash used in operating activities Measurement Frequency [Axis] Fair Value, Measurement Frequency [Domain] Fair Value, Measurements, Recurring [Member] Common stock, shares authorized (in shares) Common stock, shares issued (in shares) Common stock, par value (in dollars per share) us-gaap_CommonStockCapitalSharesReservedForFutureIssuance Common Stock, Capital Shares Reserved for Future Issuance Range [Domain] Maximum [Member] Product and Service [Axis] Product and Service [Domain] Range [Axis] Preferred stock $0.001 par value; 5,000,000 shares authorized as of December 31, 2017 and September 30, 2018; 0 shares issued and outstanding as of December 31, 2017 and September 30, 2018 Preferred stock, shares issued (in shares) Cash paid for interest Property, Plant and Equipment Disclosure [Text Block] Property, Plant and Equipment [Table Text Block] Preferred stock, shares authorized (in shares) Preferred stock, par value (in dollars per share) Revenue Revenue from Contract with Customer, Including Assessed Tax us-gaap_ProceedsFromLoans Proceeds from Loans Fair Value, Inputs, Level 3 [Member] Issuance of common shares for research and development license agreement Fair value of share-based compensation granted to nonemployees as payment for research and development license agreement. Fair Value Hierarchy and NAV [Domain] Customer [Axis] Extinguishment of Research and Development Obligation to Saint-Gobain [Member] Represents the extinguishment of research and development obligation to Saint-Gobain. Customer [Domain] Fair Value, Inputs, Level 1 [Member] Convertible Promissory Note to Saint-Gobain [Member] Information pertaining to the convertible promissory note payable to Saint-Gobain. Fair Value, Inputs, Level 2 [Member] Fair Value Hierarchy and NAV [Axis] us-gaap_ProceedsFromLicenseFeesReceived Proceeds from License Fees Received args_RevenueFromContractWithCustomerRemibursementOfCosts Revenue from Contract with Customer, Remibursement of Costs Amount of revenue from contract for reimbursement of costs from research and development. Construction in Progress [Member] Lummy Co. Ltd. [Member] Lummy (Hong Kong) Co. Ltd. Entity in which the company entered into a license agreement. Cash flows from operating activities Milestone [Member] Amounts recognized for successful completion of milestones. Revenue Recognition, Policy [Policy Text Block] Total liability for warrants on the consolidated balance sheet Warrants and Rights Outstanding Statement [Line Items] Quarters Ending June 30, 2018 Through September 30, 2018 [Member] Represents information pertaining to Quarters Ending June 30, 2018 through September 30, 2018. us-gaap_AccountsReceivableNetCurrent Accounts Receivable, Net, Current, Total Quarters Ending December 31, 2018 Through March 31, 2019 [Member] Represents information pertaining to quarters ending December 31, 2018 through March 31, 2019. Additional paid-in capital Isolators [Member] Information pertaining to isolators. args_NumberOfIsolatorsSold Number of Isolators Sold Represents the number of isolators sold during the period. Stockholders’ deficit Leasehold Improvements [Member] us-gaap_OtherNonoperatingIncomeExpense Other income (expense) Property, Plant and Equipment, Type [Axis] us-gaap_NonoperatingIncomeExpense Other income (expense), net Property, Plant and Equipment, Type [Domain] Current assets Fair Value Disclosures [Text Block] Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations Beginning of period End of period License [Member] us-gaap_SecurityDeposit Security Deposit Private Placement [Member] Interest income us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect Net decrease in cash and cash equivalents Net cash (used in) provided by financing activities Commitments Sale of Stock [Axis] Sale of Stock [Domain] us-gaap_OperatingIncomeLoss Operating loss us-gaap_ContractWithCustomerLiabilityRevenueRecognized Contract with Customer, Liability, Revenue Recognized us-gaap_NetCashProvidedByUsedInOperatingActivities Net cash used in operating activities Prepaid expenses us-gaap_NetCashProvidedByUsedInInvestingActivities Net cash (used in) provided by investing activities Effect of exchange rate changes on cash Counterparty Name [Axis] Counterparty Name [Domain] Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] us-gaap_ContractWithCustomerLiability Contract with Customer, Liability, Total Other income (expense) args_RestrictedStockAwardsLapsingRightOfRepurchasePercentageOfUnderlyingShares Restricted Stock Awards, Lapsing Right of Repurchase, Percentage of Underlying Shares Each of the restricted stock awards is subject to a lapsing right of repurchase in the Company’s favor, which right will lapse with respect to a percentage of the underlying shares of each award assuming such executive or employee is still providing services to the Company on such date. us-gaap_ProceedsFromWarrantExercises Proceeds from Warrant Exercises Reverse Stock Split [Member] The conversion of a reverse stock split where there is a reduction in the shares outstanding. Net proceeds from sale of common stock Proceeds from Issuance of Common Stock Financial Instruments [Table Text Block] Tabular disclosure of financial instruments which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to financial instruments. Gross Unrealized Holding Gains Amount before tax of unrealized gain in accumulated other comprehensive income (AOCI) on investments classified as financial instruments. Office Furniture and Equipment [Member] Represents office furniture and equipment. Amortized Cost Basis This item represents the cost of financial instruments, net of adjustments including accretion, amortization, collection of cash, previous other-than-temporary impairments recognized in earnings (less any cumulative-effect adjustments recognized, as defined), and fair value hedge accounting adjustments, if any. Aggregate Fair Value Amount of investment in financial instruments. Additional Paid-in Capital [Member] Gross Unrealized Holding Losses Amount before tax of unrealized loss in accumulated other comprehensive income (AOCI) on investments in financial instruments. Laboratory Equipment [Member] Represents laboratory equipment. Common Stock [Member] Computer Software [Member] Represents computer software. Depreciation and Amortization Expense [Member] Represents depreciation and amortization expense related to property plant and equipment. Proceeds from exercise of employee stock purchase plan shares Venture Loan and Security Agreement [Member] Represents the venture loan and security agreement. Equity Components [Axis] Equity Component [Domain] Long-term debt Long-term debt Long-term Debt, Total Exercise price (in dollars per share) Class of Warrant or Right, Exercise Price of Warrants or Rights Class of Warrant or Right [Axis] args_DebtInstrumentTrancheAmount Debt Instrument Tranche Amount Represents the amount of the tranche for the loan facility. us-gaap_RevenueRemainingPerformanceObligation Revenue, Remaining Performance Obligation, Amount Class of Warrant or Right [Domain] Nonsoftware License Arrangement [Member] us-gaap_NotesPayable Notes Payable, Total Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis] Primary Tranche [Member] Represents the first tranche of the debt facility. Secondary Tranche [Member] Represents the second tranche of the debt facility. Deferred Revenue Arrangement Type [Axis] Deferred Revenue [Domain] Number of Shares Called by Warrants (in shares) Number of shares (in shares) Class of Warrant or Right, Number of Securities Called by Warrants or Rights LIBOR Rate In Excess of a Half a Percent [Member] Represents the LIBOR rate in excess of 0.5%. us-gaap_RoyaltyGuaranteesCommitmentsAmount Royalty Guarantees, Commitments, Amount us-gaap_DeferredRevenueAdditions Deferred Revenue, Additions Secondary Payment Period [Member] Represents the secondary payment period. Primary Payment Period [Member] Represents the primary payment period or the payments period that comes first. args_DebtInstrumentPrepaymentPenaltyPercentageOfBalance Debt Instrument, Prepayment Penalty, Percentage of Balance Represents the percentage of the outstanding loan amount that will be assessed as a penalty for prepayment of the debt. Prepayment on or Before Twenty Four Months of Funding Date [Member] Represents prepayment on or before 24 months of the funding date. us-gaap_DeferredRevenue Deferred Revenue Prepayment After Thirty Six Months of Funding Date [Member] Represents prepayment after 36 months of funding date. Prepayment After Twenty Four Months But on or Before Thirty Six Months [Member] Represent the time period between 24 and 36 months of the funding date. us-gaap_RevenueRecognitionMilestoneMethodRevenueRecognized Revenue Recognition, Milestone Method, Revenue Recognized us-gaap_RepaymentsOfLongTermDebt Repayments of Long-term Debt, Total December 2013 Note [Member] Represents the note from December 2013. us-gaap_RepaymentsOfLongTermCapitalLeaseObligations Payments on capital lease obligations Manufacturing License [Member] Represents the manufacturing license. July 2012 Note [Member] Represents Master Lease Agreement entered into in July 2012. Computer Equipment [Member] Cash and Cash Equivalents, Policy [Policy Text Block] us-gaap_DebtInstrumentUnamortizedDiscount Debt Instrument, Unamortized Discount, Total November 2013 Note [Member] Represents borrowing from November 2013. args_DebtInstrumentNumberOfPayments Debt Instrument, Number of Payments Number of payments for the debt instrument. General and Administrative Expense [Member] args_DebtInstrumentOnemonthLiborBasisRate Debt Instrument, One-Month LIBOR Basis Rate Represents basis rate for a debt instrument. Accounting Policies [Abstract] Basis of Accounting, Policy [Policy Text Block] Concentration Risk Disclosure [Text Block] Nonoperating Income (Expense) [Member] Operating Expense [Member] Proceeds from issuance of convertible note payable args_ResearchAndDevelopmentObligationDeferredFees Research and Development Obligation Deferred Fees Represents the deferred fees of the R&D obligation. Research and Development Expense [Member] Restructuring Charges [Member] Income Statement Location [Axis] args_LesseeLeasingArrangementsOperatingLeasesNumberOfRenewalTerms Lessee Leasing Arrangements, Operating Leases, Number of Renewal Terms Represents the number of renewal terms of a leasing arrangement. Income Statement Location [Domain] Nonmonetary Transaction Type [Domain] Type of Arrangement and Non-arrangement Transactions [Axis] Nonmonetary Transaction Type [Axis] Convertible note payable to related party Weighted average common shares outstanding, basic and diluted (in shares) Weighted average common shares outstanding, basic and diluted (in shares) us-gaap_RepaymentsOfNotesPayable Payments on notes payable Closing underlying stock price on date of valuation (in dollars per share) Share Price Antidilutive Securities (in shares) Convertible Note Payable to Invetech Pty Ltd [Member] Represents information pertaining to convertible note payable to Invetech Pty Ltd. us-gaap_ProceedsFromNotesPayable Proceeds from Notes Payable, Total args_DebtInstrumentPeriodicPaymentCash Debt Instrument, Periodic Payment, Cash Amount of the required periodic payments that are cash. Net loss per share, basic and diluted (in dollars per share) Scenario, Forecast [Member] The 2014 Plan [Member] Information related to the 2014 Stock Incentive Plan. args_DebtInstrumentPeriodicPaymentSharesIssueValue Debt Instrument, Periodic Payment, Shares Issue, Value Amount of the required periodic payments that are paid by issuance of common stock. args_SharebasedCompensationArrangementBySharebasedPaymentAwardNumberOfSharesAuthorizedPercentOfSharesOutstanding Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized, Percent of Shares Outstanding Percent of the Company's shares outstanding. args_DebtInstrumentCovenantAccruedAndUnpaidInterestReduction Debt Instrument, Covenant, Accrued and Unpaid Interest Reduction The amount of accrued and unpaid interest can be forgave if certain covenants are meet. args_EmployeeStockPurchasePlanESPPNumberOfSharesAllocated Employee Stock Purchase Plan (ESPP), Number of Shares Allocated Represents the employee stock purchase plan number of shares allocated. Asset Class [Axis] The 2014 ESPP [Member] Information related to the 2014 Employee Stock Purchase Plan. Asset Class [Domain] Statement [Table] Scenario [Axis] Statement of Financial Position [Abstract] Scenario, Unspecified [Domain] Lenders and Affiliates [Member] Represents lenders and affiliates. Employee Stock Purchase Plan [Member] Represents the Employee Stock Purchase Plan ("ESPP"). Stock Option Plans [Member] Represents stock option plans. Warrant Two [Member] Represents warrant two. Warrant One [Member] Represents warrant one. Statement of Cash Flows [Abstract] NIH & NIAID [Member] Represents the National Institutes of Health (“NIH”) and the National Institute of Allergy and Infectious Diseases (“NIAID”). args_UnattainedFundsContractedCommitment Unattained Funds, Contracted Commitment Unattained funds related to a contracted commitment. Income Statement [Abstract] Other Specified [Member] Represents other specified expenses. us-gaap_RestructuringAndRelatedCostNumberOfPositionsEliminated Restructuring and Related Cost, Number of Positions Eliminated Lummy HK [Member] Represents information pertaining to Lummy HK. args_CommonStockSalesAgreementCommissionOfGrossProceeds Common Stock Sales Agreement, Commission of Gross Proceeds The percentage of commission of gross proceeds paid in the common stock sales agreement. Other Notes Payable [Member] Represents the notes payable that are classified other. args_ClassOfWarrantOrRightTerm Class of Warrant or Right, Term Represents term of warrant or right. Long-term Contracts or Programs Disclosure [Text Block] Type of Restructuring [Domain] args_ClassOfWarrantOrRightExercisedDuringPeriod Class of Warrant or Right, Exercised During Period The number of warrants or rights exercised during period Investors [Member] Represents certain investors (the “Investors”), including Pharmstandard, Forargos B.V., Tianyi Lummy International Holdings Group Ltd. (“Tianyi Lummy”), China BioPharma Capital I, L.P. (“China BioPharma”), TVM V Life Science Ventures GmbH & Co. KG and Wasatch Funds Trust. Alexey Vinogradov, Andrei Petrov, Hubert Birner and Sander van Deventer (collectively, the “Investor Directors”), who are members of the Company’s board of directors, are affiliated with certain of the Investors. Employee Severance [Member] Restructuring and Related Activities Disclosure [Text Block] Fair Value, Assets Measured on Recurring Basis [Table Text Block] Restructuring Type [Axis] Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] Warrant Four [Member] Represents warrant four. Cash flows from financing activities Quarters Ending June 30, 2018 Through March 31, 2019 [Member] Represents information pertaining to Quarters Ending June 30, 2018 through March 31, 2019. Quarters Ending June 30, 2019 Through June 30, 2020 [Member] Represents information pertaining to Quarters Ending June 30, 2019 through June 30, 2020. Extinguishment of Research and Development Obligation to Invetech [Member] Represents the extinguishment of research and development obligation to Invetech. Stock Purchase Agreement with Lummy HK [Member] Represents the information pertaining to stock purchase agreement with Lummy HK. Quarters Ending December 31,2017 and March 31, 2018 [Member] Represents information pertaining to Quarters Ending December 31,2017 and March 31, 2018. Warrants Deferred liabilities us-gaap_ContractWithCustomerLiabilityNoncurrent Contract with Customer, Liability, Noncurrent us-gaap_StockholdersEquity Total stockholders’ deficit Class of Stock [Axis] Sales Agreement, At-the-market Offering [Member] Represents the sales agreement, consisting of an at-the-market offering. Long-term portion of notes payable and convertible notes payable us-gaap_LongTermDebtNoncurrent Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] args_RoyaltiesPercentOfNetSales Royalties Percent of Net Sales The royalty percentage of net sales. args_RoyaltyContractTerm Royalty Contract Term Term of royalty contract Pharmstandard [Member] Represents Pharmstandard, a largest stockholder of the company. Initial Submission of Application for Regulatory Approval [Member] Represents initial submission of application for regulatory approval. Green Cross [Member] Represents Green Cross. Medinet [Member] Represents Medinet. us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit Developmental and Regulatory Milestones [Member] Represents development and regulatory milestones. Long-term portion of other convertible notes Below Market Rate Adjustment [Member] Represents below market rate adjustment. Other receivables args_LicenseAgreementRoyaltyTerm License Agreement Royalty Term Represents the royalty term for the license agreement. us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit args_RevenueRecognitionMilestoneMethodMaximumRevenue Revenue Recognition Milestone Method, Maximum Revenue Represents the maximum royalty revenue that the entity can receive per the agreement. EX-101.PRE 19 args-20180930_pre.xml XBRL PRESENTATION FILE XML 20 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document And Entity Information - shares
9 Months Ended
Sep. 30, 2018
Nov. 17, 2018
Document Information [Line Items]    
Entity Registrant Name ARGOS THERAPEUTICS INC  
Entity Central Index Key 0001105533  
Trading Symbol args  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Current Reporting Status Yes  
Entity Emerging Growth Company true  
Entity Small Business true  
Entity Common Stock, Shares Outstanding (in shares)   10,586,661
Document Type 10-Q  
Document Period End Date Sep. 30, 2018  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Entity Ex Transition Period true  
XML 21 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents $ 7,940,790 $ 15,188,838
Assets held for sale 600,000
Prepaid expenses 1,044,157 1,252,134
Other receivables 56,751 143,449
Total current assets 9,041,698 17,184,421
Property and equipment, net 1,828,182 3,582,323
Other assets 11,020 11,020
Total assets 10,880,900 20,777,764
Current liabilities    
Accounts payable 327,001 970,650
Accrued expenses 2,519,088 1,263,867
Notes payable 4,983,494 4,972,649
Current portion of other convertible notes 1,540,000 2,350,000
Total current liabilities 9,369,583 9,557,166
Convertible note payable to related party 6,744,420 6,302,959
Long-term portion of other convertible notes 5,218,776 5,830,583
Deferred liabilities 2,121,000 8,153,500
Warrants 167,636
Commitments
Stockholders’ deficit    
Preferred stock $0.001 par value; 5,000,000 shares authorized as of December 31, 2017 and September 30, 2018; 0 shares issued and outstanding as of December 31, 2017 and September 30, 2018 0 0
Common stock $0.001 par value; 200,000,000 shares authorized as of December 31, 2017 and September 30, 2018; 5,906,620 and 10,586,661 shares issued and outstanding as of December 31, 2017 and September 30, 2018 10,587 5,907
Accumulated other comprehensive loss (129,045) (125,864)
Additional paid-in capital 373,700,536 363,450,204
Accumulated deficit (386,154,957) (372,564,327)
Total stockholders’ deficit (12,572,879) (9,234,080)
Total liabilities and stockholders’ deficit $ 10,880,900 $ 20,777,764
XML 22 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares
Sep. 30, 2018
Dec. 31, 2017
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized (in shares) 5,000,000 5,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares issued (in shares) 10,586,661 5,906,620
Common stock, shares outstanding (in shares) 10,586,661 5,906,620
XML 23 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenue $ 1,247,254 $ 53,497 $ 7,234,434 $ 228,449
Operating expenses        
Research and development 3,324,591 4,550,353 12,794,036 17,585,134
General and administrative 3,015,182 2,879,011 8,009,830 9,521,769
Impairment loss on property and equipment 27,204,349
Restructuring costs 679,013 6,031,779
Total operating expenses 6,339,773 8,108,377 20,803,866 60,343,031
Operating loss (5,092,519) (8,054,880) (13,569,432) (60,114,582)
Other income (expense)        
Interest income 24,173 11,027 62,143 50,485
Interest expense (165,699) (67,211) (466,614) (1,089,971)
Gain on early extinguishment of debt 281,808 1,506,901 281,808 1,756,359
Change in fair value of warrant liability 501,870 167,636 20,681,631
Other income (expense) (48,410) 36,346 (66,172) 31,441
Other income (expense), net 91,872 1,988,933 (21,199) 21,429,945
Net loss $ (5,000,647) $ (6,065,947) $ (13,590,631) $ (38,684,637)
Net loss per share, basic and diluted (in dollars per share) $ (0.47) $ (2.08) $ (1.41) $ (16.45)
Weighted average common shares outstanding, basic and diluted (in shares) 10,586,661 2,911,800 9,607,577 2,351,839
XML 24 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Net loss $ (5,000,647) $ (6,065,947) $ (13,590,631) $ (38,684,637)
Other comprehensive gain (loss)        
Foreign currency translation gain (loss) 2,345 5,341 (3,181) 9,294
Total comprehensive loss $ (4,998,302) $ (6,060,606) $ (13,593,812) $ (38,675,343)
XML 25 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Cash flows from operating activities          
Net loss $ (5,000,647) $ (6,065,947) $ (13,590,631) $ (38,684,637)  
Adjustments to reconcile net loss to net cash used in operating activities          
Depreciation and amortization 714,275 242,471 1,657,719 733,172  
Compensation expense related to stock options     1,970,481 7,047,234  
Issuance of common shares for research and development license agreement     360,000  
Gain on early extinguishment of debt (281,808) (1,506,901) (281,808) (1,756,359)  
Impairment loss on property and equipment 27,204,349  
Decrease in fair value of warrant liability (501,870) (167,636) (20,681,631)  
(Gain) loss on disposal of equipment     66,172 (22,998)  
Interest accrued on long-term debt     466,131 512,336  
Changes in operating assets and liabilities:          
Prepaid expenses and other receivables     294,674 (402,827)  
Accounts payable     (643,649) (2,368,676)  
Accrued expenses     1,255,220 (2,751,011)  
Current portion of restructuring obligation     150,103  
Deferred liabilities     (6,032,500) (82,500)  
Manufacturing research and development obligation     (409,680)  
Net cash used in operating activities     (14,645,827) (31,513,125)  
Cash flows from investing activities          
Purchase of property and equipment     (3,674,358)  
Proceeds from sale of property and equipment     630,204 1,461,078  
Net cash (used in) provided by investing activities     630,204 (2,213,280)  
Cash flows from financing activities          
Net proceeds from sale of common stock     7,924,534 7,790,622  
Proceeds from issuance of convertible note payable     6,000,000  
Payments on notes payable     (1,153,825) (23,643,786)  
Proceeds from exercise of employee stock purchase plan shares     11,756  
Net cash (used in) provided by financing activities     6,770,709 (9,883,493)  
Effect of exchange rate changes on cash     (3,134) 9,164  
Net decrease in cash and cash equivalents     (7,248,048) (43,600,734)  
Beginning of period     15,188,838 53,713,376 $ 53,713,376
End of period $ 7,940,790 $ 10,112,642 7,940,790 10,112,642 $ 15,188,838
Supplemental disclosure of cash flow information          
Cash paid for interest     578 667,553  
Supplemental disclosure of noncash investing and financing activities          
Issuance of warrants in exchange for early extinguishment of debt     87,100  
Purchase of property and equipment included in accounts payable and accrued expenses     2,470,119  
Power Generation Agreements [Member]          
Cash flows from financing activities          
Payments on capital lease obligations     $ (42,085)  
XML 26 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 1 - Organization and Basis of Presentation
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]
1.
Organization and Basis of Presentation
 
Argos Therapeutics, Inc. (the “Company”), was incorporated in the State of Delaware on
May 
8,
1997.
The Company is an immuno-oncology company that has been focused on the development and commercialization of individualized immunotherapies for the treatment of cancer and infectious diseases based on its proprietary precision immunotherapy technology platform called Arcelis.
 
In
April 2018
the Company terminated its development program for rocapuldencel-T, its lead product candidate, which the Company had been developing for the treatment of metastatic renal cell carcinoma, or mRCC, and other cancers. Additionally, in
August 2018,
the Company ceased its support for the development of its other clinical product candidate, AGS-
004,
which it was developing for the eradication of HIV. The Company has ceased its research and development activities and has significantly reduced its workforce. Based on a review of the status of its internal programs, resources and capabilities, the Company is pursuing a strategic alternative that
may
involve an asset sale, dissolution, liquidation, wind-down or protection under bankruptcy laws. There can be
no
assurance that the Company will be able to enter into a strategic transaction on a timely basis, on terms that are favorable to the Company, or at all. If the Company decides to seek protection under the bankruptcy laws, and if the Company decides to wind down under the bankruptcy laws or otherwise, it is unclear to what extent the Company will be able to pay its obligations to creditors, and, whether and to what extent any resources will be available for distributions to the Company’s stockholders. However, based on the Company’s current resources, the Company believes that it is unlikely that any resources will be available for distributions to its stockholders and that a likely outcome of the Company’s wind-down and potential bankruptcy proceeding will be the cancellation or extinguishment of all outstanding shares in the Company without any payment or other distribution on account of those shares.
 
Prior to
April 2018,
the Company had been conducting a pivotal Phase
3
clinical trial of rocapuldencel-T in combination with sunitinib / standard of care for the treatment of newly diagnosed mRCC (“the ADAPT trial”). In
February 2017,
the independent data monitoring committee (“IDMC”), for the ADAPT trial recommended that the trial be discontinued for futility based on its planned interim data analysis. The IDMC concluded that the trial was unlikely to demonstrate a statistically significant improvement in overall survival in the combination treatment arm, utilizing the intent-to-treat population at the pre-specified number of
290
events (deaths), the original primary endpoint of the study. Notwithstanding the IDMC’s recommendation, the Company determined to continue to conduct the trial while it analyzed interim data from the trial. Following a meeting with the U.S. Food and Drug Administration (the “FDA”), the Company determined to continue the ADAPT trial until at least the pre-specified number of
290
events occurred, and to submit to the FDA a protocol amendment to increase the pre-specified number of events for the primary analysis of overall survival in the trial beyond
290
events. In
April 2018,
the Company submitted a protocol amendment to the FDA that included an amended primary endpoint analysis with
four
co-primary endpoints. Subsequently in
April 2018,
the Company conducted another interim analysis of the data from the ADAPT trial, at which time
51
new events (deaths) had occurred subsequent to the
February 2017
interim analysis. Based upon review of the interim data from this analysis, the Company determined that it was unlikely to achieve the endpoints if the trial were to be continued and decided to discontinue the ADAPT clinical trial.
 
The Company had also been developing AGS-
004,
also an Arcelis-based product candidate, for the treatment of HIV. The Company has completed Phase
1
and Phase
2
trials funded by government grants and a Phase
2b
trial that was funded in full by the National Institutes of Health (“NIH”) and the National Institute of Allergy and Infectious Diseases (“NIAID”). More recently, the Company was supporting an investigator-initiated clinical trial of AGS-
004
in adult HIV patients evaluating the use of AGS-
004
in combination with vorinostat, a latency reversing drug, for HIV eradication. In connection with the cessation of its research and development activities, the Company recently ceased its support for the trial, and enrollment was suspended.
 
Basis of Presentation and Going Concern
 
The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does
not
include all disclosures required by U.S. GAAP. Accordingly, the statements do
not
include all information and footnotes required by U.S. GAAP for annual consolidated financial statements. In the opinion of management, such interim financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of financial position, results of operations and cash flows for such periods. The results for the
three
and
nine
months ended
September 30, 2018
are
not
necessarily indicative of the results that
may
be expected for the year ended
December 31, 2018
or future operating periods. The information included in these interim financial statements should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report on Form
10
-Q and the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form
10
-K for the year ended
December 
31,
2017.
 
The Company’s consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company has evaluated principal conditions and events that
may
raise substantial doubt about its ability to continue as a going concern within
one
year from the date that these financial statements are issued. The Company has incurred losses in each year since inception and as of
September 30, 2018,
had an accumulated deficit of
$386.2
million. Also, as of
September 30, 2018,
the Company’s current assets totaled
$9.0
million compared with current liabilities of
$9.4
million, and the Company had cash and cash equivalents of
$7.9
million. Based upon its current and projected cash flow, the Company concluded there is substantial doubt about its ability to continue as a going concern within
one
year from the date that these financial statements are issued. The financial statements for the
three
and
nine
months ended
September 30, 2018
do
not
include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that
may
result from uncertainty related to the Company’s ability to continue as a going concern.
 
On
March 3, 2017,
the Company entered into a payoff letter with Horizon Technology Finance Corporation and Fortress Credit Co LLC (the “Lenders”) under a venture loan and security agreement (the “Loan Agreement”) pursuant to which the Company paid, on
March 6, 2017,
a total of
$23.1
million to the Lenders, representing the principal balance and accrued interest outstanding under the Loan Agreement in repayment of the Company’s outstanding obligations under the Loan Agreement. In addition, the Company issued to the Lenders
five
year warrants to purchase an aggregate of
5,000
shares of common stock at an exercise price of
$26.00
per share in consideration of the Lenders acceptance of
$23.1
million as payment in full. Upon the payment of the
$23.1
million and the issuance of the warrants pursuant to the payoff letter, all of the Company’s outstanding indebtedness and obligations to the Lenders under the Loan Agreement were paid in full, and the Loan Agreement and the notes thereunder were terminated.
 
In
March 2017,
the Company announced that its board of directors approved a workforce action plan designed to streamline operations and reduce operating expenses. The Company recognized
$1.2
million in severance costs, all of which was paid as of
December 31, 2017.
The Company also recognized
$3.2
million in stock-based compensation expense from the acceleration of vesting of stock options and restricted stock held by the terminated employees during the year ended
December 31, 2017.
 
In
June 2017,
the Company raised net proceeds of
$6.0
million through the issuance of a secured convertible note to Pharmstandard International S.A. (“Pharmstandard”), a collaborator and the Company’s largest stockholder, in the aggregate principal amount of
$6.0
million.
 
In
August 2017,
the Company entered into an agreement with Medpace, Inc. (“Medpace”), regarding
$1.5
million in deferred fees that the Company owed Medpace for contract research and development services. Under the agreement, the Company paid
$0.85
million of the amount during the
third
of quarter
2017
and paid the balance in
April 2018.
 
In
September 2017,
the Company entered into a satisfaction and release agreement (the “Satisfaction and Release Agreement”) with Invetech Pty Ltd (“Invetech”). Under the Invetech Satisfaction and Release Agreement, the Company agreed to make, issue and deliver to Invetech (i) a cash payment of
$0.5
million, (ii)
57,142
shares of common stock and (iii) an unsecured convertible promissory note in the original principal amount of
$5.2
million, on account of and in full satisfaction and release of all of the Company’s payment obligations to Invetech arising under the Company’s development agreement with Invetech (the “Invetech Development Agreement”) prior to the date of the Invetech Satisfaction and Release Agreement, including the Company’s obligation to pay Invetech up to a total of
$8.3
million in deferred fees, bonus payments and accrued interest.
 
In
November 2017,
the Company entered into a satisfaction and release agreement (the “Saint-Gobain Satisfaction and Release Agreement”) with Saint-Gobain Performance Plastics Corporation (“Saint-Gobain”). Under the Saint-Gobain Satisfaction and Release Agreement, the Company agreed to make, issue and deliver to Saint-Gobain (i) a cash payment of
$0.5
million, (ii)
34,499
shares of common stock, (iii) an unsecured convertible promissory note in the original principal amount of
$2.4
million, and (iv) certain specified equipment originally provided to the Company by Saint-Gobain under the development agreement with Saint-Gobain, or the (“Saint-Gobain Development Agreement”), on account of and in full satisfaction and release of all of the Company’s payment obligations to Saint-Gobain arising under the Saint-Gobain Development Agreement, prior to the date of the Saint-Gobain Satisfaction and Release Agreement, including the development fees and charges. In connection with entering into the Saint-Gobain Satisfaction and Release Agreement, the Company and Saint-Gobain entered into an amendment to the Saint-Gobain Development Agreement to extend the term to
December 31, 2019.
 
From
June 2017
through
December 31, 2017,
the Company raised proceeds of
$15.5
million through the issuance of common stock in an at-the-market offering under its sales agreement with Cowen & Company, LLC (“Cowen”). From
December 31, 2017
through
April 25, 2018,
an additional
$7.5
million of proceeds was raised. However, upon the delisting of its common stock from The Nasdaq Capital Market in
April 2018,
the Company ceased to sell any additional shares under the sales agreement.
 
On
April 23, 2018,
the Company received a notification from The Nasdaq Stock Market LLC indicating that, because the Company had indicated that it would be unable to meet the stockholders’ equity requirement for continued listing as of the
April 24, 2018
deadline that had been set by the Nasdaq Hearing Panel, the Nasdaq Hearing Panel had determined to delist the Company’s common stock from The Nasdaq Capital Market and to suspend trading in its common stock effective at the open of business on
April 25, 2018.
Following such delisting, the Company transferred its common stock to the OTCQB® Venture Market.
 
As of
September 30, 2018,
the Company had cash and cash equivalents of
$7.9
million. The Company does
not
currently have sufficient cash resources to pay all of its accrued obligations in full or to continue its business operations beyond the end of
2018.
 
In light of the termination of the development of rocapuldencel-T, cessation of the Company’s research and development activities and the Company’s cash resources, and based on a review of the status of its internal programs, resources and capabilities, the Company is pursuing a strategic alternative that
may
involve an asset sale, dissolution, liquidation, wind-down or protection under the bankruptcy laws. There can be
no
assurance that the Company will be able to enter into a strategic transaction on a timely basis, on terms that are favorable to the Company, or at all. If the Company decides to seek protection under the bankruptcy laws, and if the Company decides to wind down under the bankruptcy laws or otherwise, it is unclear to what extent the Company will be able to pay its obligations to creditors, and, whether and to what extent any resources will be available for distributions to the Company’s stockholders. However, based on the Company’s current resources, the Company believes that it is unlikely that any resources will be available for distributions to its stockholders and that a likely outcome of the Company’s wind-down and potential bankruptcy proceeding will be the cancellation or extinguishment of all outstanding shares in the Company without any payment or other distribution on account of those shares.
 
The condensed consolidated financial statements include the accounts of the Company and DC Bio Corp., the Company’s Canadian wholly-owned subsidiary, an unlimited liability corporation incorporated in the Province of Nova Scotia and Argos Therapeutics (Europe) S.à.r.l., the Company’s wholly-owned subsidiary, a société anonyme à responsabilité limitée incorporated in Luxembourg. Significant intercompany transactions and accounts have been eliminated.
 
On
January 18, 2018,
the Company effected a
one
-for-
twenty
reverse split of its common stock. All references to shares of common stock outstanding, average number of shares outstanding and per share amounts in these consolidated financial statements and notes to consolidated financial statements have been restated to reflect the reverse split on a retroactive basis.
 
Use of Estimates
 
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of 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.
 
Significant Accounting Policies
 
There have been
no
material changes in our significant accounting policies as of and for the
three
and
nine
months ended
September 30, 2018,
as compared with the significant accounting policies described in our Annual Report on Form
10
-K for the year ended
December 31, 2017,
except as described below under Revenue Recognition and Recently Adopted Accounting Standards.
 
Cash and Cash Equivalents
 
The Company considers all highly liquid investments with an original maturity of
three
months or less as of the date of purchase to be cash equivalents. Cash deposits are all in financial institutions in the United States of America, Canada and the European Union. The Company maintains cash in accounts which are in excess of federally insured limits. As of
December 31, 2017
and
September 30, 2018,
$14.7
million and
$7.7
million, respectively, in cash and cash equivalents was uninsured.
 
Revenue Recognition
 
An important part of the Company’s business strategy has been to enter into arrangements with
third
parties both to assist in the development and commercialization of its product candidates, particularly in international markets, and to in-license product candidates in order to expand its pipeline. The terms of the agreements typically include non-refundable license fees, funding of research and development, payments based upon achievement of clinical development and regulatory objectives, and royalties on product sales. The Company has adopted the provisions of the Financial Accounting Standards Board (“FASB”), Codification Topic
606,
Revenue from Contracts with Customers (“Topic
606”
). This guidance supersedes the provisions of FASB Codification Topic
605,
Revenue Recognition (“Topic
605”
).
 
Effective
January 1, 2018,
the Company adopted ASC
606,
using the modified retrospective transition method. Under this method, results for reporting periods beginning after
January 1, 2018
are presented under ASC
606,
while prior period amounts are
not
adjusted and continue to be reported in accordance with Topic
605.
The Company applied the modified retrospective transition method to contracts that were
not
completed as of
January 1, 2018,
the effective date of adoption for ASC
606.
The contracts to which the Company is a party that were
not
completed as of
January 1, 2018
are the multi-year research contract with the NIH and NIAID (see Note
10
) and the collaboration agreements included in Note
11.
The Company assessed the potential effects to the consolidated financial statements and retained earnings of adoption of the modified retrospective transition method and has concluded that, upon adoption of the new standard, there was
no
impact on the Company's consolidated financial statements and there was
no
difference in what would have been recognized under Topic
605
or Topic
606
for the
three
and
nine
months ended
September 30, 2018.
 
License Fees and Multiple Element Arrangements.
If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, up-front fees allocated to the license at such time as the license is transferred to the licensee and the licensee is able to use, and benefit from, the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress in each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.
 
If the Company is involved in a steering committee as part of a multiple element arrangement, the Company assesses whether its involvement constitutes a performance obligation or a right to participate. Steering committee services that are determined to be performance obligations are combined with other research services or performance obligations required under an arrangement, if any, in determining the level of effort required in an arrangement and the period over which the Company expects to complete its aggregate performance obligations.
 
If the Company cannot reasonably measure its progress toward complete satisfaction of a performance obligation because it lacks reliable information that would be required to apply an appropriate method of measuring progress, but the Company can reasonably estimate when the performance obligation ceases or the remaining obligations become inconsequential and perfunctory, then revenue is
not
recognized until the Company can reasonably estimate when the performance obligation ceases or becomes inconsequential. Revenue is then recognized over the remaining estimated period of performance.
 
Significant management judgment is required in determining the level of effort required under an arrangement and the period over which the Company is expected to complete its performance obligations under an arrangement.
 
Development Milestone Payments
. At the inception of each arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would
not
occur, the associated milestone value is included in the transaction price. Milestone payments that are
not
within the control of the Company or the licensee, such as regulatory approvals, are
not
considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would
not
occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment.
 
Reimbursement of Costs.
Reimbursement of research and development costs by
third
party collaborators is recognized as revenue over time provided the Company has determined that it transfers control (i.e. performs the services) of a service over time and, therefore, satisfies a performance obligation according to the provisions outlined in the FASB Codification Topic
606
-
10
-
25
-
27,
Revenue Recognition.
 
Royalty Revenue.
For arrangements that include sales-based royalties, including milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, the Company has
not
recognized any royalty revenue resulting from any of its collaboration agreements.
 
Deferred Revenue.
Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying condensed consolidated balance sheets. Short-term deferred revenue would consist of amounts that are expected to be recognized as revenue within the next fiscal year. Amounts that the Company expects will
not
be recognized in the next fiscal year would be classified as long-term deferred revenue.
 
Summary.
During the
three
and
nine
months ended
September 30, 2017,
the Company recognized
$26,000
and
$146,000,
respectively, of contract revenue under the Company’s contract with the NIH and NIAID and
$27,500
and
$82,500,
respectively, of deferred revenue as revenue under the Company’s license agreement with Lummy (Hong Kong) Co. Ltd. (“Lummy HK”). During the
three
months ended
September 30, 2018,
the Company recognized
$70,000
of contract revenue under the contract with the NIH and NIAID and
$1.1
million of deferred revenue as revenue under the Lummy HK license agreement. During the
nine
months ended
September 30, 2018,
the Company recognized
$6.0
million of deferred milestone revenue as revenue under the Company’s license agreement with Medinet Co., Ltd and its wholly-owned subsidiary, MEDcell Co., Ltd. (together "Medinet"),
$1.1
million of deferred revenue as revenue and
$14,000
in reimbursement of costs under the Lummy HK license agreement,
$127,000
of contract revenue under its contract with the NIH and NIAID and
$11,000
of grant revenue.
 
For additional discussion of accounting for collaboration revenues, see Note
11.
 
With respect to each of the foregoing areas of revenue recognition, the Company exercises significant judgment in determining whether an arrangement contains multiple elements, and, if so, how much revenue is allocable to each element. In addition, the Company exercises its judgment in determining when its significant obligations have been met under such agreements and the specific time periods over which it recognized revenue, such as non-refundable, up-front license fees. To the extent that actual facts and circumstances differ from the Company’s initial judgments, revenue recognition with respect to such transactions would change accordingly and any such change could affect the Company’s reported financial results.
 
Recently Issued Accounting Pronouncements
Not
Yet Adopted
 
In
February 2016,
the FASB issued ASU
2016
-
02,
 
Leases (Topic
842
)
("ASU
2016
-
02"
). The provisions of ASU
2016
-
02
set out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). This new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or
not
the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than
12
months regardless of their classification. Leases with a term of
12
months or less will be accounted using guidance similar to existing guidance for operating leases. Topic
842
supersedes the previous lease standard, Topic
840
 
Leases
. This guidance will be effective for annual periods and interim periods within those annual periods beginning after 
December 15, 2018,
and will be effective for the Company on
January 1, 2019.
The Company is currently evaluating the impact that the implementation of this standard will have on the Company's consolidated financial statements.
 
On
August 17, 2018,
the SEC adopted the final rule under SEC Release
No.
33
-
10532,
Disclosure Update and Simplification
” amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders' equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders' equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of comprehensive income is required to be filed.
The new rule was published in the Federal Register on
October 4, 2018
which means the changes in the new rule are effective for SEC filings made on or after
November 5, 2018. 
The
one
caveat to this effective date is for the addition to changes in shareholders’ equity information to Form
10
-Q, where the SEC issued a Compliance & Disclosure Interpretation indicating “the staff would
not
object if the filer’s
first
presentation of the changes in shareholders’ equity is included in its Form
10
-Q for the quarter that begins after the effective date of the amendments.” Accordingly, the changes in stockholders' equity is
not
required to be presented until the Company’s Form
10
-Q for the
three
months ended
March 31, 2019.
 
Recently Adopted Accounting Standards
 
In
May 2014,
the FASB issued Accounting Standards Update (“ASU”)
2014
-
09
, Revenue from Contracts with Customers (“ASU
2014
-
09”
)
pertaining to revenue recognition. The primary objective of ASU
2014
-
09
is for entities to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which an entity expects to be entitled to in exchange for those goods or services. This new standard also requires enhanced disclosures about revenue, provides guidance for transactions that were
not
previously addressed comprehensively and improve guidance for multiple-element arrangements. Additionally, the FASB issued ASU
2016
-
10,
Identifying Performance Obligations and Licensing,
which provided additional guidance and clarity on this topic. This new standard was effective for the Company in
first
quarter of
2018.The
two
permitted transition methods under ASU
2014
-
09
are the full retrospective method, in which case the new standard would be applied to each prior period presented and the cumulative effect of applying the standard would be recognized as of the earliest period reported, or the modified retrospective method, in which case the cumulative effect of applying the new standard would be recognized as of the date of initial application. The Company elected the modified retrospective method and there was
no
impact upon the Company’s consolidated financial statements upon adoption.
 
In
August 2016,
the FASB issued ASU
2016
-
15,
 
Statement of Cash Flows (Topic
230
): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).
 This ASU requires changes in the presentation of certain items in the statement of cash flows including but
not
limited to debt prepayment or debt extinguishment costs; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies and distributions received from equity method investees. This guidance was effective for annual periods and interim periods within those annual periods beginning after 
December 15, 2017,
requires adoption on a retrospective basis and was effective for the Company on
January 1, 2018.
The Company adopted this standard and there was
no
impact to the Company’s consolidated financial statements upon adoption.
 
In
November 2016,
the FASB issued ASU
2016
-
18,
Restricted Cash
("ASU
2016
-
18"
). ASU
2016
-
18
requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and restricted cash. Accordingly, restricted cash will be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted ASU
2016
-
18
during the
first
quarter of
2018,
and the standard has been retrospectively applied to all periods presented. The following provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheet to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows as of
September 30, 2017:
 
Cash and cash equivalents   $
9,372,642
 
Restricted cash included in current assets    
740,000
 
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows   $
10,112,642
 
 
The following provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheet to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows as of
December 31, 2016:
 
Cash and cash equivalents   $
52,973,376
 
Restricted cash included in current assets    
740,000
 
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows   $
53,713,376
 
 
There was
no
restricted cash as of
December 31, 2017
and
September 30, 2018.
XML 27 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Fair Value of Financial Instruments
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Fair Value Disclosures [Text Block]
2.
Fair Value of Financial Instruments
 
The estimated fair values of all of the Company’s financial instruments, excluding long-term debt, approximate their carrying amounts in the consolidated balance sheets as of
December 31, 2017
and
September 30, 2018.
 
As of
December 31, 2017
and
September 30, 2018,
the Company held certain assets and liabilities that are required to be measured at fair value on a recurring basis. These assets include money market funds included in cash equivalents. Additionally, as of
December 31, 2017
and
September 30, 2018,
the Company had outstanding warrants recorded as a liability and measured at fair value on a recurring basis. The valuation of these financial instruments uses a
three
-tiered approach, which requires that fair value measurements be classified and disclosed in
one
of
three
tiers. These tiers are: Level 
1,
defined as quoted prices in active markets for identical assets or liabilities; Level 
2,
defined as valuations based on observable inputs other than those included in Level 
1,
such as quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable input data; and Level 
3,
defined as valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants.
 
The Company’s Level
1
assets consist of money-market funds. The method used to estimate the fair value of the Level
1
assets is based on observable market data, as these money-market funds are publicly-traded. The Company has
no
Level
2
assets. As of each balance sheet date, observable market inputs
may
include trade information, broker or dealer quotes, bids, offers or a combination of these data sources.
 
The Company’s warrant liability is classified as a Level 
3
financial liability. The fair value of the warrant liability is measured using the Black-Scholes valuation model. Inherent in the Black-Scholes valuation model are assumptions related to expected stock price volatility, expected life, risk-free interest rate and dividend yield (see Note
9
). Due to the market value of the Company’s common stock and the
$110.00
exercise price of its warrants, the Company determined that its outstanding warrants had
no
value as of
September 30, 2018.
 
During the
nine
months ended
September 30, 2018
and
2017,
there were
no
transfers between Levels
1,
2,
and
3
assets or liabilities.
 
As of
December 
31,
2017
and
September 30, 2018,
these financial instruments and respective fair values have been classified as follows:
 
    Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
  Significant
Other
Observable
Inputs
(Level 2)
  Significant
Unobservable
Inputs
(Level 3)
  Balance as of
December 31,
2017
Assets                                
Money-market funds   $
4,098,037
    $
    $
    $
4,098,037
 
Total assets at fair value   $
4,098,037
    $
    $
    $
4,098,037
 
Liabilities                                
Warrants   $
    $
    $
167,636
    $
167,636
 
Total liabilities at fair value   $
    $
    $
167,636
    $
167,636
 
  
 
    Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
  Significant
Other
Observable
Inputs
(Level 2)
  Significant
Unobservable
Inputs
(Level 3)
  Balance as of
September 30,
2018
Assets                                
Money-market funds   $
4,145,112
    $
    $
    $
4,145,112
 
Total assets at fair value   $
4,145,112
    $
    $
    $
4,145,112
 
Liabilities                                
Warrants   $
    $
    $
    $
 
Total liabilities at fair value   $
    $
    $
    $
 
 
Changes in the fair value of the Company’s Level
3
liability for warrants during the
nine
months ended
September 
30,
2018
were as follows:
 
Balance as of December 31, 2017   $
167,636
 
Change in fair value during the period    
(167,636
)
Balance as of September 30, 2018   $
 
 
The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and estimated fair value of money-market funds included in cash and cash equivalents as of
December 31, 2017
and
September 30, 2018
were as follows:
 
    As of December 31, 2017
    Amortized Cost
Basis
  Gross
Unrealized
Holding
Gains
  Gross
Unrealized
Holding
Losses
  Aggregate
Fair
Value
Money-market funds   $
4,098,037
    $
    $
    $
4,098,037
 
    $
4,098,037
    $
    $
    $
4,098,037
 
 
    As of September 30, 2018
    Amortized Cost
Basis
  Gross
Unrealized
Holding
Gains
  Gross
Unrealized
Holding
Losses
  Aggregate
Fair
Value
Money-market funds   $
4,145,112
    $
    $
    $
4,145,112
 
    $
4,145,112
    $
    $
    $
4,145,112
 
 
The fair value of the Company’s debt was derived by evaluating the nature and terms of each note, considering the prevailing economic and market conditions as of each balance sheet date and based on the Level
2
valuation hierarchy of the fair value measurements standard using a present value methodology. The fair value of the Company’s debt as of
December 31, 2017
was approximately
$19.1
million compared with its carrying value of
$19.5
million (see Note
6
). The fair value of the Company’s debt as of
September 30, 2018
was approximately
$18.1
million compared with its carrying value of
$18.5
million (see Note
6
).
XML 28 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 3 - Restructuring Activities and Related Impairments of Property and Equipment and Leases
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Restructuring and Related Activities Disclosure [Text Block]
3.
Restructuring Activities and Related Impairments of Property and Equipment and Leases
 
During the
nine
months ended
September 30, 2017,
the Company had restructuring activities and impairments of property and equipment and leases. These activities were completed during the year ended
December 31, 2017
and there were
no
such activities during the
nine
months ended
September 30, 2018.
Following is a discussion of these activities during the
nine
months ended
September 30, 2017.
 
As discussed in Note
1,
the Company’s most advanced product candidate was rocapuldencel-T, which the Company was developing for the treatment of mRCC and other cancers. The Company was conducting a pivotal Phase
3
clinical trial of rocapuldencel-T in combination with sunitinib / standard of care for the treatment of newly diagnosed mRCC. In
February 2017,
the IDMC for the ADAPT trial recommended that the trial be discontinued for futility based on its planned interim data analysis. The IDMC concluded that the trial was unlikely to demonstrate a statistically significant improvement in overall survival in the combination treatment arm utilizing the intent-to-treat population at the pre-specified number of
290
events (deaths), the primary endpoint of the study. This development triggered a restructuring of the Company’s operations and impairments of property and equipment and leases during the
nine
months ended
September 30, 2017.
As set forth below, the Company recognized restructuring costs of
$6.0
million and an impairment loss of property and equipment of
$27.2
million during the
nine
months ended
September 30, 2017
and restructuring costs of
$0.7
million during the
three
months ended
September 30, 2017.
 
Workforce Action Plan
 
On
March 10, 2017,
the Company enacted a workforce action plan designed to streamline operations and reduce the Company’s operating expenses. Under this plan, the Company reduced its workforce by
61
employees during the
nine
months ended
September 30, 2017.
The Company recognized
$1.2
million in severance costs and
$3.2
million in stock-based compensation costs from the acceleration of vesting of stock options held by the terminated employees during the
nine
months ended
September 30, 2017.
Through additional targeted reductions and attrition, the workforce was further reduced to
21
employees as of
September 30, 2018.
 
CTI Lease Agreement
 
In
January 2017,
the Company entered into a
ten
-year lease agreement with
two five
-year renewal options for
40,000
square feet of manufacturing and office space at CTI on the Centennial Campus of North Carolina State University in Raleigh, North Carolina. The Company provided a security deposit in the amount of
$2.4
million as security for obligations under the lease agreement, which was provided in the form of a letter of credit. In
March 2017,
the Company initiated discussions with the landlord of the CTI facility regarding the termination of this lease.
 
In
March 2017
the landlord of the CTI facility notified the Company that it was terminating the lease due to nonpayment of invoices for up-fit costs, effective immediately. On
March 31, 2017,
the Company entered into a termination agreement with the landlord terminating the lease as of
March 17, 2017.
From the
$2.4
million letter of credit, the landlord drew down
$0.7
million to cover unpaid construction costs in
March 2017
and
$1.7
million in
April 2017
for lease termination damages and agreed to return
$0.1
million in consideration for being able to salvage some of the construction costs. Pursuant to the termination agreement, the Company had
no
further obligations under the lease. During the
nine
months ended
September 30, 2017,
the Company recorded a lease termination fee of
$1.6
million which is included in Restructuring costs on the statement of operations. The Company also recorded an impairment loss on Construction-in-progress on the property of
$0.9
million during the
nine
months ended
September 30, 2017.
 
Impairment of Centerpoint Facility and Construction-in-Progress
 
During the
three
months ended
March 31, 2017,
the Company also determined that it would
no
longer need to develop its facility in Durham County, North Carolina (“Centerpoint”), which the Company intended to be built to house the Company’s corporate headquarters and primary manufacturing facility. In
November 2017,
the Company and TKC Properties, the landlord of the Centerpoint facility, entered into a lease termination agreement in connection with the sale by TKC of the facility to a
third
party. In the statement of operations for the
nine
months ended
September 30, 2017,
the Company recorded an impairment loss of
$18.3
million for the Construction-in-progress on the property.
XML 29 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Property and Equipment and Assets Held for Sale
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]
4.
Property and Equipment and Assets Held for Sale
 
Property and equipment consist of the following:
 
    December 31,
2017
  September 30,
2018
         
Office furniture and equipment   $
639,603
    $
639,603
 
Computer equipment    
989,137
     
892,105
 
Computer software    
3,146,978
     
3,143,633
 
Laboratory equipment    
6,050,640
     
4,487,348
 
Leasehold improvements    
2,435,530
     
2,435,530
 
                 
Total property and equipment, gross    
13,261,888
     
11,598,219
 
Less: Accumulated depreciation and amortization    
(9,679,565
)    
(9,770,037
)
                 
Property and equipment, net   $
3,582,323
    $
1,828,182
 
 
The Company sold
two
isolators included in assets held for sale at
December 31, 2017
during the
nine
months ended
September
31,
2018
and received proceeds of
$0.6
million. The Company reviews its property and equipment for impairment whenever events or changes indicate its carrying value
may
not
be recoverable.
 
Depreciation and amortization expense was as follows:
 
Three months ended September 30, 2017   $
242,471
 
Three months ended September 30, 2018   $
714,275
 
Nine months ended September 30, 2017   $
733,172
 
Nine months ended September 30, 2018   $
1,657,719
 
XML 30 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 5 - Income Taxes
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
5.
Income Taxes
 
The Company has incurred net operating losses since inception and is forecasting additional losses through
December 31, 2018.
Therefore,
no
U.S. Federal, state or foreign income taxes are expected for
2018
and
no
provision for such taxes has been recorded as of
September 30, 2018.
 
Due to the Company’s history of losses since inception, there is
not
enough evidence at this time to support the conclusion that the Company will generate future income of a sufficient amount and nature to utilize the benefits of the Company’s net deferred tax assets. Accordingly, as of
December 31, 2017
and
September 30, 2018,
the Company provided a full valuation allowance against its net deferred tax assets since as of that time, the Company could
not
assert that it was more likely than
not
that these deferred tax assets would be realized.
 
On
December 22, 2017,
the U.S. government enacted the Tax Cuts and Jobs Act of
2017
(the “Tax Act”). ASC
740
“Income Taxes” generally requires the effects of the tax law change under the Tax Act to be recorded in the period of enactment. However, the SEC staff issued Staff Accounting Bulletin
No.
118
to address situations when a registrant does
not
have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. The Company has recognized the tax impacts in its consolidated financial statements for the year ended
December 31, 2017,
on a provisional basis. The ultimate impact
may
differ from these provisional amounts, possibly materially, due to among other things, additional analysis, changes in interpretations and assumptions the Company has made, and additional interpretive regulatory guidance that
may
be issued. The Company filed its
2017
U.S. corporate income tax return during the
third
quarter of
2018,
which did
not
result in any material adjustments to the provisional amount originally recorded. The Company is continuing to evaluate the impact of the recently enacted tax law on its business and consolidated financial statements. For the
three
and
nine
months ended
September 30, 2018,
the Company has
not
made any measurement-period adjustments related to the provisional amounts recorded as of
December 31, 2017.
XML 31 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 6 - Notes Payable and Gain on Early Extinguishment of Debt
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Debt Disclosure [Text Block]
6.
Notes Payable and Gain on Early Extinguishment of Debt
 
Notes payable consist of the following as of
December 31, 2017
and
September 30, 2018:
 
    December 31,
2017
  September 30,
2018
Convertible note payable to Pharmstandard (related party), including accrued interest   $
6,302,959
    $
6,744,420
 
Convertible note payable to Invetech, including accrued interest    
5,845,655
     
5,063,847
 
Convertible note payable to Saint-Gobain, including accrued interest    
2,334,929
     
1,694,929
 
Note payable to Medinet, including accrued interest    
4,958,824
     
4,983,494
 
Other notes payable    
13,825
     
 
Total notes payable    
19,456,192
     
18,486,690
 
Less current portion of convertible note payable to Invetech, including accrued interest    
(1,300,000
)    
(900,000
)
Less current portion of convertible note payable to Saint-Gobain, including accrued interest    
(1,050,000
)    
(640,000
)
Less current portion of note payable to Medinet, including accrued interest    
(4,958,824
)    
(4,983,494
)
Less current portion of other notes payable    
(13,825
)    
 
Long-term portion of notes payable and convertible notes payable   $
12,133,543
    $
11,963,196
 
 
Convertible Note Payable to Invetech.
On
September 22, 2017,
the Company entered into the Satisfaction and Release Agreement with Invetech. Under the Satisfaction and Release Agreement, the Company agreed to make, issue and deliver to Invetech (i) a cash payment of
$0.5
million, (ii)
57,142
shares of the Company’s common stock with a fair value of
$0.2
million on the date of issuance and (iii) an unsecured convertible promissory note in the original principal amount of
$5.2
million on account of and in full satisfaction and release of all of the Company’s payment obligations to Invetech arising under the Invetech Development Agreement prior to the date of the Satisfaction and Release Agreement, including the Company’s obligation to pay Invetech up to a total of
$8.3
million in deferred fees, bonus payments and accrued interest. As a result, the Company recognized a gain on the early extinguishment of debt of
$1.5
million in the Company’s statement of operations during the year ended
December 31, 2017.
Following is a summary of the terms of the convertible note payable to Invetech (the “Invetech Note”).
 
The original principal amount of the Invetech Note is
$5.2
million. The maturity date for the payment of principal and interest under the Invetech Note is
September 30, 2020.
The Invetech Note bears interest at a rate of
6.0%
per annum, which interest will compound annually. The Invetech Note is
not
secured by any assets of the Company.
 
The Company was required to make quarterly installment payments under the Invetech Note for the fiscal quarters ending
December 31, 2017
and
March 31, 2018,
each in an aggregate amount of up to
$0.4
million, consisting of (i) cash in the amount of
$0.2
million and (ii) if certain specified conditions are met as of the corresponding payment date, up to
$0.2
million of shares of the Company’s common stock. For the fiscal quarters ending
June 30, 2018
through
March 31, 2019,
the Company is required to make quarterly installment payments, each in an aggregate amount of up to
$0.3
million, consisting of (i) cash in the amount of
$150,000
and (ii) if certain specified conditions are met as of the corresponding payment date, up to
$150,000
of shares of the Company’s common stock. For the fiscal quarters ending
June 30, 2019
through
June 30, 2020,
the Company is required to make quarterly installment payments, each in an amount of
$150,000,
payable in cash. The Company made an installment payment of
$0.2
million in cash to Invetech in each of the year ended
December 31, 2017
and the
three
months ended
March 31, 2018
and made an installment payment of
$150,000
in each of the
three
months ended
June 30, 2018
and
three
months ended
September 30, 2018. 
The payments in common stock were
not
made in each of the year ended
December 31, 2017,
the
three
months ended
March 31, 2018,
the
three
months ended
June 30, 2018
and the
three
months ended
September 30, 2018
because the specified conditions were
not
met.
 
The Invetech Note also provides that on the anniversary of the issue date for each of the
first
three
years following the issue date, the outstanding principal amount of the Invetech Note, if any, plus accrued and unpaid interest thereon shall automatically be deemed to be reduced by
$250,000,
if and only if the Company has paid all debt service payments due under the Invetech Note on or prior to the relevant anniversary date and
no
event of default, fundamental transaction or change of control, each as defined in the Invetech Note, has occurred on or prior to such anniversary date. As a result, on
September 21, 2018,
the anniversary of the issue date of the Invetech Note, the outstanding principal amount of the Invetech Note was automatically reduced by
$250,000.
 
As detailed further below, Invetech
may
exercise its conversion rights upon: (i) maturity of the Invetech Note, (ii) certain change of control events, and (iii) certain events of default. In each case, the number of shares of common stock issuable upon such complete or partial conversion of the Invetech Note is determined by dividing the portion of the principal and accrued or unpaid interest to be converted by
$10.00
per share (as adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction).
 
Maturity of the Invetech Note
. Upon maturity of the Invetech Note or at any time within
75
days of such maturity, Invetech
may,
at its option, elect to convert any amount of the outstanding principal and accrued interest into shares of the Company’s common stock. The Company will be required to pay any amount
not
so converted in cash.
 
Change of Control
. Upon a change of control pursuant to which Invetech has a redemption right, Invetech
may,
at its option, elect to convert any amount of the outstanding principal and accrued interest, less any remaining installment payments required to be made in cash, into shares of the Company’s common stock. The Company will be required to pay any amount
not
so converted in cash.
 
Default
. Upon the occurrence of certain events of default, Invetech
may,
at its option, elect to convert any amount of the outstanding principal and accrued interest into shares of the Company’s common stock. The Company will be required to pay any amount
not
so converted in cash.
 
Subject to the aforementioned conversion rights of Invetech, the Company
may
prepay the Invetech Note in whole or in part at any time without penalty or premium.
 
Convertible Note Payable to Saint-Gobain.
On
November 22, 2017,
the Company entered into the Saint-Gobain Satisfaction and Release Agreement with Saint-Gobain. Under the Saint Gobain Satisfaction and Release Agreement, the Company agreed to make, issue and deliver to Saint-Gobain (i) a cash payment of
$0.5
million, (ii)
34,499
shares of common stock, (iii) an unsecured convertible promissory note in the original principal amount of
$2.4
million, and (iv) certain specified equipment originally provided to the Company by Saint-Gobain under the Saint-Gobain Development Agreement, on account of and in full satisfaction and release of all of the Company’s payment obligations to Saint-Gobain arising under the Saint-Gobain Development Agreement, prior to the date of the Saint-Gobain Satisfaction and Release Agreement, including the development fees and charges. In connection with entering into the Saint-Gobain Satisfaction and Release Agreement, the Company and Saint-Gobain entered into an amendment to the Saint-Gobain Development Agreement to extend the term to
December 31, 2019.
Following is a summary of the terms of the convertible note payable to Saint-Gobain (the “Saint-Gobain Note”).
 
The original principal amount of the Saint-Gobain Note is
$2.4
million. The maturity date for the payment of principal and interest under the Note is
September 30, 2020.
The Note bears interest at a rate of
6.0%
per annum, which interest will compound quarterly. The Note is
not
secured by any assets of the Company.
 
The Company was required to make quarterly installment payments for the fiscal quarters ending
December 31, 2017
and
March 31, 2018,
each in an aggregate amount of up to
$340,000,
consisting of (i) cash in the amount of
$200,000
and (ii) if certain specified conditions are met as of the corresponding payment date, up to
$140,000
of shares of the Company’s common stock. For the fiscal quarters ending
June 30, 2018
and
September 30, 2018,
the Company was required to make quarterly installment payments, each in an aggregate amount of up to
$245,000,
consisting of (i) cash in the amount of
$125,000
and (ii) if certain specified conditions are met as of the corresponding payment date, up to
$120,000
of shares of the Company’s common stock. For the fiscal quarters ending
December 31, 2018
and
March 31, 2019,
the Company is required to make quarterly installment payments, each in an aggregate amount of up to
$220,000,
consisting of (i) cash in the amount of
$100,000
and (ii) if certain specified conditions are met as of the corresponding payment date, up to
$120,000
of shares of the Company’s common stock. For the fiscal quarter ending
December 31, 2017,
March 31, 2018,
June 30, 2018,
September 30, 2018,
December 31, 2018
and
March 31, 2019,
if the conditions required for the issuance of common stock are
not
met solely because the price of the common stock at the time is less than
$4.06
per share (as adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction), then the Company will be required to pay in each such quarter cash equal to
50%
of the value of the common stock that would otherwise have been issued. For the fiscal quarters ending
June 30, 2019
through
June 30, 2020,
the Company is required to make quarterly installment payments, each in an amount of
$100,000,
payable in cash. The Company made an installment payment of
$0.3
million in cash to Saint-Gobain in each of the year ended
December 31, 2017
and the
three
months ended
March 31, 2018
and made an installment payment of
$0.2
million in each of the
three
months ended
June 30, 2018
and
three
months ended
September 30, 2018.
The payments in common stock were
not
made in each of the year ended
December 31, 2017,
the
three
months ended
March 31, 2018,
the
three
months ended
June 30, 2018
and the
three
months ended
September 30, 2018
because the specified conditions were
not
met.
 
As detailed further below, Saint-Gobain
may
exercise its conversion rights upon: (i) maturity of the Saint-Gobain Note, (ii) certain change of control events, and (iii) certain events of default. In each case, the number of shares of common stock issuable upon such complete or partial conversion of the Saint-Gobain Note is determined by dividing the portion of the principal and accrued or unpaid interest to be converted by
$10.00
per share (as adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction).
 
 
Maturity of the Note
. Upon maturity of the Saint-Gobain Note or at any time during the
75
day period prior to the maturity date of the note, Saint-Gobain
may,
at its option, elect to convert any amount of the outstanding principal and accrued interest into shares of the Company’s common stock. The Company will be required to pay any amount
not
so converted in cash.
 
 
Change of Control
. Upon a change of control pursuant to which Saint-Gobain has a redemption right, Saint-Gobain
may,
at its option, elect to convert any amount of the outstanding principal and accrued interest, less any remaining installment payments required to be made in cash, into shares of the Company’s common stock. The Company will be required to pay any amount
not
so converted in cash. 
 
 
Default
. Upon the occurrence of certain events of default, Saint-Gobain
may,
at its option, elect to convert any amount of the outstanding principal and accrued interest into shares of the Company’s common stock. The Company will be required to pay any amount
not
so converted in cash.
 
Subject to the aforementioned conversion rights of Saint-Gobain, the Company
may
prepay the Saint-Gobain Note in whole or in part at any time without penalty or premium.
 
Convertible Note Payable to Pharmstandard.
 On
June 15, 2017,
the Company entered into a note purchase agreement (the “Note Purchase Agreement”) with Pharmstandard, pursuant to which the Company agreed to issue and sell to Pharmstandard a secured convertible promissory note in the original principal amount of
$6.0
million (the “Pharmstandard Note”).
 
The Company issued the Pharmstandard Note on
June 21, 2017,
the closing date of the financing. Under the Pharmstandard Note, the maturity date for the payment of principal and interest is the
fifth
anniversary of the issue date. The Pharmstandard Note bears interest at a rate of
9.5%
per annum, which interest compounds annually. The Pharmstandard Note is secured by a lien on and security interest in all of the Company’s intellectual property. The Company
may
prepay the Pharmstandard Note in whole or in part at any time without penalty or premium. Upon the occurrence of certain events of default, Pharmstandard will have the option to require the Company to repay the unpaid principal amount of the Pharmstandard Note and any unpaid accrued interest.
 
In addition, at Pharmstandard’s election, Pharmstandard
may
convert the entire principal and interest on the Pharmstandard Note into shares of the Company’s common stock at a price per share equal to
$10.00.
However, Pharmstandard will
not
be permitted to convert the entire Pharmstandard Note if such conversion would result in Pharmstandard and its affiliates holding shares that exceed
39.9%
of the total number of outstanding shares of common stock of the Company or
39.9%
of the combined voting power of all outstanding securities of the Company. To the extent that conversion of the entire Pharmstandard Note would cause Pharmstandard and its affiliates to exceed these thresholds, Pharmstandard
may
convert a portion of the Pharmstandard Note to the extent these thresholds are
not
exceeded by such partial conversion.
 
Pharmstandard is the Company’s largest stockholder, and beneficially owned, in the aggregate, shares representing approximately
14.70%
of the Company’s outstanding common stock as of
November 17, 2018.
In addition,
two
members of the Company’s board of directors are closely associated with Pharmstandard.
 
 
 
Venture Loan Facility and Gain on Early Extinguishment of Debt.
 In
September 2014,
the Company entered into the Loan Agreement with the Lenders under which the Company could borrow up to
$25.0
million in
two
tranches of
$12.5
million each (the “Loan Facility”).
 
The Company borrowed the
first
tranche of
$12.5
million upon the closing of the Loan Facility in
September 2014
and borrowed the
second
tranche of
$12.5
million in
August 2015. 
The per annum interest rate for each tranche was a floating rate equal to
9.25%
plus the amount by which the
one
-month London Interbank Offered Rate (“LIBOR”) exceeds
0.50%
(effectively a floating rate equal to
8.75%
plus the
one
-month LIBOR Rate). The total per annum interest rate was
not
to exceed
10.75%.
 
The Company incurred
$0.4
million in debt issuance costs in connection with the closing of the Loan Facility. Debt issuance costs were presented in the Company’s consolidated balance sheet as a direct deduction from the associated liability and amortized to interest expense over the terms of the related debt. Debt issuance costs were eliminated on the Company’s consolidated balance sheet as of
December 31, 2017
as a result of the early extinguishment of debt under the payoff letter discussed below.
 
The Company made payments with respect to the
first
tranche of
$12.5
million on an interest-only basis monthly through
October 31, 2016,
and was obligated to make monthly payments of principal and accrued interest through the scheduled maturity date for the
first
tranche loan on
September 30, 2018.
In addition, a final payment for the
first
tranche loan equal to
$0.6
million was due on
September 30, 2018,
or such earlier date specified in the Loan Agreement. The Company was recognizing the final payment of
$0.6
million as accrued interest over the expected life of the
first
tranche loan. The Company agreed to repay the
second
tranche loan of
$12.5
million in
18
monthly payments of interest only until
February 7, 2017,
followed by
24
monthly payments of principal and accrued interest through the scheduled maturity date for the
second
tranche loan on
February 7, 2019. 
In addition, a final payment of
$0.6
million was due on
February 7, 2019,
or such earlier date specified in the Loan Agreement. The Company was recognizing the final payment of
$0.6
million as accrued interest over the expected life of the
second
tranche loan. In addition, the Company agreed that if the Company repaid all or a portion of the loan prior to the applicable maturity date, it would pay the Lenders a prepayment penalty fee based on a percentage of the then outstanding principal balance, equal to
3%
if the prepayment occurs on or before
24
months after the funding date,
2%
if the prepayment occurs more than
24
months after, but on or before
36
months after, the funding date thereof, or
1%
if the prepayment occurs more than
36
months after the funding date thereof.
 
On
March 3, 2017,
the Company entered into a payoff letter with the Lenders, pursuant to which the Company paid on
March 6, 2017,
a total of
$23.1
million to the Lenders, representing the principal balance and accrued interest outstanding under the Loan Agreement in repayment of the Company’s outstanding obligations under the Loan Agreement. In addition, the Company issued to the Lenders
five
year warrants to purchase an aggregate of
5,000
shares of the Company’s common stock at an exercise price of
$26.00
per share in consideration of the Lenders accepting the
$23.1
million. The Company recognized a gain on this early extinguishment of debt of
$0.2
million during the year ended
December 31, 2017
which is included in Other income (expense) on the statement of operations. The payoff of the debt was considered a troubled debt restructuring because of the doubt surrounding the Company’s ability to continue as a going concern and the fact that the final payment of
$1.25
million and the pre-payment penalty of
$0.6
million were waived by the Lenders in exchange for the issuance of the warrants.
 
Upon the payment of the
$23.1
million and the issuance of the warrants pursuant to the payoff letter, all outstanding indebtedness and obligations of the Company owing to the Lenders under the Loan Agreement were deemed paid in full, and the Loan Agreement and the notes thereunder were terminated.
 
In connection with the Loan Agreement, the Company issued to the Lenders and their affiliates warrants to purchase a total of
4,139
shares of the Company’s common stock at a per share exercise price of
$181.20
(the “Venture Loan Warrants”). Upon the Company’s satisfaction of the conditions precedent to the making of the
second
tranche loan, the Venture Loan Warrants became exercisable in full. The Venture Loan Warrants will terminate on
September 29, 2021
or such earlier date as specified in the Venture Loan Warrants. As of
September 29, 2014,
the Company recorded a debt discount of
$0.3
million equal to the value of these Venture Loan Warrants. This debt discount was offset against the long-term portion of the note payable balance and included in additional paid-in capital on the Company's consolidated balance sheet. Debt discount was amortized to interest expense over the terms of the related debt. Debt discount was eliminated on the Company’s balance sheet as of
December 31, 2017
as a result of the early extinguishment of debt discussed above.
 
Medinet Loan.
 In
December 2013,
in connection with a license agreement currently with Medinet, as described in Note
11,
the Company borrowed
$9.0
million pursuant to an unsecured promissory note that bears interest at a rate of
3.0%
per annum. The principal and interest under the note are due and payable on
December 31, 2018.
Under the terms of the note and the license agreement, any milestone payments related to the developmental and regulatory milestones that become due will be applied
first
to the repayment of the loan. The Company has the right to prepay the loan at any time. If the Company has
not
repaid the loan by
December 31, 2018,
then the Company has agreed to grant to Medinet a non-exclusive, royalty-bearing license to make and sell Arcelis products in Japan for the treatment of cancer. In such event, the amounts owing under the loan as of
December 31, 2018
may
constitute pre-paid royalties under the license or would be due and payable. Royalties under this license would be paid until the expiration of the licensed patent rights in Japan at a rate to be negotiated. If the Company and Medinet cannot agree on the royalty rate, they have agreed to submit the matter to arbitration. Because the
$9.0
million promissory note was issued at a below market interest rate, the Company allocated the proceeds of the loan between the license agreement and the debt at the time of issuance. Accordingly, as of the borrowing date,
December 31, 2013,
the Company recorded
$6.9
million to notes payable, based upon an effective interest rate of
8.0%,
and
$2.1
million as a deferred liability.
 
During the year ended
December 31, 2015,
the Company recorded a
$1.0
million milestone payment as deferred revenue under the Medinet license agreement and reduced the related note payable by
$0.8
million and the deferred liability by
$0.2
million. During the year ended
December 31, 2016,
the Company recorded a
$2.0
million milestone payment as deferred revenue under the Medinet license agreement and reduced the related note payable by
$1.5
million and the deferred liability by
$0.5
million. During the year ended
December 31, 2017,
the Company recorded an additional
$2.0
million milestone payment as deferred revenue under the Medinet license agreement and reduced the related note payable by
$1.5
million and the deferred liability by
$0.5
million.
 
Under the agreement, the Company had the right to revoke both the manufacturing license and the sale license to be granted to Medinet or the sale license only. On
February 14, 2018,
the Company notified Medinet that it irrevocably agreed to have
no
further right to exercise its right under the license agreement to revoke the manufacturing and the sale license, or the sale license only. As a result of the Company’s decision to forego these revocation rights, during the
three
months ended
March 31, 2018,
the Company recognized as revenue
$5.8
million of milestone payments that had previously been received and recorded as deferred revenue.
 
As of
December 31, 2017
and
September 30, 2018,
the amount of the note payable was
$5.0
million, including
$1.9
million of accrued interest. As of
December 31, 2017
and
September 30, 2018,
the total deferred liability associated with the Medinet note was
$6.9
million and
$1.0,
respectively (see Note
11
).
 
Other Notes.
During
November 2013,
the Company borrowed
$77,832
from a lending institution to finance the purchase of computer equipment, of which
$13,825
and
$0
in principal was outstanding as of
December 31, 2017
and
September 30, 2018,
respectively. Borrowings were collateralized by substantially all of the computer equipment financed under the agreement, bore interest at a rate of
8.31%
per annum and were to be repaid in
60
equal monthly installments commencing on the date of borrowing.
XML 32 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 7 - Stockholders' Deficit
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
7.
Stockholders’ Deficit
 
Issuance of Restricted Stock in Nine Months Ended
September 30, 2017
 
In lieu of paying certain annual cash bonuses for
2016,
in
January 2017
the Company granted restricted stock awards to certain of its executive officers and employees. The number of shares granted to each executive officer and employee was calculated by dividing
25%
of the amount of the
2016
annual cash bonus that would otherwise have been paid by the closing price of the Company’s common stock on
January 13, 2017.
A total of
4,005
restricted shares of common stock with an aggregate value of
$394,534
were issued. Each of the restricted stock awards is subject to a lapsing right of repurchase in the Company’s favor, which right lapsed with respect to
100%
of the underlying shares of each award on
April 17, 2017,
for those executive officers and employees still providing services to the Company on such date. In
April 2017
prior to vesting,
368
restricted shares of common stock were forfeited back to the Company. The Company granted an additional award of
2,333
restricted shares of common stock to an employee resulting in stock-based compensation expense of
$20,999
included in General and administrative expenses.
 
During the
three
months ended
September 30, 2017,
the Company granted restricted stock awards for an aggregate of
369,999
shares of common stock with a fair value of
$1.4
million to
43
employees resulting in stock-based compensation expense of
$0.2
million and
$0.1
million included in research and development and general and administrative expenses, respectively, for such period. Awards for
28,689
shares of common stock vested upon termination of the recipients’ employment during the
three
months ended
September 30, 2017,
with such stock-based compensation costs of
$0.1
million included in restructuring expenses. The remaining shares vested in full during
December 2017
and
January 2018.
 
Issuance of Common Stock in Nine Months Ended
September 30, 2017
 
At-the-market Offering
 
In
May 2015,
the Company entered into a sales agreement with Cowen pursuant to which the Company could issue and sell shares of the Company’s common stock from time to time having an aggregate offering price of up to
$30
million through Cowen, acting as the Company’s agent. Sales of the Company’s common stock through Cowen could be made by any method permitted that was deemed an “at-the-market offering” as defined in Rule
415
under the Securities Act of
1933,
as amended, including sales made directly on or through the Nasdaq Global Market, sales made to or through a market maker other than on an exchange or otherwise, in negotiated transactions at market prices, and/or any other method permitted by law. Cowen was
not
required to sell any specific amount, but acted as the Company’s sales agent using commercially reasonable efforts consistent with its normal trading and sales practices. Shares sold pursuant to the sales agreement were sold pursuant to a shelf registration statement, which became effective on
May 14, 2015.
Under the sales agreement, the Company paid Cowen a commission of up to
3%
of the gross proceeds of any sales made pursuant to the sales agreement. During the
nine
months ended
September 30, 2017,
the Company sold
1,442,836
shares of common stock pursuant to the sales agreement, resulting in proceeds of
$7.8
million, net of commissions and issuance costs.
 
Issuance of Restricted Stock in Nine Months Ended
September 30, 2018
 
During
March 2018,
the Company issued
210,000
restricted shares of common stock to employees, including certain executives. In connection with the delisting of the Company’s common stock from The Nasdaq Capital Market, in
April 2018
such restricted shares of common stock were forfeited back to the Company.
 
Issuance of Common Stock in Nine Months Ended
September 30, 2018
 
At-the-Market Offering
 
In
February 2018,
the Company amended and restated the sales agreement with Cowen to increase the maximum aggregate offering price from
$30
million to up to
$45
million. From
December 31, 2017
through
April 25, 2018,
the Company sold
4,135,993
shares of common stock pursuant to the sales agreement, resulting in proceeds of
$7.5
million, net of commissions and issuance costs. However, upon the delisting of the Company’s common stock from The Nasdaq Capital Market in
April 2018,
the Company ceased to sell any additional shares under the sales agreement.
 
Issuance of Common Stock under Collaboration Agreements
 
On
April 2, 2018,
in consideration for the rights granted under an option agreement entered into with Pharmstandard and Actigen Limited (“Actigen”) in
February 2018,
the Company issued
169,014
shares of its common stock to Pharmstandard, the value of which will be creditable against the upfront license fee payable under the option agreement if the Company enters into a license agreement. The option agreement is described further in Note
11.
 
In
January 2018,
the Company entered into a stock purchase agreement with Lummy HK under which the Company agreed to issue and sell to Lummy HK in a private financing
375,000
shares of the Company’s common stock for an aggregate purchase price of
$1.5
million. On
March 23, 2018,
the Company and Lummy HK amended the stock purchase agreement to reduce the aggregate price for the shares to
$450,000.
Concurrent with such amendment, the Company entered into a
third
amendment to its license agreement with Lummy HK pursuant to which Lummy HK agreed to pay the Company a
$1.05
million milestone payment. In
April 2018,
the Company received from Lummy HK
$450,000
for the purchase of the
375,000
shares and a
$1.05
million milestone payment.
XML 33 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 8 - Stock Incentive Plans
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
8.
Stock Incentive Plans
 
2014
Stock Incentive Plan and
2014
Employee Stock Purchase Plan
 
In
January 2014,
the Company’s board of directors and stockholders approved, effective upon the closing of the Company’s initial public offering, the
2014
Stock Incentive Plan (the
“2014
Plan”). Under the
2014
Plan, the Company is authorized to grant incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards for
570,746
shares of common stock plus an annual increase in the number of shares of our common stock available for issuance under the plan on the
first
day of each fiscal year beginning with the fiscal year ending
December 
31,
2018
and continuing each fiscal year until, and including, the fiscal year ending
December 
31,
2024,
equal to the lowest of 
250,000
shares of common stock,
four
percent (
4%
) of the outstanding shares of common stock on such date or an amount determined by our board of directors.
 
At the
July 28, 2017
stockholders’ meeting, the stockholders approved an amendment to the
2014
Plan to increase the number of shares of common stock authorized for issuance under the
2014
Plan by
300,000
and to increase the maximum number of shares that automatically
may
be added to the
2014
Plan on the
first
day of each fiscal year until the fiscal year ending
December 31, 2024
by
134,548
shares, such that the total number of shares of common stock authorized for issuance under the
2014
Plan is equal to the sum of
570,746
shares, plus an annual increase to be added on the
first
day of each fiscal year, beginning with the fiscal year ending
December 
31,
2018
and continuing each fiscal year until, and including, the fiscal year ending
December 
31,
2024,
equal to the lowest of (i) 
250,000
shares of Common Stock, (ii) 
four
percent (
4%
) of the outstanding shares of Common Stock on such date or (iii) an amount determined by the Company’s board of directors.
 
Also in
January 2014,
the Company’s board of directors and stockholders approved, effective upon the closing of the Company’s initial public offering, a
2014
Employee Stock Purchase Plan (the
“2014
ESPP”). Under the
2014
ESPP, on the offering commencement date of each plan period (the “Purchase Plan Period”), the Company will grant to each eligible employee who is then a participant in the
2014
ESPP an option to purchase shares of common stock. The employee
may
authorize up to a maximum of
10%
of his or her base pay to be deducted by the Company during each Purchase Plan Period. Each employee who continues to be a participant in the
2014
ESPP on the last business day of the Purchase Plan Period is deemed to have exercised the option, to the extent of accumulated payroll deductions within the
2014
ESPP ownership limits.
 
Under the terms of the
2014
ESPP, the option exercise price shall be determined by the Company’s board of directors for each Purchase Plan Period and the option exercise price will be at least
85%
of the applicable closing price of the common stock. The option exercise price will be
85%
of the lower of the Company’s closing stock price on the
first
and last business day of each Purchase Plan Period. The Company’s
first
Purchase Plan Period commenced on
September 2, 2014
and ended on
February 27, 2015.
For the
first
Purchase Plan Period,
652
shares were purchased with employee withholdings at an option exercise price based upon
85%
of the closing price on
February 27, 2015
of
$180.40,
resulting in the recognition of share-based compensation expense of
$54,508.
The Company’s
second
Purchase Plan Period commenced on
March 2, 2015
and ended on
August 31, 2015.
For the
second
Purchase Plan Period,
1,015
shares were purchased with employee withholdings at an option exercise price based upon
85%
of the closing price on
August 31, 2015
of
$124.20,
resulting in the recognition of share-based compensation expense of
$72,800.
The Company’s
third
Purchase Plan Period commenced on
September 1, 2015
and ended on
February
29,
2016.
For the
third
Purchase Plan Period,
1,814
shares were purchased with employee withholdings at an option exercise price based upon
85%
of the closing price of
$88.80
on
February
29,
2016,
resulting in the recognition of share-based compensation expense of
$107,455.
The Company’s
fourth
Purchase Plan Period commenced on
March 1, 2016
and ended on
August 31, 2016.
For the
fourth
Purchase Plan Period,
1,507
shares were purchased with employee withholdings at an option exercise price based upon
85%
of the closing price at the beginning of the
fourth
Purchase Plan Period of
$98.20,
resulting in the recognition of share-based compensation expense of
$63,788.
The Company’s
fifth
Purchase Plan Period commenced on
September 1, 2016
and ended on
February 28, 2017.
For the
fifth
Purchase Plan Period,
428
shares were purchased with employee withholdings at an option exercise price based upon
85%
of
$23.00
on
February 28, 2017,
resulting in the recognition of share-based compensation expense of
$30,064.
The Company’s
sixth
Purchase Plan Period commenced on
March 1, 2017
and ended on
August 31, 2017.
For the
sixth
Purchase Plan Period,
999
shares were purchased with employee withholdings at an option exercise price based upon
85%
of
$4.00
on
August 31, 2017,
resulting in the recognition of share-based compensation expense of
$17,711.
The Company did
not
commence a new Purchase Plan Period after
September 1, 2017.
 
Upon the exercise of stock options, vesting of other awards and purchase of shares through the
2014
ESPP or under the
2014
Plan, the Company issues new shares of common stock. All awards granted under the
2014
Plan that are canceled prior to vesting or expire unexercised are returned to the approved pool of reserved shares under the
2014
Plan and made available for future grants. As of
September 30, 2018,
there were
317,958
shares of common stock remaining available for future issuance under the
2014
Plan and
10,899
shares of common stock remaining available for future issuance under the
2014
ESPP.
 
The Company recorded the following share-based compensation expense:
 
    Three Months Ended September 30,   Nine Months Ended September 30,
    2017   2018   2017   2018
Research and development   $
620,083
    $
154,895
    $
1,545,588
    $
663,325
 
General and administrative    
797,752
     
406,095
     
2,285,798
     
1,307,156
 
Restructuring costs    
563,745
     
     
3,215,848
     
 
                                 
Total stock-based compensation expense   $
1,981,580
    $
560,990
    $
7,047,234
    $
1,970,481
 
 
Allocations to research and development and general and administrative expenses are based upon the department to which the associated employee reported.
No
related tax benefits of the stock-based compensation expense have been recognized. Stock-based payments issued to non-employees are recorded at their fair values and are periodically revalued as the equity instruments vest and are recognized as expense over the related service period. As part of the restructuring costs discussed in Note
3,
the Company recognized
$0.6
million and
$3.2
million in stock-based compensation expense from the acceleration of vesting of stock options and restricted stock during the
three
and
nine
months ended
September 30, 2017,
respectively, for
61
employees that were terminated during the
nine
months ended
September 30, 2017.
 
During the
three
months ended
September 30, 2017,
the Company granted options to a new director to purchase a total of
1,500
shares of the Company’s common stock at an exercise price of
$3.40
per share, which was the closing price of the Company’s common stock on the grant date.
No
options were granted during the
three
months ended
September 30, 2018.
During the
nine
months ended
September 30, 2017,
the Company granted options to employees and to a new member of its board of directors to purchase a total of
70,604
shares of the Company’s common stock at exercise prices ranging from
$3.40
to
$101.00
per share, which, in each instance was the closing price of the Company’s common stock on the grant date.
No
options were granted during the
nine
months ended
September 30, 2018.
 
The following table summarizes the Company’s stock option activity during the
nine
months ended
September 30, 2018:
 
    Number of
Shares
  Weighted
Average Exercise
Price
  Weighted
Average
Contractual
Term
(in years)
Outstanding as of December 31, 2017    
269,514
    $
111.91
     
 
 
Granted    
    $
     
 
 
Exercised    
    $
     
 
 
Cancelled    
(85,893
)   $
141.71
     
 
 
Outstanding as of September 30, 2018    
183,621
    $
118.11
     
6.09
 
                         
Exercisable as of September 30, 2018    
133,661
    $
119.22
     
6.56
 
                         
Vested and expected to vest as of September 30, 2018    
179,774
    $
118.17
     
6.54
 
 
Valuation Assumptions for Stock Option Plans and Employee Stock Purchase Plan
 
The employee stock-based compensation expense recognized was determined using the Black-Scholes option valuation model. Option valuation models require the input of subjective assumptions and these assumptions can vary over time. The weighted average assumptions used were as follows for the periods indicated:
 
    Stock Option Plan   Employee Stock Purchase Plan
                 
    Nine Months Ended September 30,   Nine Months Ended September 30,
    2017   2018   2017   2018
Risk-free interest rate    
2.26
%    
     
0.79
%    
 
Dividend yield    
0
%    
     
0
%    
 
Expected option term (in years)    
7
     
     
0.5
     
 
Volatility    
86
%    
     
141
%    
 
XML 34 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 9 - Warrants
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Warrants [Text Block]
9.
Warrants
 
In
March 2016,
the Company sold and certain investors purchased for a total purchase price of
$19.9
million a total of
182,621
shares of common stock and warrants to purchase a total of
136,966
shares of common stock at a per share exercise price of
$107.00.
These warrants will terminate on
March 14, 2021
or such earlier date as specified in the warrants. Additionally, in
June 
2016,
the Company sold and such investors purchased for a total purchase price of
$29.8
million a total of
273,933
shares of common stock and warrants to purchase a total of
205,450
shares of common stock at a per share exercise price of
$107.00.
These warrants will terminate on
June 29, 2021
or such earlier date as specified in the warrants. In
June 2016,
warrants to purchase
2,803
shares of common stock were exercised for proceeds of
$0.3
million to the Company.
 
In
August 2016,
the Company sold and certain investors purchased for a total purchase price of
$50.0
million a total of
454,545
shares of common stock and warrants to purchase a total of
340,909
shares of common stock at a per share exercise price of
$110.00
(the
“August 2016
Warrants”). These warrants will terminate on
August 2, 2021
or such earlier date as specified in the warrants.
 
As discussed in Note
6
regarding the Company’s notes payable, in connection with the Loan Agreement in
September 2014,
the Company issued to the Lenders and their affiliates the Venture Loan Warrants. Upon the Company’s satisfaction of the conditions precedent to the making of the
second
tranche loan, the Venture Loan Warrants became exercisable in full. The Venture Loan Warrants will terminate on
September 29, 2021
or such earlier date as specified in the Venture Loan Warrants. In addition, in
March 2017,
the Company issued to the Lenders
five
year warrants to purchase an aggregate of
5,000
shares of the Company’s common stock at an exercise price of
$26.00
per share in consideration of the Lenders accepting the early pay-off of the indebtedness under the Loan Agreement. These warrants were recorded at a fair value of
$87,100
and included in additional paid-in capital as of
December 31, 2017
and
September 30, 2018.
 
All outstanding warrants were issued with an original life of
five
years. As of
December 31, 2017
and
September 30, 2018,
outstanding warrants to purchase a total of
689,661
shares of the Company’s common stock were as follows:
 
Type of Warrant and
Classification
  Date of Issuance   Number of Shares   Exercise Price   Expiration
Date(s)
Common stock - Equity    
9/29/14
     
4,139
    $
181.20
   
9/29/21
Common stock - Equity    
3/4/16
     
134,163
    $
107.00
   
3/4/21
Common stock - Equity    
6/29/16
     
205,450
    $
107.00
   
6/29/21
Common stock - Liability    
8/2/16
     
340,909
    $
110.00
   
8/02/21
Common stock - Equity    
3/6/17
     
5,000
    $
26.00
   
3/06/22
 
The following warrants were issued in
August 2016
and remained outstanding as of
December 
31,
2017
and
September 30, 2018,
and include provisions that could require cash settlement. The
August 2016
Warrants were therefore recorded as liabilities of the Company at the estimated fair value as of the date of issuance. The
August 2016
Warrants are required to be recorded at fair value as of the end of each subsequent reporting period, with changes in fair value recorded as other income or expense in the Company’s condensed consolidated statement of operations in each subsequent period:
 
    August 2016
Warrants
Exercise price   $
110.00
 
Expiration date    
August 2, 2021
 
Total shares issuable on exercise    
340,909
 
 
The fair value of the
August 2016
Warrants has been measured using the Black-Scholes valuation model. Inherent in the Black-Scholes valuation model are assumptions related to expected stock price volatility, expected life, risk-free interest rate and dividend yield. The risk-free interest rate is based on the U.S. Treasury
five
-year maturity yield curve in effect on the date of valuation. The dividend yield percentage is
zero
because the Company neither currently pays dividends nor intends to do so during the expected term of the
August 2016
Warrants. Expected stock price volatility is based on the weighted average of the Company’s historical common stock volatility and the volatility of several peer public companies. The expected life of the
August 2016
Warrants is assumed to be equivalent to their remaining contractual term.
 
The assumptions used by the Company to determine the fair value of the
August 2016
Warrants are summarized in the following table as of
December 31, 2017.
Due to the market value of the Company’s common stock and the
$110.00
exercise price of its warrants, the Company determined that its outstanding warrants had
no
value as of
September 30, 2018.
 
    December 31, 2017   September 30, 2018
         
Exercise price of warrants   $
110.00
    $
110.00
 
Closing underlying stock price on date of valuation   $
3.00
    $
 
Expected stock price volatility    
112
%    
 
Expected life (in years)    
3.58
     
 
Risk-free interest rate    
2.04
%    
 
Expected dividend yield    
0.0
%    
 
Valuation per common share underlying each warrant   $
0.49
    $
 
Total liability for warrants on the consolidated balance sheet   $
167,636
    $
 
Decrease in fair value during the period    
20,758,425
    $
167,636
 
 
In
2013,
the Company agreed to enter into a manufacturing rights agreement for the manufacturing of rocapuldencel-T in the European market with Pharmstandard, which also provided for the issuance of warrants to Pharmstandard to purchase
24,989
shares of the Company’s common stock at an exercise price of
$116.40
per share. As of
September 30, 2018,
the Company had
not
entered into this manufacturing rights agreement or issued such warrants.
XML 35 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 10 - Contract with the NIH and NIAID
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Concentration Risk Disclosure [Text Block]
10.
Contract with the NIH and NIAID
 
In
September 2006,
the Company entered into a multi-year research contract with the NIH and NIAID to design, develop and clinically test an autologous HIV immunotherapy capable of eliciting therapeutic immune responses. The Company used funds from this contract to develop AGS-
004.
Under this contract, as amended, the NIH and NIAID committed to fund up to a total of
$39.8
million, including reimbursement of direct expenses and allocated overhead and general and administrative expenses of up to
$38.4
million and payment of other specified amounts totaling up to
$1.4
million upon the Company’s achievement of specified development milestones. Since
September 2010,
the Company has received reimbursement of its allocated overhead and general and administrative expenses at provisional indirect cost rates equal to negotiated provisional indirect cost rates agreed to with the NIH and NIAID in
September 2010.
These provisional indirect cost rates are subject to adjustment based on the Company’s actual costs pursuant to the agreement with the NIH and NIAID. This commitment originally extended until
May 2013.
The Company agreed to an additional modification of the Company’s contract with the NIH and NIAID under which the NIH and NIAID agreed to increase their funding commitment to the Company by an additional
$5.4
million in connection with the extension of the contract from
May 2013
to
September 2015.
Additionally, a contract modification for a
$0.5
million increase was agreed to by the NIH on
September 18, 2014
to cover a portion of the manufacturing costs of the planned Phase
2
clinical trial of AGS-
004
for long-term viral control in pediatric patients. On
June 29, 2016,
a contract modification was agreed to that extended the NIH and NIAID’s commitment under the contract to
July 31, 2018.
The Company agreed to a statement of work under the contract, and was obligated to furnish all the services, qualified personnel, material, equipment, and facilities,
not
otherwise provided by the U.S. government, needed to perform the statement of work. This contract expired as of
July 31, 2018.
 
The Company recognized revenue from reimbursements earned in connection with the contract as reimbursable costs were incurred and revenues from the achievement of milestones under the NIH and NIAID contract upon the accomplishment of any such milestone.
 
For the
three
months ended
September 30, 2017
and
2018,
the Company recorded revenue under the NIH and NIAID agreement of
$17,792
and
$69,754,
respectively. For the
nine
months ended
September 
30,
2017
and
2018,
the Company recorded revenue under the NIH and NIAID agreement of
$145,949
and
$126,819,
respectively. The Company has recorded total revenue of
$38.2
million through
September 30, 2018
under this agreement. As of
December 
31,
2017
and
September 30, 2018,
the Company recorded a receivable from the NIH and NIAID of
$31,977
and
$56,751,
respectively. The concentration of credit risk is equal to the outstanding accounts receivable and such risk is subject to the credit worthiness of the NIH and NIAID. There have been
no
credit losses under this arrangement.
XML 36 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 11 - Collaboration Agreements
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Long-term Contracts or Programs Disclosure [Text Block]
11.
Collaboration Agreements
 
Pharmstandard License Agreement
 
In
August 2013,
Pharmstandard purchased shares of the Company’s series E preferred stock. Concurrent with such purchase, the Company entered into an exclusive royalty-bearing license agreement with Pharmstandard. Under this license agreement, the Company granted Pharmstandard and its affiliates a license, with the right to sublicense, develop, manufacture and commercialize rocapuldencel-T and other products for the treatment of human diseases, which are developed by Pharmstandard using the Company’s individualized immunotherapy platform, in the Russian Federation, Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Ukraine and Uzbekistan, which the Company refers to as the Pharmstandard Territory. The Company also provided Pharmstandard with a right of
first
negotiation for development and commercialization rights in the Pharmstandard Territory to specified additional products the Company
may
develop.
 
Under the terms of the license agreement, Pharmstandard licensed the Company rights to clinical data generated by Pharmstandard under the agreement and granted the Company an option to obtain an exclusive license outside of the Pharmstandard Territory to develop and commercialize improvements to the Company’s Arcelis technology generated by Pharmstandard under the agreement, a non-exclusive worldwide royalty-free license to Pharmstandard improvements to manufacture products using the Company’s Arcelis technology and a license to specified follow-on licensed products generated by Pharmstandard outside of the Pharmstandard Territory, each on terms to be negotiated upon the Company’s request for a license. In addition, Pharmstandard agreed to pay the Company pass-through royalties on net sales of all licensed products in the low single digits until it has generated a specified amount of aggregate net sales. Once the net sales threshold is achieved, Pharmstandard will pay the Company royalties on net sales of specified licensed products, including rocapuldencel-T, in the low double digits below
20%.
These royalty obligations last until the later of the expiration of specified licensed patent rights in a country or the
twelfth
anniversary of the
first
commercial sale in such country on a country by country basis and
no
further royalties on specified other licensed products. After the net sales threshold is achieved, Pharmstandard has the right to offset a portion of the royalties Pharmstandard pays to
third
parties for licenses to necessary
third
party intellectual property against the royalties that Pharmstandard pays to the Company.
 
The agreement will terminate upon expiration of the royalty term, upon which all licenses will become fully paid-up perpetual exclusive licenses. Either party
may
terminate the agreement for the other party’s uncured material breach or if specified conditions occur relating to the other party’s insolvency or bankruptcy and the Company
may
terminate the agreement if Pharmstandard challenges or assists a
third
party in challenging specified patent rights of the Company. If Pharmstandard terminates the agreement upon the Company’s material breach or bankruptcy, Pharmstandard is entitled to terminate the Company’s licenses to improvements generated by Pharmstandard, upon which the Company
may
come to rely for the development and commercialization of rocapuldencel-T and other licensed products outside of the Pharmstandard Territory, and to retain its licenses from the Company and to pay the Company substantially reduced royalty payments following such termination.  
 
In
November 2013,
the Company entered into an agreement with Pharmstandard under which Pharmstandard purchased shares of the Company’s series E preferred stock. Under this agreement, the Company agreed to enter into a manufacturing rights agreement for the European market with Pharmstandard, which also provided for the issuance of warrants to Pharmstandard to purchase
24,989
shares of the Company’s common stock at an exercise price of
$116.40
per share. The Company has
not
entered into this manufacturing rights agreement or issued the warrants. All outstanding shares of the Company’s preferred stock converted into shares of the Company’s common stock upon the closing of its initial public offering in
February 2014.
 
Pharmstandard and Actigen Option Agreement
 
On
February 1, 2018,
the Company entered into an option agreement with Pharmstandard and Actigen to evaluate, with an option to license, certain patent rights and know-how related to a group of fully human
PD1
monoclonal antibodies and related technology held by Actigen. Actigen previously granted Pharmstandard an option to exclusively license these patent rights. Under the option agreement, Pharmstandard granted to the Company (i) an exclusive license for evaluation purposes only to make, have made, use and import the
PD1
monoclonal antibodies covered by these patent rights (but
not
offer to sell or sell products and processes covered by or incorporating the patent rights) for a period of
one
year from the date of the agreement and (ii) an option exercisable during the
one
-year period to obtain an exclusive license (with the right to sublicense) under the patent rights to make, have made, use, offer for sale, sell and import (with a right to grant sublicenses) the
PD1
monoclonal antibodies for all prophylactic, therapeutic and diagnostic uses and for all human diseases and conditions in the United States and Canada. The parties have agreed that, if the Company exercises the option during the option exercise period, the parties will negotiate in good faith a license agreement on the terms and conditions outlined in the option agreement, including payments by the Company to Pharmstandard of (i) an upfront license fee of
$3.6
million, payable upon execution of the license agreement in common stock of the Company, (ii) various development and regulatory milestone payments totaling
$8.5
million, and (iii) upper single digit percentage royalties on net sales of any pharmaceutical product or therapeutic regimen incorporating the licensed
PD1
monoclonal antibodies that will apply on a country-by-country basis until the later of the last to expire patent or
ten
years from the date of
first
commercial sale, against which the
first
$5.0
million of the Company’s development expenditures will be credited as prepaid royalties.
 
In consideration for the rights granted under the option agreement, the Company issued
169,014
shares of its common stock to Pharmstandard, the value of which will be creditable against the upfront license fee payable under the option agreement if the Company enters into a license agreement. Unless earlier terminated by any party for uncured material breach or by the Company without cause upon
thirty
days prior written notice, the option agreement will terminate upon the later of the end of the option exercise period if the Company decides
not
to exercise the option or
sixty
days after the Company exercises the option.
 
Green Cross License Agreement
 
In
July 2013,
the Company entered into an exclusive royalty-bearing license agreement with Green Cross Corp. ("Green Cross"). Under this agreement, the Company granted Green Cross a license to develop, manufacture and commercialize rocapuldencel-T for mRCC in South Korea. The Company also provided Green Cross with a right of
first
negotiation for development and commercialization rights in South Korea to specified additional products the Company
may
develop.
 
Under the terms of the license, Green Cross has agreed to pay the Company
$0.5
million upon the initial submission of an application for regulatory approval of a licensed product in South Korea,
$0.5
million upon the initial regulatory approval of a licensed product in South Korea and royalties ranging from the mid-single digits to low double digits below
20%
on net sales until the
fifteenth
anniversary of the
first
commercial sale in South Korea. In addition, Green Cross has granted the Company an exclusive royalty free license to develop and commercialize all Green Cross improvements to the Company’s licensed intellectual property in the rest of the world, excluding South Korea, except that, as to such improvements for which Green Cross makes a significant financial investment and that generate significant commercial benefit in the rest of the world, the Company is required to negotiate in good faith a reasonable royalty that the Company will be obligated to pay to Green Cross for such license. Under the terms of the agreement, the Company is required to continue to develop and to use commercially reasonable efforts to obtain regulatory approval for rocapuldencel-T in the United States.
 
The agreement will terminate upon expiration of the royalty term, which is
15
years from the
first
commercial sale, upon which all licenses will become fully paid up perpetual non-exclusive licenses. Either party
may
terminate the agreement for the other party’s uncured material breach or if specified conditions occur relating to the other party’s insolvency or bankruptcy and the Company
may
terminate the agreement if Green Cross challenges or assists a
third
party in challenging specified patent rights of the Company. If Green Cross terminates the agreement upon the Company’s material breach or bankruptcy, Green Cross is entitled to terminate the Company’s licenses to improvements and retain its licenses from the Company and to pay the Company substantially reduced milestone and royalty payments following such termination.
 
Medinet License Agreement
 
In
December 2013,
the Company entered into a license agreement with Medinet Co., Ltd. This agreement was subsequently novated, amended and restated among the Company, Medinet Co., Ltd. and MEDcell Co., Ltd. in
October 2014.
Pursuant to the novation, Medinet Co., Ltd. assigned and transferred all of its rights and obligations under the original license agreement, including the rights to receive payments under the
$9.0
million note in favor of Medinet Co., Ltd., to MEDcell Co., Ltd. without any substantive change in the underlying rights or obligations. Medinet Co., Ltd. and MEDcell Co., Ltd. together are referred to herein as “Medinet.” Under this agreement, the Company granted Medinet an exclusive, royalty-free license to manufacture in Japan rocapuldencel-T and other products using the Company’s Arcelis technology solely for the purpose of the development and commercialization of rocapuldencel-T and these other products for the treatment of mRCC. The Company refers to this license as the manufacturing license.
 
In addition, under this agreement, the Company granted Medinet an option to acquire a nonexclusive, royalty-bearing license under the Company’s Arcelis technology to sell in Japan rocapuldencel-T and other products for the treatment of mRCC. The Company refers to the option as the sale option and the license as the sale license. This option expired on
April 30, 2016.
As a result, Medinet
may
only manufacture rocapuldencel-T and these other products for the Company or its designee. The Company and Medinet have agreed to negotiate in good faith a supply agreement under which Medinet would supply the Company or its designee with rocapuldencel-T and these other products for development and sale for the treatment of mRCC in Japan. During the term of the manufacturing license, the Company
may
not
manufacture rocapuldencel-T or these other products for the Company or any designee for development or sale for the treatment of mRCC in Japan.
 
In consideration for the manufacturing license, Medinet paid the Company
$1.0
million. Medinet also loaned the Company
$9.0
million in connection with the Company entering into the agreement. The Company agreed to use these funds in the development and manufacturing of rocapuldencel-T and the other products. Medinet also agreed to pay the Company milestone payments of up to a total of
$9.0
million upon the achievement of developmental and regulatory milestones and
$5.0
million upon the achievement of a sales milestone related to rocapuldencel-T and these products. Under the terms of the note and the manufacturing license agreement, any milestone payments related to the developmental and regulatory milestones that become due will be applied
first
to the repayment of the loan. The
first
milestone was achieved in
July 2015
and resulted in a
$1.0
million payment. The
second
milestone was achieved in
June 2016
and resulted in a
$2.0
million payment. The
third
milestone was achieved in
March 2017
and resulted in a
$2.0
million payment. Together, these milestone payments reduced the outstanding principal under the loan as of
December 31, 2017
to
$4.0
million.
 
In
December 2013,
in connection with the manufacturing license agreement with Medinet, the Company borrowed
$9.0
million pursuant to an unsecured promissory note that bears interest at a rate of
3.0%
 per annum. The principal and interest under the note are due and payable on
December 
31,
2018.
The Company has the right to prepay the loan at any time. If the Company has
not
repaid the loan by
December 
31,
2018,
then the Company has agreed to grant to Medinet a non-exclusive, royalty-bearing license to make and sell Arcelis products in Japan for the treatment of cancer. In such event, the amounts owing under the loan as of
December 31, 2018
may
constitute pre-paid royalties under the license or would be due and payable. Royalties under this license would be paid until the expiration of the licensed patent rights in Japan at a rate to be negotiated. If the Company and Medinet cannot agree on the royalty rate, the Company and Medinet have agreed to submit the matter to arbitration.
 
The Company recorded the initial
$1.0
million payment from Medinet as a deferred liability. In addition, because the
$9.0
million promissory note was issued at a below market interest rate, the Company allocated the proceeds of the loan between the manufacturing license agreement and the debt at the time of issuance. Accordingly, as of
December 31, 2013,
the date of borrowing, the Company recorded
$6.9
million to notes payable, based upon an effective interest rate of
8.0%,
and
$2.1
million as a deferred liability. During the year ended
December 31, 2015,
the Company recorded a
$1.0
million milestone payment as deferred revenue under the license agreement and reduced the related note payable by
$0.8
million and the deferred liability by
$0.2
million.
 
During the year ended
December 31, 2016,
the Company recorded a
$2.0
million milestone payment as deferred revenue under this license agreement and reduced the related note payable by
$1.5
million and the deferred liability by
$0.5
million. As of
December 31, 2016,
the amount of the note payable was
$6.4
million, including
$1.8
million accrued interest, and the total deferred liability associated with the Medinet note was
$5.4
million.
 
During the year ended
December 31, 2017,
the Company recorded an additional
$2.0
million milestone payment as deferred revenue under this license agreement and reduced the related note payable by
$1.5
million and the deferred liability by
$0.5
million. As of
December 31, 2017,
the amount of the note payable was
$5.0
million, including
$1.9
million of accrued interest, and the total deferred liability associated with the Medinet note was
$6.9
million of which
$6.0
million was deferred revenue.
 
On
February 14, 2018,
the Company notified Medinet that the Company irrevocably agreed to have
no
further right to exercise its right under the license agreement to revoke the manufacturing and sale license, or the sale license only. In all other respects, the Medinet license agreement remains in full force and effect. As a result of the revocation right
no
longer being of force and effect, the Company recognized
$5.8
million of deferred milestone revenue as revenue under ASC
606
during the
first
quarter of
2018.
As of
September 30, 2018,
the amount of the note payable was
$5.0
million, including
$1.9
million of accrued interest, and the total deferred liability associated with the Medinet note was
$1.0
million of which
$50,000
was deferred revenue. As of
September 30, 2018,
there are performance obligations related to the Medinet license agreement of
$50,000
that are unsatisfied. The Company expects that the remaining performance obligations related to the Medinet license agreement will be satisfied by the end of
2018
and that upon such satisfaction, the
$50,000
of deferred revenue will be recognized as revenue.
 
The agreement will terminate upon expiration of the royalty term, upon which all licenses will become fully paid up, perpetual non-exclusive licenses. Either party
may
terminate the agreement for the other party’s uncured material breach or if specified conditions occur relating to the other party’s insolvency or bankruptcy, and the Company
may
terminate the agreement if Medinet challenges or assists a
third
party in challenging specified patent rights of the Company. If Medinet terminates the agreement upon the Company’s material breach or bankruptcy, Medinet is entitled to terminate the Company’s licenses to improvements and retain its royalty-bearing licenses from the Company.
 
Lummy License Agreement
 
On
April 7, 2015,
the Company and Lummy HK, a wholly owned subsidiary of Chongqing Lummy Pharmaceutical Co. Ltd., entered into a license agreement (the “License Agreement”) whereby the Company granted to Lummy HK an exclusive license under the Arcelis technology, including patents, know-how and improvements to manufacture, develop and commercialize products for the treatment of cancer (“Licensed Product”) in China, Hong Kong, Taiwan and Macau (the “Territory”). Under the License Agreement, Lummy HK also has a right of
first
negotiation with respect to a license under the Arcelis technology for the treatment of infectious diseases in the Territory. This agreement was subsequently amended in
December 2016,
October 2017
and
March 2018.
 
Under the terms of the License Agreement, the parties will share relevant data, and the Company will have a right to reference Lummy HK data for purposes of its development programs under the Arcelis technology. In addition, Lummy HK has granted to the Company an exclusive, royalty-free license under and to any and all Lummy HK improvements to the Arcelis technology conceived or reduced to practice by Lummy HK (“Lummy HK Improvements”) and Lummy HK data to develop and/or commercialize products (“Arcelis-Based Products”) outside the Territory, an exclusive, royalty-free license under and to any and all investigational new drug applications ("INDs") and other regulatory approvals and Lummy HK trademarks used for an Arcelis-Based Product to develop and/or commercialize an Arcelis-Based Product outside the Territory and a non-exclusive, worldwide, royalty-free license under any Lummy HK Improvements and Lummy HK data to manufacture Arcelis-Based Products anywhere in the world. Lummy HK has the right to reference the Company’s data, INDs and other regulatory filings and submissions for the purpose of developing and obtaining regulatory approval of Licensed Products in the Territory.
 
Pursuant to the License Agreement, Lummy HK will pay the Company royalties on net sales and an aggregate of up to
$22.3
million upon the achievement of manufacturing, regulatory and commercial milestones. The License Agreement will terminate upon expiration of the last to expire royalty term for all Arcelis-Based Products, with each royalty term being the longer of the expiration of the last valid patent claim covering the applicable Arcelis-Based Product and
10
years from the
first
commercial sale of such Arcelis-Based Product. Either party
may
terminate the License Agreement for the other party’s uncured material breach or if specified conditions occur relating to the other party’s insolvency or bankruptcy. The Company
may
terminate the License Agreement if Lummy HK challenges or assists a
third
party in challenging specified patent rights of the Company. If Lummy HK terminates the License Agreement upon the Company’s material breach or bankruptcy, Lummy HK is entitled to terminate the licenses it granted to the Company and retain its licenses from the Company with respect to Arcelis-Based Products then in development or being commercialized, subject to Lummy HK’s continued obligation to pay royalties and milestones with respect to such Arcelis-Based Products.
 
Pursuant to the License Agreement, Lummy HK paid the Company a
$1.5
million milestone payment upon the achievement of a manufacturing milestone in
October 2017.
The milestone payment was made in consideration of the successful initiation of transfer of technology related to the manufacturing of rocapuldencel-T, to which Lummy HK has a license for commercialization in China and other Asian territories. The Company recorded this
$1.5
million payment from Lummy HK as revenue.
 
In
January 2018,
the Company entered into a stock purchase agreement with Lummy HK under which the Company agreed to issue and sell to Lummy HK in a private financing
375,000
shares of the Company’s common stock for an aggregate purchase price of
$1.5
million.  In
March 2018,
the Company and Lummy HK amended the stock purchase agreement to reduce the aggregate price for the shares to
$450,000.
Concurrent with such amendment, the Company entered into a
third
amendment to its license agreement with Lummy HK pursuant to which Lummy HK agreed to pay the Company a
$1.05
million milestone payment. In
April 2018,
the Company received from Lummy HK
$450,000
for the purchase of the
375,000
shares and a
$1.05
million milestone payment.
 
As of
September 30, 2018,
there are performance obligations related to the Lummy HK License Agreement of
$1.2
million that are unsatisfied. The remaining
$1.2
million in performance obligations were to be satisfied and recognized as revenue on a straight-line basis over the estimated remaining license period from
October 1, 2018
to
December 31, 2029.
As of
December 31, 2017
and
September 30, 2018,
the Company had deferred revenue from the Lummy HK License Agreement of
$1.2
million and
$1.2
million, respectively.
XML 37 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 12 - Net Loss Per Share
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Earnings Per Share [Text Block]
12.
Net Loss Per Share
 
Basic and diluted net loss per share of common stock was determined by dividing net loss by the weighted average of shares of common stock outstanding during the period. The Company’s potentially dilutive shares, which include options to purchase common stock and warrants, have
not
been included in the computation of diluted net loss per share for all periods as the result would be antidilutive.
 
The following table presents the computation of basic and diluted net loss per share of common stock:
 
    Three Months Ended September 30,   Nine Months Ended September 30,
    2017   2018   2017   2018
Net loss   $
(6,065,947
)   $
(5,000,647
)   $
(38,684,637
)   $
(13,590,631
)
Weighted average common shares outstanding, basic and diluted    
2,911,800
     
10,586,661
     
2,351,839
     
9,607,577
 
                                 
Net loss per share, basic and diluted   $
(2.08
)   $
(0.47
)   $
(16.45
)   $
(1.41
)
 
The following potentially dilutive securities have been excluded from the computation of diluted weighted average common shares outstanding, as they would be antidilutive:
 
    Three Months Ended September 30,   Nine Months Ended September 30,
    2017   2018   2017   2018
Stock options outstanding    
274,192
     
194,653
     
286,962
     
220,929
 
Warrants outstanding    
689,661
     
689,661
     
688,470
     
689,661
 
 Convertible notes outstanding    
 
     
1,448,352
     
 
     
1,448,352
 
XML 38 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]
Basis of Presentation and Going Concern
 
The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does
not
include all disclosures required by U.S. GAAP. Accordingly, the statements do
not
include all information and footnotes required by U.S. GAAP for annual consolidated financial statements. In the opinion of management, such interim financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of financial position, results of operations and cash flows for such periods. The results for the
three
and
nine
months ended
September 30, 2018
are
not
necessarily indicative of the results that
may
be expected for the year ended
December 31, 2018
or future operating periods. The information included in these interim financial statements should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report on Form
10
-Q and the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form
10
-K for the year ended
December 
31,
2017.
 
The Company’s consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company has evaluated principal conditions and events that
may
raise substantial doubt about its ability to continue as a going concern within
one
year from the date that these financial statements are issued. The Company has incurred losses in each year since inception and as of
September 30, 2018,
had an accumulated deficit of
$386.2
million. Also, as of
September 30, 2018,
the Company’s current assets totaled
$9.0
million compared with current liabilities of
$9.4
million, and the Company had cash and cash equivalents of
$7.9
million. Based upon its current and projected cash flow, the Company concluded there is substantial doubt about its ability to continue as a going concern within
one
year from the date that these financial statements are issued. The financial statements for the
three
and
nine
months ended
September 30, 2018
do
not
include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that
may
result from uncertainty related to the Company’s ability to continue as a going concern.
 
On
March 3, 2017,
the Company entered into a payoff letter with Horizon Technology Finance Corporation and Fortress Credit Co LLC (the “Lenders”) under a venture loan and security agreement (the “Loan Agreement”) pursuant to which the Company paid, on
March 6, 2017,
a total of
$23.1
million to the Lenders, representing the principal balance and accrued interest outstanding under the Loan Agreement in repayment of the Company’s outstanding obligations under the Loan Agreement. In addition, the Company issued to the Lenders
five
year warrants to purchase an aggregate of
5,000
shares of common stock at an exercise price of
$26.00
per share in consideration of the Lenders acceptance of
$23.1
million as payment in full. Upon the payment of the
$23.1
million and the issuance of the warrants pursuant to the payoff letter, all of the Company’s outstanding indebtedness and obligations to the Lenders under the Loan Agreement were paid in full, and the Loan Agreement and the notes thereunder were terminated.
 
In
March 2017,
the Company announced that its board of directors approved a workforce action plan designed to streamline operations and reduce operating expenses. The Company recognized
$1.2
million in severance costs, all of which was paid as of
December 31, 2017.
The Company also recognized
$3.2
million in stock-based compensation expense from the acceleration of vesting of stock options and restricted stock held by the terminated employees during the year ended
December 31, 2017.
 
In
June 2017,
the Company raised net proceeds of
$6.0
million through the issuance of a secured convertible note to Pharmstandard International S.A. (“Pharmstandard”), a collaborator and the Company’s largest stockholder, in the aggregate principal amount of
$6.0
million.
 
In
August 2017,
the Company entered into an agreement with Medpace, Inc. (“Medpace”), regarding
$1.5
million in deferred fees that the Company owed Medpace for contract research and development services. Under the agreement, the Company paid
$0.85
million of the amount during the
third
of quarter
2017
and paid the balance in
April 2018.
 
In
September 2017,
the Company entered into a satisfaction and release agreement (the “Satisfaction and Release Agreement”) with Invetech Pty Ltd (“Invetech”). Under the Invetech Satisfaction and Release Agreement, the Company agreed to make, issue and deliver to Invetech (i) a cash payment of
$0.5
million, (ii)
57,142
shares of common stock and (iii) an unsecured convertible promissory note in the original principal amount of
$5.2
million, on account of and in full satisfaction and release of all of the Company’s payment obligations to Invetech arising under the Company’s development agreement with Invetech (the “Invetech Development Agreement”) prior to the date of the Invetech Satisfaction and Release Agreement, including the Company’s obligation to pay Invetech up to a total of
$8.3
million in deferred fees, bonus payments and accrued interest.
 
In
November 2017,
the Company entered into a satisfaction and release agreement (the “Saint-Gobain Satisfaction and Release Agreement”) with Saint-Gobain Performance Plastics Corporation (“Saint-Gobain”). Under the Saint-Gobain Satisfaction and Release Agreement, the Company agreed to make, issue and deliver to Saint-Gobain (i) a cash payment of
$0.5
million, (ii)
34,499
shares of common stock, (iii) an unsecured convertible promissory note in the original principal amount of
$2.4
million, and (iv) certain specified equipment originally provided to the Company by Saint-Gobain under the development agreement with Saint-Gobain, or the (“Saint-Gobain Development Agreement”), on account of and in full satisfaction and release of all of the Company’s payment obligations to Saint-Gobain arising under the Saint-Gobain Development Agreement, prior to the date of the Saint-Gobain Satisfaction and Release Agreement, including the development fees and charges. In connection with entering into the Saint-Gobain Satisfaction and Release Agreement, the Company and Saint-Gobain entered into an amendment to the Saint-Gobain Development Agreement to extend the term to
December 31, 2019.
 
From
June 2017
through
December 31, 2017,
the Company raised proceeds of
$15.5
million through the issuance of common stock in an at-the-market offering under its sales agreement with Cowen & Company, LLC (“Cowen”). From
December 31, 2017
through
April 25, 2018,
an additional
$7.5
million of proceeds was raised. However, upon the delisting of its common stock from The Nasdaq Capital Market in
April 2018,
the Company ceased to sell any additional shares under the sales agreement.
 
On
April 23, 2018,
the Company received a notification from The Nasdaq Stock Market LLC indicating that, because the Company had indicated that it would be unable to meet the stockholders’ equity requirement for continued listing as of the
April 24, 2018
deadline that had been set by the Nasdaq Hearing Panel, the Nasdaq Hearing Panel had determined to delist the Company’s common stock from The Nasdaq Capital Market and to suspend trading in its common stock effective at the open of business on
April 25, 2018.
Following such delisting, the Company transferred its common stock to the OTCQB® Venture Market.
 
As of
September 30, 2018,
the Company had cash and cash equivalents of
$7.9
million. The Company does
not
currently have sufficient cash resources to pay all of its accrued obligations in full or to continue its business operations beyond the end of
2018.
 
In light of the termination of the development of rocapuldencel-T, cessation of the Company’s research and development activities and the Company’s cash resources, and based on a review of the status of its internal programs, resources and capabilities, the Company is pursuing a strategic alternative that
may
involve an asset sale, dissolution, liquidation, wind-down or protection under the bankruptcy laws. There can be
no
assurance that the Company will be able to enter into a strategic transaction on a timely basis, on terms that are favorable to the Company, or at all. If the Company decides to seek protection under the bankruptcy laws, and if the Company decides to wind down under the bankruptcy laws or otherwise, it is unclear to what extent the Company will be able to pay its obligations to creditors, and, whether and to what extent any resources will be available for distributions to the Company’s stockholders. However, based on the Company’s current resources, the Company believes that it is unlikely that any resources will be available for distributions to its stockholders and that a likely outcome of the Company’s wind-down and potential bankruptcy proceeding will be the cancellation or extinguishment of all outstanding shares in the Company without any payment or other distribution on account of those shares.
 
The condensed consolidated financial statements include the accounts of the Company and DC Bio Corp., the Company’s Canadian wholly-owned subsidiary, an unlimited liability corporation incorporated in the Province of Nova Scotia and Argos Therapeutics (Europe) S.à.r.l., the Company’s wholly-owned subsidiary, a société anonyme à responsabilité limitée incorporated in Luxembourg. Significant intercompany transactions and accounts have been eliminated.
 
On
January 18, 2018,
the Company effected a
one
-for-
twenty
reverse split of its common stock. All references to shares of common stock outstanding, average number of shares outstanding and per share amounts in these consolidated financial statements and notes to consolidated financial statements have been restated to reflect the reverse split on a retroactive basis.
Use of Estimates, Policy [Policy Text Block]
Use of Estimates
 
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of 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.
Significant Accounting Policies [Policy Text Block]
Significant Accounting Policies
 
There have been
no
material changes in our significant accounting policies as of and for the
three
and
nine
months ended
September 30, 2018,
as compared with the significant accounting policies described in our Annual Report on Form
10
-K for the year ended
December 31, 2017,
except as described below under Revenue Recognition and Recently Adopted Accounting Standards.
Cash and Cash Equivalents, Policy [Policy Text Block]
Cash and Cash Equivalents
 
The Company considers all highly liquid investments with an original maturity of
three
months or less as of the date of purchase to be cash equivalents. Cash deposits are all in financial institutions in the United States of America, Canada and the European Union. The Company maintains cash in accounts which are in excess of federally insured limits. As of
December 31, 2017
and
September 30, 2018,
$14.7
million and
$7.7
million, respectively, in cash and cash equivalents was uninsured.
Revenue Recognition, Policy [Policy Text Block]
Revenue Recognition
 
An important part of the Company’s business strategy has been to enter into arrangements with
third
parties both to assist in the development and commercialization of its product candidates, particularly in international markets, and to in-license product candidates in order to expand its pipeline. The terms of the agreements typically include non-refundable license fees, funding of research and development, payments based upon achievement of clinical development and regulatory objectives, and royalties on product sales. The Company has adopted the provisions of the Financial Accounting Standards Board (“FASB”), Codification Topic
606,
Revenue from Contracts with Customers (“Topic
606”
). This guidance supersedes the provisions of FASB Codification Topic
605,
Revenue Recognition (“Topic
605”
).
 
Effective
January 1, 2018,
the Company adopted ASC
606,
using the modified retrospective transition method. Under this method, results for reporting periods beginning after
January 1, 2018
are presented under ASC
606,
while prior period amounts are
not
adjusted and continue to be reported in accordance with Topic
605.
The Company applied the modified retrospective transition method to contracts that were
not
completed as of
January 1, 2018,
the effective date of adoption for ASC
606.
The contracts to which the Company is a party that were
not
completed as of
January 1, 2018
are the multi-year research contract with the NIH and NIAID (see Note
10
) and the collaboration agreements included in Note
11.
The Company assessed the potential effects to the consolidated financial statements and retained earnings of adoption of the modified retrospective transition method and has concluded that, upon adoption of the new standard, there was
no
impact on the Company's consolidated financial statements and there was
no
difference in what would have been recognized under Topic
605
or Topic
606
for the
three
and
nine
months ended
September 30, 2018.
 
License Fees and Multiple Element Arrangements.
If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, up-front fees allocated to the license at such time as the license is transferred to the licensee and the licensee is able to use, and benefit from, the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress in each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.
 
If the Company is involved in a steering committee as part of a multiple element arrangement, the Company assesses whether its involvement constitutes a performance obligation or a right to participate. Steering committee services that are determined to be performance obligations are combined with other research services or performance obligations required under an arrangement, if any, in determining the level of effort required in an arrangement and the period over which the Company expects to complete its aggregate performance obligations.
 
If the Company cannot reasonably measure its progress toward complete satisfaction of a performance obligation because it lacks reliable information that would be required to apply an appropriate method of measuring progress, but the Company can reasonably estimate when the performance obligation ceases or the remaining obligations become inconsequential and perfunctory, then revenue is
not
recognized until the Company can reasonably estimate when the performance obligation ceases or becomes inconsequential. Revenue is then recognized over the remaining estimated period of performance.
 
Significant management judgment is required in determining the level of effort required under an arrangement and the period over which the Company is expected to complete its performance obligations under an arrangement.
 
Development Milestone Payments
. At the inception of each arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would
not
occur, the associated milestone value is included in the transaction price. Milestone payments that are
not
within the control of the Company or the licensee, such as regulatory approvals, are
not
considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would
not
occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment.
 
Reimbursement of Costs.
Reimbursement of research and development costs by
third
party collaborators is recognized as revenue over time provided the Company has determined that it transfers control (i.e. performs the services) of a service over time and, therefore, satisfies a performance obligation according to the provisions outlined in the FASB Codification Topic
606
-
10
-
25
-
27,
Revenue Recognition.
 
Royalty Revenue.
For arrangements that include sales-based royalties, including milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, the Company has
not
recognized any royalty revenue resulting from any of its collaboration agreements.
 
Deferred Revenue.
Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying condensed consolidated balance sheets. Short-term deferred revenue would consist of amounts that are expected to be recognized as revenue within the next fiscal year. Amounts that the Company expects will
not
be recognized in the next fiscal year would be classified as long-term deferred revenue.
 
Summary.
During the
three
and
nine
months ended
September 30, 2017,
the Company recognized
$26,000
and
$146,000,
respectively, of contract revenue under the Company’s contract with the NIH and NIAID and
$27,500
and
$82,500,
respectively, of deferred revenue as revenue under the Company’s license agreement with Lummy (Hong Kong) Co. Ltd. (“Lummy HK”). During the
three
months ended
September 30, 2018,
the Company recognized
$70,000
of contract revenue under the contract with the NIH and NIAID and
$1.1
million of deferred revenue as revenue under the Lummy HK license agreement. During the
nine
months ended
September 30, 2018,
the Company recognized
$6.0
million of deferred milestone revenue as revenue under the Company’s license agreement with Medinet Co., Ltd and its wholly-owned subsidiary, MEDcell Co., Ltd. (together "Medinet"),
$1.1
million of deferred revenue as revenue and
$14,000
in reimbursement of costs under the Lummy HK license agreement,
$127,000
of contract revenue under its contract with the NIH and NIAID and
$11,000
of grant revenue.
 
For additional discussion of accounting for collaboration revenues, see Note
11.
 
With respect to each of the foregoing areas of revenue recognition, the Company exercises significant judgment in determining whether an arrangement contains multiple elements, and, if so, how much revenue is allocable to each element. In addition, the Company exercises its judgment in determining when its significant obligations have been met under such agreements and the specific time periods over which it recognized revenue, such as non-refundable, up-front license fees. To the extent that actual facts and circumstances differ from the Company’s initial judgments, revenue recognition with respect to such transactions would change accordingly and any such change could affect the Company’s reported financial results.
New Accounting Pronouncements, Policy [Policy Text Block]
Recently Issued Accounting Pronouncements
Not
Yet Adopted
 
In
February 2016,
the FASB issued ASU
2016
-
02,
 
Leases (Topic
842
)
("ASU
2016
-
02"
). The provisions of ASU
2016
-
02
set out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). This new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or
not
the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than
12
months regardless of their classification. Leases with a term of
12
months or less will be accounted using guidance similar to existing guidance for operating leases. Topic
842
supersedes the previous lease standard, Topic
840
 
Leases
. This guidance will be effective for annual periods and interim periods within those annual periods beginning after 
December 15, 2018,
and will be effective for the Company on
January 1, 2019.
The Company is currently evaluating the impact that the implementation of this standard will have on the Company's consolidated financial statements.
 
On
August 17, 2018,
the SEC adopted the final rule under SEC Release
No.
33
-
10532,
Disclosure Update and Simplification
” amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders' equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders' equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of comprehensive income is required to be filed.
The new rule was published in the Federal Register on
October 4, 2018
which means the changes in the new rule are effective for SEC filings made on or after
November 5, 2018. 
The
one
caveat to this effective date is for the addition to changes in shareholders’ equity information to Form
10
-Q, where the SEC issued a Compliance & Disclosure Interpretation indicating “the staff would
not
object if the filer’s
first
presentation of the changes in shareholders’ equity is included in its Form
10
-Q for the quarter that begins after the effective date of the amendments.” Accordingly, the changes in stockholders' equity is
not
required to be presented until the Company’s Form
10
-Q for the
three
months ended
March 31, 2019.
 
Recently Adopted Accounting Standards
 
In
May 2014,
the FASB issued Accounting Standards Update (“ASU”)
2014
-
09
, Revenue from Contracts with Customers (“ASU
2014
-
09”
)
pertaining to revenue recognition. The primary objective of ASU
2014
-
09
is for entities to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which an entity expects to be entitled to in exchange for those goods or services. This new standard also requires enhanced disclosures about revenue, provides guidance for transactions that were
not
previously addressed comprehensively and improve guidance for multiple-element arrangements. Additionally, the FASB issued ASU
2016
-
10,
Identifying Performance Obligations and Licensing,
which provided additional guidance and clarity on this topic. This new standard was effective for the Company in
first
quarter of
2018.The
two
permitted transition methods under ASU
2014
-
09
are the full retrospective method, in which case the new standard would be applied to each prior period presented and the cumulative effect of applying the standard would be recognized as of the earliest period reported, or the modified retrospective method, in which case the cumulative effect of applying the new standard would be recognized as of the date of initial application. The Company elected the modified retrospective method and there was
no
impact upon the Company’s consolidated financial statements upon adoption.
 
In
August 2016,
the FASB issued ASU
2016
-
15,
 
Statement of Cash Flows (Topic
230
): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).
 This ASU requires changes in the presentation of certain items in the statement of cash flows including but
not
limited to debt prepayment or debt extinguishment costs; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies and distributions received from equity method investees. This guidance was effective for annual periods and interim periods within those annual periods beginning after 
December 15, 2017,
requires adoption on a retrospective basis and was effective for the Company on
January 1, 2018.
The Company adopted this standard and there was
no
impact to the Company’s consolidated financial statements upon adoption.
 
In
November 2016,
the FASB issued ASU
2016
-
18,
Restricted Cash
("ASU
2016
-
18"
). ASU
2016
-
18
requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and restricted cash. Accordingly, restricted cash will be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted ASU
2016
-
18
during the
first
quarter of
2018,
and the standard has been retrospectively applied to all periods presented. The following provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheet to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows as of
September 30, 2017:
 
Cash and cash equivalents   $
9,372,642
 
Restricted cash included in current assets    
740,000
 
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows   $
10,112,642
 
 
The following provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheet to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows as of
December 31, 2016:
 
Cash and cash equivalents   $
52,973,376
 
Restricted cash included in current assets    
740,000
 
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows   $
53,713,376
 
 
There was
no
restricted cash as of
December 31, 2017
and
September 30, 2018.
XML 39 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 1 - Organization and Basis of Presentation (Tables)
9 Months Ended
Sep. 30, 2018
Notes Tables  
Schedule of Cash and Cash Equivalents [Table Text Block]
Cash and cash equivalents   $
9,372,642
 
Restricted cash included in current assets    
740,000
 
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows   $
10,112,642
 
Cash and cash equivalents   $
52,973,376
 
Restricted cash included in current assets    
740,000
 
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows   $
53,713,376
 
XML 40 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2018
Notes Tables  
Fair Value, Assets Measured on Recurring Basis [Table Text Block]
    Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
  Significant
Other
Observable
Inputs
(Level 2)
  Significant
Unobservable
Inputs
(Level 3)
  Balance as of
December 31,
2017
Assets                                
Money-market funds   $
4,098,037
    $
    $
    $
4,098,037
 
Total assets at fair value   $
4,098,037
    $
    $
    $
4,098,037
 
Liabilities                                
Warrants   $
    $
    $
167,636
    $
167,636
 
Total liabilities at fair value   $
    $
    $
167,636
    $
167,636
 
    Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
  Significant
Other
Observable
Inputs
(Level 2)
  Significant
Unobservable
Inputs
(Level 3)
  Balance as of
September 30,
2018
Assets                                
Money-market funds   $
4,145,112
    $
    $
    $
4,145,112
 
Total assets at fair value   $
4,145,112
    $
    $
    $
4,145,112
 
Liabilities                                
Warrants   $
    $
    $
    $
 
Total liabilities at fair value   $
    $
    $
    $
 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
Balance as of December 31, 2017   $
167,636
 
Change in fair value during the period    
(167,636
)
Balance as of September 30, 2018   $
 
Financial Instruments [Table Text Block] <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">As of December 31, 2017</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Amortized Cost<br /> Basis</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Gross<br /> Unrealized<br /> Holding<br /> Gains</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Gross<br /> Unrealized<br /> Holding<br /> Losses</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Aggregate<br /> Fair<br /> Value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left; padding-bottom: 1pt">Money-market funds</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,098,037</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,098,037</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,098,037</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,098,037</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">As of September 30, 2018</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Amortized Cost<br /> Basis</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Gross<br /> Unrealized<br /> Holding<br /> Gains</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Gross<br /> Unrealized<br /> Holding<br /> Losses</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Aggregate<br /> Fair<br /> Value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left; padding-bottom: 1pt">Money-market funds</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,145,112</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,145,112</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,145,112</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,145,112</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
XML 41 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Property and Equipment and Assets Held for Sale (Tables)
9 Months Ended
Sep. 30, 2018
Notes Tables  
Property, Plant and Equipment [Table Text Block]
    December 31,
2017
  September 30,
2018
         
Office furniture and equipment   $
639,603
    $
639,603
 
Computer equipment    
989,137
     
892,105
 
Computer software    
3,146,978
     
3,143,633
 
Laboratory equipment    
6,050,640
     
4,487,348
 
Leasehold improvements    
2,435,530
     
2,435,530
 
                 
Total property and equipment, gross    
13,261,888
     
11,598,219
 
Less: Accumulated depreciation and amortization    
(9,679,565
)    
(9,770,037
)
                 
Property and equipment, net   $
3,582,323
    $
1,828,182
 
Depreciation and Amortization Expense [Member]  
Notes Tables  
Property, Plant and Equipment [Table Text Block]
Three months ended September 30, 2017   $
242,471
 
Three months ended September 30, 2018   $
714,275
 
Nine months ended September 30, 2017   $
733,172
 
Nine months ended September 30, 2018   $
1,657,719
 
XML 42 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 6 - Notes Payable and Gain on Early Extinguishment of Debt (Tables)
9 Months Ended
Sep. 30, 2018
Notes Tables  
Schedule of Debt [Table Text Block]
    December 31,
2017
  September 30,
2018
Convertible note payable to Pharmstandard (related party), including accrued interest   $
6,302,959
    $
6,744,420
 
Convertible note payable to Invetech, including accrued interest    
5,845,655
     
5,063,847
 
Convertible note payable to Saint-Gobain, including accrued interest    
2,334,929
     
1,694,929
 
Note payable to Medinet, including accrued interest    
4,958,824
     
4,983,494
 
Other notes payable    
13,825
     
 
Total notes payable    
19,456,192
     
18,486,690
 
Less current portion of convertible note payable to Invetech, including accrued interest    
(1,300,000
)    
(900,000
)
Less current portion of convertible note payable to Saint-Gobain, including accrued interest    
(1,050,000
)    
(640,000
)
Less current portion of note payable to Medinet, including accrued interest    
(4,958,824
)    
(4,983,494
)
Less current portion of other notes payable    
(13,825
)    
 
Long-term portion of notes payable and convertible notes payable   $
12,133,543
    $
11,963,196
 
XML 43 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 8 - Stock Incentive Plans (Tables)
9 Months Ended
Sep. 30, 2018
Notes Tables  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]
    Three Months Ended September 30,   Nine Months Ended September 30,
    2017   2018   2017   2018
Research and development   $
620,083
    $
154,895
    $
1,545,588
    $
663,325
 
General and administrative    
797,752
     
406,095
     
2,285,798
     
1,307,156
 
Restructuring costs    
563,745
     
     
3,215,848
     
 
                                 
Total stock-based compensation expense   $
1,981,580
    $
560,990
    $
7,047,234
    $
1,970,481
 
Share-based Compensation, Stock Options, Activity [Table Text Block]
    Number of
Shares
  Weighted
Average Exercise
Price
  Weighted
Average
Contractual
Term
(in years)
Outstanding as of December 31, 2017    
269,514
    $
111.91
     
 
 
Granted    
    $
     
 
 
Exercised    
    $
     
 
 
Cancelled    
(85,893
)   $
141.71
     
 
 
Outstanding as of September 30, 2018    
183,621
    $
118.11
     
6.09
 
                         
Exercisable as of September 30, 2018    
133,661
    $
119.22
     
6.56
 
                         
Vested and expected to vest as of September 30, 2018    
179,774
    $
118.17
     
6.54
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
    Stock Option Plan   Employee Stock Purchase Plan
                 
    Nine Months Ended September 30,   Nine Months Ended September 30,
    2017   2018   2017   2018
Risk-free interest rate    
2.26
%    
     
0.79
%    
 
Dividend yield    
0
%    
     
0
%    
 
Expected option term (in years)    
7
     
     
0.5
     
 
Volatility    
86
%    
     
141
%    
 
XML 44 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 9 - Warrants (Tables)
9 Months Ended
Sep. 30, 2018
Notes Tables  
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]
Type of Warrant and
Classification
  Date of Issuance   Number of Shares   Exercise Price   Expiration
Date(s)
Common stock - Equity    
9/29/14
     
4,139
    $
181.20
   
9/29/21
Common stock - Equity    
3/4/16
     
134,163
    $
107.00
   
3/4/21
Common stock - Equity    
6/29/16
     
205,450
    $
107.00
   
6/29/21
Common stock - Liability    
8/2/16
     
340,909
    $
110.00
   
8/02/21
Common stock - Equity    
3/6/17
     
5,000
    $
26.00
   
3/06/22
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]
    December 31, 2017   September 30, 2018
         
Exercise price of warrants   $
110.00
    $
110.00
 
Closing underlying stock price on date of valuation   $
3.00
    $
 
Expected stock price volatility    
112
%    
 
Expected life (in years)    
3.58
     
 
Risk-free interest rate    
2.04
%    
 
Expected dividend yield    
0.0
%    
 
Valuation per common share underlying each warrant   $
0.49
    $
 
Total liability for warrants on the consolidated balance sheet   $
167,636
    $
 
Decrease in fair value during the period    
20,758,425
    $
167,636
 
August 2016, Warrant [Member]  
Notes Tables  
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]
    August 2016
Warrants
Exercise price   $
110.00
 
Expiration date    
August 2, 2021
 
Total shares issuable on exercise    
340,909
 
XML 45 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 12 - Net Loss Per Share (Tables)
9 Months Ended
Sep. 30, 2018
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
    Three Months Ended September 30,   Nine Months Ended September 30,
    2017   2018   2017   2018
Net loss   $
(6,065,947
)   $
(5,000,647
)   $
(38,684,637
)   $
(13,590,631
)
Weighted average common shares outstanding, basic and diluted    
2,911,800
     
10,586,661
     
2,351,839
     
9,607,577
 
                                 
Net loss per share, basic and diluted   $
(2.08
)   $
(0.47
)   $
(16.45
)   $
(1.41
)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]
    Three Months Ended September 30,   Nine Months Ended September 30,
    2017   2018   2017   2018
Stock options outstanding    
274,192
     
194,653
     
286,962
     
220,929
 
Warrants outstanding    
689,661
     
689,661
     
688,470
     
689,661
 
 Convertible notes outstanding    
 
     
1,448,352
     
 
     
1,448,352
 
XML 46 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 1 - Organization and Basis of Presentation (Details Textual)
3 Months Ended 6 Months Ended 7 Months Ended 9 Months Ended 12 Months Ended
Jan. 18, 2018
Nov. 22, 2017
USD ($)
shares
Sep. 22, 2017
USD ($)
shares
Mar. 06, 2017
USD ($)
$ / shares
shares
Sep. 30, 2018
USD ($)
Jun. 30, 2018
USD ($)
Mar. 16, 2018
USD ($)
Sep. 30, 2017
USD ($)
Jun. 30, 2017
USD ($)
Dec. 31, 2017
USD ($)
Sep. 30, 2018
USD ($)
Sep. 30, 2017
USD ($)
Dec. 31, 2017
USD ($)
Aug. 31, 2017
USD ($)
Jun. 15, 2017
USD ($)
Dec. 31, 2016
USD ($)
Retained Earnings (Accumulated Deficit), Ending Balance         $ (386,154,957)         $ (372,564,327) $ (386,154,957)   $ (372,564,327)      
Assets, Current, Total         9,041,698         17,184,421 9,041,698   17,184,421      
Liabilities, Current, Total         9,369,583         9,557,166 9,369,583   9,557,166      
Cash and Cash Equivalents, at Carrying Value, Ending Balance         7,940,790     $ 9,372,642   15,188,838 7,940,790 $ 9,372,642 15,188,838     $ 52,973,376
Extinguishment of Debt, Amount       $ 23,100,000                        
Class of Warrant or Right, Term       5 years                        
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares       5,000                        
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares       $ 26                        
Proceeds from Issuance of Common Stock                     7,924,534 7,790,622        
Cash, Uninsured Amount         7,700,000         14,700,000 7,700,000   14,700,000      
Revenue from Contract with Customer, Including Assessed Tax         1,247,254     53,497     7,234,434 228,449        
Restricted Cash, Total         0         0 0   0      
Grant [Member]                                
Revenue from Contract with Customer, Including Assessed Tax                     11,000          
NIH & NIAID [Member]                                
Revenue from Contract with Customer, Including Assessed Tax               26,000     127,000 146,000        
NIH & NIAID [Member] | License [Member]                                
Contract with Customer, Liability, Revenue Recognized         70,000                      
Lummy Co. Ltd. [Member] | License [Member]                                
Contract with Customer, Liability, Revenue Recognized               27,500     1,100,000 82,500        
Revenue from Contract with Customer, Remibursement of Costs                     14,000          
Lummy Co. Ltd. [Member] | Milestone [Member]                                
Contract with Customer, Liability, Revenue Recognized         $ 1,100,000                      
Medinet [Member] | Milestone [Member]                                
Contract with Customer, Liability, Revenue Recognized                     6,000,000          
Reverse Stock Split [Member]                                
Stockholders' Equity Note, Stock Split, Conversion Ratio 20                              
Extinguishment of Research and Development Obligation to Invetech [Member]                                
Extinguishment of Debt, Amount     $ 8,300,000                          
Repayments of Long-term Debt, Total     $ 500,000                          
Stock Issued During Period, Shares, Conversion of Convertible Securities | shares     57,142                          
Extinguishment of Research and Development Obligation to Saint-Gobain [Member]                                
Repayments of Long-term Debt, Total   $ 500,000                            
Stock Issued During Period, Shares, Conversion of Convertible Securities | shares   34,499                            
Medpace, Inc. [Member]                                
Research and Development Obligation Deferred Fees                           $ 1,500,000    
Payment of Research and Development Obligation               $ 850,000                
Sales Agreement, At-the-market Offering [Member]                                
Proceeds from Issuance of Common Stock             $ 7,500,000   $ 6,000,000 $ 15,500,000 $ 7,500,000 7,800,000        
Convertible Note Payable to Pharmstandard [Member]                                
Debt Instrument, Face Amount                 $ 6,000,000           $ 6,000,000  
Convertible Note Payable to Invetech Pty Ltd [Member]                                
Debt Instrument, Face Amount     $ 5,200,000                          
Repayments of Long-term Debt, Total           $ 150,000             200,000      
Convertible Promissory Note to Saint-Gobain [Member]                                
Debt Instrument, Face Amount   $ 2,400,000                            
Employee Severance [Member]                                
Severance Costs                       1,200,000 1,200,000      
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost                       $ 3,200,000 $ 3,200,000      
Common Stock [Member]                                
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares       5,000                        
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares       $ 26                        
XML 47 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 1 - Organization and Basis of Presentation - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Sep. 30, 2017
Dec. 31, 2016
Cash and cash equivalents $ 7,940,790 $ 15,188,838 $ 9,372,642 $ 52,973,376
Restricted cash included in current assets     740,000 740,000
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows     $ 10,112,642 $ 53,713,376
XML 48 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Fair Value of Financial Instruments (Details Textual) - USD ($)
Sep. 30, 2018
Jun. 30, 2018
Dec. 31, 2017
Mar. 06, 2017
Aug. 02, 2016
Class of Warrant or Right, Exercise Price of Warrants or Rights       $ 26  
Warrants and Rights Outstanding $ 689,661   $ 689,661    
Long-term Debt, Fair Value 18,100,000   19,100,000    
Long-term Debt, Total $ 18,486,690   19,456,192    
August 2016, Warrant [Member]          
Class of Warrant or Right, Exercise Price of Warrants or Rights $ 110 $ 110     $ 110
Warrants and Rights Outstanding $ 0 $ 0 $ 167,636    
XML 49 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Assets at fair value $ 4,145,112 $ 4,098,037
Liabilities at fair value 167,636
Warrant Liabilities [Member]    
Liabilities at fair value 167,636
Fair Value, Inputs, Level 1 [Member]    
Assets at fair value 4,145,112 4,098,037
Liabilities at fair value
Fair Value, Inputs, Level 1 [Member] | Warrant Liabilities [Member]    
Liabilities at fair value
Fair Value, Inputs, Level 2 [Member]    
Assets at fair value
Liabilities at fair value
Fair Value, Inputs, Level 2 [Member] | Warrant Liabilities [Member]    
Liabilities at fair value
Fair Value, Inputs, Level 3 [Member]    
Assets at fair value
Liabilities at fair value 167,636
Fair Value, Inputs, Level 3 [Member] | Warrant Liabilities [Member]    
Liabilities at fair value 167,636
Money Market Funds [Member]    
Assets at fair value 4,145,112 4,098,037
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]    
Assets at fair value 4,145,112 4,098,037
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]    
Assets at fair value
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member]    
Assets at fair value
XML 50 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Fair Value of Financial Instruments - Changes in Fair Value for Warrants (Details) - Warrant Liability [Member]
9 Months Ended
Sep. 30, 2018
USD ($)
Balance $ 167,636
Change in fair value during the period (167,636)
Balance
XML 51 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Fair Value of Financial Instruments - Financial Instruments (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Amortized Cost Basis $ 4,145,112 $ 4,098,037
Gross Unrealized Holding Gains
Gross Unrealized Holding Losses
Aggregate Fair Value 4,145,112 4,098,037
Money Market Funds [Member]    
Amortized Cost Basis 4,145,112 4,098,037
Gross Unrealized Holding Gains
Gross Unrealized Holding Losses
Aggregate Fair Value $ 4,145,112 $ 4,098,037
XML 52 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 3 - Restructuring Activities and Related Impairments of Property and Equipment and Leases (Details Textual)
1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Apr. 30, 2017
USD ($)
Mar. 31, 2017
USD ($)
Sep. 30, 2018
USD ($)
Sep. 30, 2017
USD ($)
Sep. 30, 2018
USD ($)
Sep. 30, 2017
USD ($)
Dec. 31, 2017
USD ($)
Mar. 17, 2017
USD ($)
Jan. 31, 2017
USD ($)
ft²
Impairment of Long-Lived Assets Held-for-use         $ 0        
Restructuring Charges, Total     $ 679,013 $ 6,031,779      
Impairment of Long-Lived Assets to be Disposed of     27,204,349      
Entity Number of Employees     21   21        
Restructuring Charges [Member]                  
Lease Termination Fee           1,600,000      
CTI Facility [Member]                  
Lessee, Operating Lease, Term of Contract                 10 years
Lessee Leasing Arrangements, Operating Leases, Number of Renewal Terms                 2
Area of Real Estate Property | ft²                 40,000
Security Deposit               $ 2,400,000 $ 2,400,000
Payments for Unpaid Construction $ (1,700,000) $ (700,000)              
Lease Arrangement, Refund of Security Deposit $ 100,000                
CTI Facility [Member] | Construction in Progress [Member]                  
Impairment of Long-Lived Assets to be Disposed of           900,000      
Centerpoint Facility [Member] | Construction in Progress [Member]                  
Impairment of Long-Lived Assets to be Disposed of           $ 18,300,000      
Employee Severance [Member]                  
Restructuring and Related Cost, Number of Positions Eliminated           61      
Severance Costs           $ 1,200,000 $ 1,200,000    
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost           $ 3,200,000 $ 3,200,000    
XML 53 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Property and Equipment and Assets Held for Sale (Details Textual)
9 Months Ended
Sep. 30, 2018
USD ($)
Sep. 30, 2017
USD ($)
Number of Isolators Sold 2  
Proceeds from Sale of Property, Plant, and Equipment, Total $ 630,204 $ 1,461,078
Isolators [Member]    
Proceeds from Sale of Property, Plant, and Equipment, Total $ 600,000  
XML 54 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Property and Equipment and Assets Held for Sale - Property and Equipment (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Property and equipment, gross $ 11,598,219 $ 13,261,888
Less: Accumulated depreciation and amortization (9,770,037) (9,679,565)
Property and equipment, net 1,828,182 3,582,323
Office Furniture and Equipment [Member]    
Property and equipment, gross 639,603 639,603
Computer Equipment [Member]    
Property and equipment, gross 892,105 989,137
Computer Software [Member]    
Property and equipment, gross 3,143,633 3,146,978
Laboratory Equipment [Member]    
Property and equipment, gross 4,487,348 6,050,640
Leasehold Improvements [Member]    
Property and equipment, gross $ 2,435,530 $ 2,435,530
XML 55 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Property and Equipment and Assets Held for Sale - Depreciation and Amortization Expense (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Three months ended September 30, 2017 $ 714,275 $ 242,471 $ 1,657,719 $ 733,172
XML 56 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 5 - Income Taxes (Details Textual)
$ in Thousands
9 Months Ended
Sep. 30, 2018
USD ($)
Income Tax Expense (Benefit), Total $ 0
XML 57 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 6 - Notes Payable and Gain on Early Extinguishment of Debt (Details Textual)
1 Months Ended 2 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 21, 2018
USD ($)
Nov. 22, 2017
USD ($)
$ / shares
shares
Sep. 22, 2017
USD ($)
$ / shares
shares
Mar. 06, 2017
USD ($)
$ / shares
shares
Oct. 31, 2016
USD ($)
Sep. 29, 2014
USD ($)
Aug. 31, 2015
USD ($)
Dec. 31, 2013
USD ($)
Nov. 30, 2013
USD ($)
Mar. 02, 2017
Sep. 30, 2018
USD ($)
Jun. 30, 2018
USD ($)
Mar. 31, 2018
USD ($)
Sep. 30, 2017
USD ($)
Sep. 30, 2018
USD ($)
Sep. 30, 2017
USD ($)
Dec. 31, 2017
USD ($)
$ / shares
shares
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2013
USD ($)
Feb. 07, 2019
USD ($)
Nov. 17, 2018
Jun. 30, 2017
USD ($)
Jun. 21, 2017
$ / shares
Jun. 15, 2017
USD ($)
Extinguishment of Debt, Amount       $ 23,100,000                                          
Gain (Loss) on Extinguishment of Debt, Total                     $ 281,808     $ 1,506,901 $ 281,808 $ 1,756,359                  
Debt Instrument, Periodic Payment, Cash                       $ 200,000                          
Share Price | $ / shares   $ 4.06                                              
Class of Warrant or Right, Term       5 years                                          
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares       5,000                                          
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares       $ 26                                          
Notes Payable, Total                     0       0                    
Contract with Customer, Liability, Noncurrent                     2,121,000       2,121,000   $ 8,153,500                
Medinet [Member]                                                  
Debt Instrument, Face Amount               $ 9,000,000                       $ 9,000,000          
Debt Instrument, Interest Rate, Stated Percentage               3.00%                       3.00%          
Proceeds from Notes Payable, Total               $ 9,000,000                                  
Notes Payable, Total               $ 6,900,000     5,000,000       5,000,000   5,000,000 $ 6,400,000   $ 6,900,000          
Debt Instrument, Interest Rate, Effective Percentage               8.00%                       8.00%          
Deferred Credits and Other Liabilities, Noncurrent                     1,000,000       1,000,000   6,900,000 5,400,000              
Reduction in Notes Payable                                 1,500,000 1,500,000 $ 800,000            
Reduction in Deferred Liability                                 500,000 500,000 200,000            
Deferred Revenue, Additions                         $ 5,800,000       2,000,000 2,000,000              
Debt Instrument, Increase, Accrued Interest                             1,900,000   1,900,000 1,800,000              
Nonoperating Income (Expense) [Member]                                                  
Gain (Loss) on Extinguishment of Debt, Total                                 200,000                
Pharmstandard [Member] | Subsequent Event [Member]                                                  
Percentage of Outstanding Common Stock Owned by Related Party                                           14.70%      
Convertible Note Payable to Invetech Pty Ltd [Member]                                                  
Repayments of Long-term Debt, Total                       $ 150,000         $ 200,000                
Debt Instrument, Face Amount     $ 5,200,000                                            
Debt Instrument, Interest Rate, Stated Percentage     6.00%                                            
Debt Instrument, Covenant, Accrued and Unpaid Interest Reduction $ 250,000   $ 250,000                                            
Debt Instrument, Convertible, Conversion Price | $ / shares     $ 10                                            
Convertible Note Payable to Invetech Pty Ltd [Member] | Quarters Ending December 31,2017 and March 31, 2018 [Member]                                                  
Debt Instrument, Periodic Payment, Cash     $ 200,000                                            
Convertible Note Payable to Invetech Pty Ltd [Member] | Quarters Ending December 31,2017 and March 31, 2018 [Member] | Maximum [Member]                                                  
Debt Instrument, Periodic Payment, Shares Issue, Value     200,000                                            
Convertible Note Payable to Invetech Pty Ltd [Member] | Quarters Ending June 30, 2018 Through March 31, 2019 [Member]                                                  
Debt Instrument, Periodic Payment, Cash     150,000                                            
Convertible Note Payable to Invetech Pty Ltd [Member] | Quarters Ending June 30, 2018 Through March 31, 2019 [Member] | Maximum [Member]                                                  
Debt Instrument, Periodic Payment, Total     300,000                                            
Debt Instrument, Periodic Payment, Shares Issue, Value     150,000                                            
Convertible Note Payable to Invetech Pty Ltd [Member] | Quarters Ending June 30, 2019 Through June 30, 2020 [Member] | Maximum [Member]                                                  
Debt Instrument, Periodic Payment, Cash     150,000                                            
Convertible Promissory Note to Saint-Gobain [Member]                                                  
Debt Instrument, Face Amount   $ 2,400,000                                              
Debt Instrument, Interest Rate, Stated Percentage   6.00%                                              
Debt Instrument, Periodic Payment, Cash                         300,000                        
Convertible Promissory Note to Saint-Gobain [Member] | Quarters Ending December 31,2017 and March 31, 2018 [Member]                                                  
Debt Instrument, Periodic Payment, Cash   $ 200,000                                              
Convertible Promissory Note to Saint-Gobain [Member] | Quarters Ending December 31,2017 and March 31, 2018 [Member] | Maximum [Member]                                                  
Debt Instrument, Periodic Payment, Total   340,000 400,000                                            
Debt Instrument, Periodic Payment, Shares Issue, Value   140,000                                              
Convertible Promissory Note to Saint-Gobain [Member] | Quarters Ending June 30, 2019 Through June 30, 2020 [Member]                                                  
Debt Instrument, Periodic Payment, Cash                         $ 100,000                        
Convertible Promissory Note to Saint-Gobain [Member] | Quarters Ending June 30, 2018 Through September 30, 2018 [Member]                                                  
Debt Instrument, Periodic Payment, Cash   125,000                                              
Convertible Promissory Note to Saint-Gobain [Member] | Quarters Ending June 30, 2018 Through September 30, 2018 [Member] | Maximum [Member]                                                  
Debt Instrument, Periodic Payment, Total   245,000                                              
Debt Instrument, Periodic Payment, Shares Issue, Value   120,000                                              
Convertible Promissory Note to Saint-Gobain [Member] | Quarters Ending December 31, 2018 Through March 31, 2019 [Member]                                                  
Debt Instrument, Periodic Payment, Cash   100,000                                              
Convertible Promissory Note to Saint-Gobain [Member] | Quarters Ending December 31, 2018 Through March 31, 2019 [Member] | Maximum [Member]                                                  
Debt Instrument, Periodic Payment, Total   220,000                                              
Debt Instrument, Periodic Payment, Shares Issue, Value   120,000                                              
Convertible Note Payable to Pharmstandard [Member]                                                  
Debt Instrument, Face Amount                                             $ 6,000,000   $ 6,000,000
Debt Instrument, Interest Rate, Stated Percentage                                               9.50%  
Debt Instrument, Convertible, Conversion Price | $ / shares                                               $ 10  
Debt Instrument, Convertible, Conversion Prerequisite, Ownership Percentage Can Not Exceed If Converted                                               39.90%  
Venture Loan and Security Agreement [Member]                                                  
Debt Instrument, Face Amount           $ 25,000,000                                      
Debt Instrument, One-Month LIBOR Basis Rate           0.50%                                      
Debt Related Commitment Fees and Debt Issuance Costs           $ 400,000                                      
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares                                 4,139                
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares                                 $ 181.20                
Debt Instrument, Final Payment Waived in Exchange for Issuance of Warrants                                 $ 1,250,000                
Debt Instrument, Prepayment Penalty Waived in Exchange for Issuance of Warrants                                 600,000                
Debt Instrument, Unamortized Discount, Total           $ 300,000                                      
Venture Loan and Security Agreement [Member] | Prepayment on or Before Twenty Four Months of Funding Date [Member]                                                  
Debt Instrument, Prepayment Penalty, Percentage of Balance                   3.00%                              
Venture Loan and Security Agreement [Member] | Prepayment After Twenty Four Months But on or Before Thirty Six Months [Member]                                                  
Debt Instrument, Prepayment Penalty, Percentage of Balance                   2.00%                              
Venture Loan and Security Agreement [Member] | Prepayment After Thirty Six Months of Funding Date [Member]                                                  
Debt Instrument, Prepayment Penalty, Percentage of Balance                   1.00%                              
Venture Loan and Security Agreement [Member] | LIBOR Rate In Excess of a Half a Percent [Member]                                                  
Debt Instrument, Basis Spread on Variable Rate           9.25%                                      
Venture Loan and Security Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member]                                                  
Debt Instrument, Basis Spread on Variable Rate           8.75%                                      
Venture Loan and Security Agreement [Member] | Primary Tranche [Member]                                                  
Debt Instrument Tranche Amount           $ 12,500,000                                      
Proceeds from Loans         $ 12,500,000 $ 12,500,000 $ 12,500,000                                    
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid                     600,000       600,000                    
Venture Loan and Security Agreement [Member] | Secondary Tranche [Member] | Primary Payment Period [Member]                                                  
Debt Instrument, Term                   1 year 180 days                              
Venture Loan and Security Agreement [Member] | Secondary Tranche [Member] | Secondary Payment Period [Member]                                                  
Debt Instrument, Term                   2 years                              
Venture Loan and Security Agreement [Member] | Maximum [Member]                                                  
Debt Instrument, Interest Rate, Stated Percentage           10.75%                                      
Venture Loan and Security Agreement [Member] | Scenario, Forecast [Member] | Primary Tranche [Member]                                                  
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid                                         $ 600,000        
December 2013 Note [Member]                                                  
Debt Instrument, Face Amount               $ 9,000,000                       $ 9,000,000          
Debt Instrument, Interest Rate, Stated Percentage               3.00%                       3.00%          
Proceeds from Notes Payable, Total                                       $ 9,000,000          
Notes Payable, Total               $ 6,900,000                 5,000,000     $ 6,900,000          
Debt Instrument, Interest Rate, Effective Percentage               8.00%                       8.00%          
Deferred Credits and Other Liabilities, Noncurrent               $ 2,100,000                       $ 2,100,000          
Debt Instrument, Increase, Accrued Interest                                 1,900,000                
Contract with Customer, Liability, Noncurrent                     $ 1,000,000       $ 1,000,000   6,900,000                
December 2013 Note [Member] | Manufacturing License [Member]                                                  
Deferred Credits and Other Liabilities, Noncurrent                                   $ 2,000,000 $ 1,000,000            
November 2013 Note [Member]                                                  
Debt Instrument, Interest Rate, Stated Percentage                     8.31%       8.31%                    
Proceeds from Notes Payable, Total                 $ 77,832                                
Notes Payable, Total                                 13,825                
Debt Instrument, Number of Payments                     60       60                    
Extinguishment of Research and Development Obligation to Invetech [Member]                                                  
Repayments of Long-term Debt, Total     $ 500,000                                            
Stock Issued During Period, Shares, Conversion of Convertible Securities | shares     57,142                                            
Stock Issued During Period, Value, Conversion of Convertible Securities     $ 200,000                                            
Extinguishment of Debt, Amount     $ 8,300,000                                            
Gain (Loss) on Extinguishment of Debt, Total                                 $ 1,500,000                
Extinguishment of Research and Development Obligation to Saint-Gobain [Member]                                                  
Repayments of Long-term Debt, Total   $ 500,000                                              
Stock Issued During Period, Shares, Conversion of Convertible Securities | shares   34,499                                              
XML 58 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 6 - Notes Payable and Gain on Early Extinguishment of Debt - Notes Payable (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Long-term debt $ 18,486,690 $ 19,456,192
Long-term debt 18,486,690 19,456,192
Long-term portion of notes payable and convertible notes payable 11,963,196 12,133,543
Convertible Note Payable to Pharmstandard [Member]    
Long-term debt 6,744,420 6,302,959
Long-term debt 6,744,420 6,302,959
Convertible Note Payable to Invetech Pty Ltd [Member]    
Long-term debt 5,063,847 5,845,655
Long-term debt 5,063,847 5,845,655
Less current portion (900,000) (1,300,000)
Convertible Promissory Note to Saint-Gobain [Member]    
Long-term debt 1,694,929 2,334,929
Long-term debt 1,694,929 2,334,929
Less current portion (640,000) (1,050,000)
December 2013 Note [Member]    
Long-term debt 4,983,494 4,958,824
Long-term debt 4,983,494 4,958,824
Less current portion (4,983,494) (4,958,824)
July 2012 Note [Member]    
Long-term debt 13,825
Long-term debt 13,825
Other Notes Payable [Member]    
Less current portion $ (13,825)
XML 59 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 7 - Stockholders' Deficit (Details Textual) - USD ($)
1 Months Ended 2 Months Ended 3 Months Ended 6 Months Ended 7 Months Ended 9 Months Ended
Apr. 02, 2018
May 08, 2015
Apr. 30, 2018
Feb. 28, 2018
Jan. 31, 2018
Jan. 31, 2017
Apr. 02, 2018
Sep. 30, 2018
Mar. 16, 2018
Sep. 30, 2017
Sep. 30, 2017
Jun. 30, 2017
Dec. 31, 2017
Sep. 30, 2018
Sep. 30, 2017
Mar. 23, 2018
Apr. 17, 2017
Restricted Stock Awards Granted in Lieu of Annual Cash Bonuses, Shares, Percentage of Annual Cash Bonus Used in Calculation           25.00%                      
Stock Issued During Period, Shares, Restricted Stock Award, Gross           4,005                      
Stock Issued During Period, Value, Restricted Stock Award, Gross           $ 394,534                      
Restricted Stock Awards, Lapsing Right of Repurchase, Percentage of Underlying Shares                                 100.00%
Share-based Compensation, Total                           $ 1,970,481 $ 7,047,234    
Allocated Share-based Compensation Expense, Total               $ 560,990   $ 1,981,580       1,970,481 7,047,234    
Restructuring Charges, Total                 679,013       6,031,779    
Proceeds from Issuance of Common Stock                           $ 7,924,534 $ 7,790,622    
Sales Agreement, At-the-market Offering [Member]                                  
Stock Issued During Period, Shares, New Issues                           4,135,993 1,442,836    
Proceeds from Issuance of Common Stock                 $ 7,500,000     $ 6,000,000 $ 15,500,000 $ 7,500,000 $ 7,800,000    
Stock Purchase Agreement with Lummy HK [Member]                                  
Stock Issued During Period, Shares, New Issues         375,000                        
Cowen and Company LLC [Member] | Maximum [Member]                                  
Common Stock Sales Agreement, Amount   $ 30,000,000   $ 45,000,000                          
Common Stock Sales Agreement, Commission of Gross Proceeds   3.00%                              
Pharmstandard [Member]                                  
Stock Issued During Period, Shares, New Issues 169,014           169,014                    
Lummy HK [Member]                                  
Stock Issued During Period, Shares, New Issues     375,000                            
Proceeds from Issuance of Common Stock     $ 450,000                            
Stock Purchase Agreement, Aggregate Purchase Price         $ 1,500,000                     $ 450,000  
Proceeds from Milestone Payments     $ 1,050,000                            
Research and Development Expense [Member]                                  
Allocated Share-based Compensation Expense, Total               154,895   620,083       663,325 1,545,588    
General and Administrative Expense [Member]                                  
Allocated Share-based Compensation Expense, Total               $ 406,095   $ 797,752       $ 1,307,156 2,285,798    
Employee [Member]                                  
Stock Issued During Period, Shares, Share-based Compensation, Gross                     20,999            
43 Employees [Member]                                  
Stock Issued During Period, Shares, Restricted Stock Award, Gross                   369,999              
Stock Issued During Period, Value, Restricted Stock Award, Gross                   $ 1,400,000              
Restricted Stock [Member]                                  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period                     368     210,000      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period                     2,333     210,000      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period                   28,689              
Restructuring Charges, Total                             $ 100,000    
Restricted Stock [Member] | 43 Employees [Member] | Research and Development Expense [Member]                                  
Share-based Compensation, Total                   $ 200,000              
Restricted Stock [Member] | 43 Employees [Member] | General and Administrative Expense [Member]                                  
Allocated Share-based Compensation Expense, Total                   $ 100,000              
XML 60 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 8 - Stock Incentive Plans (Details Textual)
1 Months Ended 3 Months Ended 6 Months Ended 9 Months Ended
Jul. 28, 2017
shares
Feb. 29, 2016
USD ($)
$ / shares
shares
Jan. 31, 2014
shares
Sep. 30, 2018
USD ($)
shares
Sep. 30, 2017
USD ($)
$ / shares
shares
Aug. 31, 2017
USD ($)
$ / shares
shares
Feb. 28, 2017
USD ($)
$ / shares
shares
Aug. 31, 2016
USD ($)
shares
Aug. 31, 2015
USD ($)
$ / shares
shares
Feb. 27, 2015
USD ($)
$ / shares
shares
Sep. 30, 2018
USD ($)
shares
Sep. 30, 2017
USD ($)
$ / shares
shares
Nov. 22, 2017
$ / shares
Mar. 01, 2016
$ / shares
Share Price | $ / shares                         $ 4.06  
Allocated Share-based Compensation Expense, Total | $       $ 560,990 $ 1,981,580           $ 1,970,481 $ 7,047,234    
Common Stock, Capital Shares Reserved for Future Issuance       317,958             317,958      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross       0 1,500           0 70,604    
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ / shares         $ 3.40             $ 3.40    
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ / shares                       $ 101    
Employee Severance [Member]                            
Allocated Share-based Compensation Expense, Total | $         $ 600,000             $ 3,200,000    
Restructuring and Related Cost, Number of Positions Eliminated                       61    
The 2014 Plan [Member]                            
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized     570,746                      
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Future Increases in the Number of Shares Authorized 250,000   250,000                      
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized, Percent of Shares Outstanding     4.00%                      
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized 300,000                          
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Automatic Annual Increase 134,548                          
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized, Before Annual Increases 570,746                          
Share-based Compensation Arrangement by Share-based Payment Award, Future Increases in the Number of Shares Authorized, Percent of Shares Outstanding 4.00%                          
The 2014 ESPP [Member]                            
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate     10.00%                      
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent     85.00%                      
Employee Stock Purchase Plan (ESPP), Number of Shares Allocated   1,814       999 428 1,507 1,015 652        
Share Price | $ / shares   $ 88.80       $ 4 $ 23   $ 124.20 $ 180.40       $ 98.20
Allocated Share-based Compensation Expense, Total | $   $ 107,455       $ 17,711 $ 30,064 $ 63,788 $ 72,800 $ 54,508        
Common Stock, Capital Shares Reserved for Future Issuance       10,899             10,899      
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $                     $ 0      
XML 61 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 8 - Stock Incentive Plans - Stock-based Compensation Expense (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Stock-based compensation expense $ 560,990 $ 1,981,580 $ 1,970,481 $ 7,047,234
Research and Development Expense [Member]        
Stock-based compensation expense 154,895 620,083 663,325 1,545,588
General and Administrative Expense [Member]        
Stock-based compensation expense 406,095 797,752 1,307,156 2,285,798
Restructuring Charges [Member]        
Stock-based compensation expense $ 563,745 $ 3,215,848
XML 62 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 8 - Stock Incentive Plans - Stock Option Activity (Details) - $ / shares
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Number of Shares Outstanding, Beginning Balance (in shares)     269,514  
Weighted Average Exercise Price, Outstanding, Beginning Balance (in dollars per share)     $ 111.91  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross 0 1,500 0 70,604
Weighted Average Exercise Price, Granted (in dollars per share)      
Number of Shares Exercised (in shares)      
Weighted Average Exercise Price, Exercised (in dollars per share)      
Number of Shares Cancelled (in shares)     (85,893)  
Weighted Average Exercise Price, Cancelled (in dollars per share)     $ 141.71  
Number of Shares Outstanding, Ending Balance (in shares) 183,621   183,621  
Weighted Average Exercise Price, Outstanding, Ending Balance (in dollars per share) $ 118.11   $ 118.11  
Weighted Average Contractual Term, Outstanding, Ending Balance (Year)     6 years 32 days  
Number of Shares Exercisable (in shares) 133,661   133,661  
Weighted Average Exercise Price, Exercisable (in dollars per share) $ 119.22   $ 119.22  
Weighted Average Contractual Term, Exercisable (Year)     6 years 204 days  
Number of Shares Vested and Expected to Vest (in shares) 179,774   179,774  
Weighted Average Exercise Price, Vested and Expected to Vest (in dollars per share) $ 118.17   $ 118.17  
Weighted Average Contractual Term, Vested and Expected to Vest (Year)     6 years 197 days  
XML 63 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 8 - Stock Incentive Plans - Stock Option Valuation Assumptions (Details)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Stock Option Plans [Member]    
Risk-free interest rate 2.26%
Dividend yield 0.00%
Expected option term (Year) 7 years
Volatility 86.00%
Employee Stock Purchase Plan [Member]    
Risk-free interest rate 0.79%
Dividend yield 0.00%
Expected option term (Year) 182 days
Volatility 141.00%
XML 64 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 9 - Warrants (Details Textual)
1 Months Ended 2 Months Ended 6 Months Ended
Apr. 02, 2018
shares
Mar. 06, 2017
$ / shares
shares
Jun. 29, 2016
USD ($)
$ / shares
shares
Mar. 14, 2016
USD ($)
$ / shares
shares
Aug. 31, 2016
USD ($)
$ / shares
shares
Jun. 30, 2016
USD ($)
shares
Apr. 02, 2018
shares
Jun. 30, 2018
USD ($)
$ / shares
Sep. 30, 2018
USD ($)
$ / shares
Dec. 31, 2017
USD ($)
Aug. 02, 2016
$ / shares
shares
Nov. 30, 2013
$ / shares
shares
Class of Warrant or Right, Number of Securities Called by Warrants or Rights   5,000                    
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares   $ 26                    
Class of Warrant or Right, Term   5 years                    
Warrants and Rights Outstanding | $                 $ 689,661 $ 689,661    
August 2016, Warrant [Member]                        
Class of Warrant or Right, Number of Securities Called by Warrants or Rights                     340,909  
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares               $ 110 $ 110   $ 110  
Warrants and Rights Outstanding | $               $ 0 $ 0 $ 167,636    
August 2016, Warrant [Member] | Measurement Input, Expected Dividend Rate [Member]                        
Warrants and Rights Outstanding, Measurement Input         0       0    
Lenders and Affiliates [Member]                        
Class of Warrant or Right, Number of Securities Called by Warrants or Rights   5,000                    
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares   $ 26                    
Class of Warrant or Right, Term   5 years           5 years        
Lenders and Affiliates [Member] | Additional Paid-in Capital [Member]                        
Warrants and Rights Outstanding | $                 $ 87,100 $ 87,100    
Pharmstandard [Member]                        
Stock Issued During Period, Shares, New Issues 169,014           169,014          
Class of Warrant or Right, Number of Securities Called by Warrants or Rights                       24,989
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares                       $ 116.40
Private Placement [Member] | Investors [Member]                        
Stock Issued During Period, Value, New Issues | $     $ 29,800,000 $ 19,900,000                
Stock Issued During Period, Shares, New Issues     273,933 182,621                
Class of Warrant or Right, Number of Securities Called by Warrants or Rights     205,450 136,966                
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares     $ 107 $ 107                
Class of Warrant or Right, Exercised During Period           2,803            
Proceeds from Warrant Exercises | $           $ 300,000            
Underwritten Offering [Member]                        
Stock Issued During Period, Shares, New Issues         454,545              
Class of Warrant or Right, Number of Securities Called by Warrants or Rights         340,909              
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares         $ 110              
Total Purchase Price of Shares and Warrants Sold | $         $ 50,000,000              
XML 65 R46.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 9 - Warrants - Outstanding Warrants (Details) - $ / shares
9 Months Ended
Sep. 30, 2018
Mar. 06, 2017
Number of shares (in shares)   5,000
Exercise price (in dollars per share)   $ 26
Warrant One [Member]    
Number of shares (in shares) 4,139  
Exercise price (in dollars per share) $ 181.20  
Expiration date Sep. 29, 2021  
Warrant Two [Member]    
Number of shares (in shares) 134,163  
Exercise price (in dollars per share) $ 107  
Expiration date Mar. 04, 2021  
Warrant Three [Member]    
Number of shares (in shares) 205,450  
Exercise price (in dollars per share) $ 107  
Expiration date Jun. 29, 2021  
Warrant Four [Member]    
Number of shares (in shares) 340,909  
Exercise price (in dollars per share) $ 110  
Expiration date Aug. 02, 2021  
Warrant Five [Member]    
Number of shares (in shares) 5,000  
Exercise price (in dollars per share) $ 26  
Expiration date Mar. 06, 2022  
XML 66 R47.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 9 - Warrants - August 2016, Warrants (Details) - $ / shares
Aug. 02, 2016
Sep. 30, 2018
Jun. 30, 2018
Mar. 06, 2017
Exercise price (in dollars per share)       $ 26
Number of Shares Called by Warrants (in shares)       5,000
August 2016, Warrant [Member]        
Exercise price (in dollars per share) $ 110 $ 110 $ 110  
Expiration date Aug. 02, 2021      
Number of Shares Called by Warrants (in shares) 340,909      
XML 67 R48.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 9 - Warrants - Warrants Valuation Assumptions (Details)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2018
USD ($)
yr
$ / shares
Sep. 30, 2017
USD ($)
Sep. 30, 2018
USD ($)
yr
$ / shares
Sep. 30, 2017
USD ($)
Dec. 31, 2017
USD ($)
yr
$ / shares
Jun. 30, 2018
USD ($)
Nov. 22, 2017
$ / shares
Aug. 31, 2016
Closing underlying stock price on date of valuation (in dollars per share) | $ / shares             $ 4.06  
Total liability for warrants on the consolidated balance sheet $ 689,661   $ 689,661   $ 689,661      
Decrease in fair value of warrant liability $ (501,870) $ (167,636) $ (20,681,631)        
August 2016, Warrant [Member]                
Closing underlying stock price on date of valuation (in dollars per share) | $ / shares     $ 3      
Valuation per common share underlying each warrant (in dollars per share) | $ / shares       $ 0.49      
Total liability for warrants on the consolidated balance sheet $ 0   $ 0   $ 167,636 $ 0    
Decrease in fair value of warrant liability     $ 167,636   $ 20,758,425      
August 2016, Warrant [Member] | Measurement Input, Exercise Price [Member]                
Warrants and rights outstanding, measurement input 110   110   110      
August 2016, Warrant [Member] | Measurement Input, Price Volatility [Member]                
Warrants and rights outstanding, measurement input     1.12      
August 2016, Warrant [Member] | Measurement Input, Expected Term [Member]                
Warrants and rights outstanding, measurement input | yr     3.58      
August 2016, Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member]                
Warrants and rights outstanding, measurement input     0.0204      
August 2016, Warrant [Member] | Measurement Input, Expected Dividend Rate [Member]                
Warrants and rights outstanding, measurement input     0     0
XML 68 R49.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 10 - Contract with the NIH and NIAID (Details Textual) - NIH & NIAID [Member] - USD ($)
3 Months Ended 9 Months Ended 29 Months Ended 145 Months Ended
Sep. 18, 2014
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2015
Sep. 30, 2018
Dec. 31, 2017
Sep. 30, 2006
Unattained Funds, Contracted Commitment                 $ 39,800,000
Increase in Unattained Funds, Contracted Commitment $ 500,000         $ 5,400,000      
Revenues, Total   $ 69,754 $ 17,792 $ 126,819 $ 145,949   $ 38,200,000    
Accounts Receivable, Net, Current, Total   $ 56,751   $ 56,751     $ 56,751 $ 31,977  
Operating Expense [Member]                  
Unattained Funds, Contracted Commitment                 38,400,000
Other Specified [Member]                  
Unattained Funds, Contracted Commitment                 $ 1,400,000
XML 69 R50.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 11 - Collaboration Agreements 1 (Details Textual) - USD ($)
1 Months Ended 2 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Apr. 02, 2018
Feb. 01, 2018
Jul. 31, 2013
Apr. 30, 2018
Oct. 31, 2017
Jun. 30, 2016
Jul. 31, 2015
Dec. 31, 2013
Apr. 02, 2018
Mar. 31, 2018
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Mar. 23, 2018
Jan. 31, 2018
Mar. 06, 2017
Nov. 30, 2013
Aug. 31, 2013
Class of Warrant or Right, Number of Securities Called by Warrants or Rights                                   5,000    
Class of Warrant or Right, Exercise Price of Warrants or Rights                                   $ 26    
Notes Payable, Total                     $ 0                  
Proceeds from Issuance of Common Stock                     7,924,534 $ 7,790,622                
Pharmstandard and Actigen Option Agreement [Member]                                        
Collaborative Arrangement, Upfront License Fee   $ 3,600,000                                    
Collaborative Arrangement, Development and Regulatory Milestone Payments   $ 8,500,000                                    
Collaborative Arrangement, Royalty Payment, Minimum Term   10 years                                    
Collaborative Arrangement, Development Expenditures Credited as Prepaid Royalties   $ 5,000,000                                    
Medinet [Member]                                        
Debt Instrument, Face Amount               $ 9,000,000                        
Lummy License Agreement [Member]                                        
Contract with Customer, Liability, Total                     1,200,000   $ 1,200,000              
Revenue Recognition Milestone Method, Maximum Revenue                     $ 22,300,000                  
License Agreement Royalty Term                     10 years                  
Proceeds from Milestone Payments         $ 1,500,000                              
Revenue Recognition, Milestone Method, Revenue Recognized         $ 1,500,000                              
Pharmstandard [Member]                                        
Class of Warrant or Right, Number of Securities Called by Warrants or Rights                                     24,989  
Class of Warrant or Right, Exercise Price of Warrants or Rights                                     $ 116.40  
Stock Issued During Period, Shares, New Issues 169,014               169,014                      
Green Cross [Member]                                        
Royalty Contract Term     15 years                                  
Green Cross [Member] | Initial Submission of Application for Regulatory Approval [Member]                                        
Royalty Guarantees, Commitments, Amount     $ 500,000                                  
Medinet [Member]                                        
Royalty Guarantees, Commitments, Amount               5,000,000                        
Debt Instrument, Face Amount               9,000,000                        
Proceeds from License Fees Received           $ 2,000,000 $ 1,000,000 1,000,000         2,000,000              
Proceeds from Notes Payable, Total               $ 9,000,000                        
Debt Instrument, Principal Balance                         4,000,000              
Debt Instrument, Interest Rate, Stated Percentage               3.00%                        
Deferred Credits and Other Liabilities, Noncurrent                     $ 1,000,000   6,900,000 $ 5,400,000            
Notes Payable, Total               $ 6,900,000     5,000,000   5,000,000 6,400,000            
Debt Instrument, Interest Rate, Effective Percentage               8.00%                        
Deferred Revenue                             $ 1,000,000          
Reduction in Notes Payable                         1,500,000 1,500,000 800,000          
Reduction in Deferred Liability                         500,000 500,000 $ 200,000          
Deferred Revenue, Additions                   $ 5,800,000     2,000,000 2,000,000            
Debt Instrument, Increase, Accrued Interest                     1,900,000   1,900,000 $ 1,800,000            
Contract with Customer, Liability, Total                     50,000   $ 6,000,000              
Contract with Customer, Liability, Revenue Recognized                   $ 5,800,000                    
Revenue, Remaining Performance Obligation, Amount                     $ 50,000                  
Medinet [Member] | Nonsoftware License Arrangement [Member]                                        
Deferred Credits and Other Liabilities, Noncurrent               $ 1,000,000                        
Medinet [Member] | Below Market Rate Adjustment [Member]                                        
Deferred Credits and Other Liabilities, Noncurrent               2,100,000                        
Lummy HK [Member]                                        
Stock Issued During Period, Shares, New Issues       375,000                                
Proceeds from Milestone Payments       $ 1,050,000                                
Stock Purchase Agreement, Aggregate Purchase Price                               $ 450,000 $ 1,500,000      
Proceeds from Issuance of Common Stock       $ 450,000                                
Maximum [Member] | Pharmstandard [Member]                                        
Royalties Percent of Net Sales                                       20.00%
Maximum [Member] | Green Cross [Member]                                        
Royalties Percent of Net Sales     20.00%                                  
Maximum [Member] | Medinet [Member] | Developmental and Regulatory Milestones [Member]                                        
Royalty Guarantees, Commitments, Amount               $ 9,000,000                        
XML 70 R51.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 11 - Collaboration Agreements 2 (Details Textual)
Sep. 30, 2018
USD ($)
Lummy License Agreement [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-01  
Revenue, Remaining Performance Obligation, Amount $ 1,200,000
XML 71 R52.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 12 - Net Loss Per Share - Basic and Diluted Net Loss Per Share (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Net loss $ (5,000,647) $ (6,065,947) $ (13,590,631) $ (38,684,637)
Weighted average common shares outstanding, basic and diluted (in shares) 10,586,661 2,911,800 9,607,577 2,351,839
Net loss per share, basic and diluted (in dollars per share) $ (0.47) $ (2.08) $ (1.41) $ (16.45)
XML 72 R53.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 12 - Net Loss Per Share - Antidilutive Securities (Details) - shares
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Employee Stock Option [Member]        
Antidilutive Securities (in shares) 194,653 274,192 220,929 286,962
Warrant [Member]        
Antidilutive Securities (in shares) 689,661 689,661 689,661 688,470
Convertible Debt Securities [Member]        
Antidilutive Securities (in shares) 1,448,352 1,448,352
EXCEL 73 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0 ( .AYX>];+=44/ 87O+>CT?V M/S2@=AQ2V\54C'X(J32M:OP"2+8ECVG%D4)6:A:/FD=I(*+ML2'8K-<[D*F' M.>RGGD7E2B.5^S3%":4A+,*P).B0\5?UX^8 TBTH_0(:+L A#&^NQT:E8(C M-R."?S]PN -02P,$% @ Z'ES32?HAPZ" L0 ! !D;V-0&UL38Y-"\(P$$3_2NG=;BGH06) L$?!D_>0;FP@R8;-"OGYIH(? MMWF\81AU8\K(XK%T-8943OTJDH\ Q:X831F:3LTXXFBD(3^ G/,6+V2?$9/ M-(X'P"J8%EQV^3O8:W7..7AKQ%/25V^9"CGIYFHQ*/B76_..7+8\#?NW_+"" MWTG] E!+ P04 " #H>7--F&ULS9+/2@,Q$(=?17+?G4VK4L,V%\63@F!!\1:2:1NZ^4,RLMNW=S>V M6T0?P&-F?OGF&YA61Z%#PI<4(B:RF*\&U_DL=%RS/5$4 %GOT:E&UL[5I;<]HX%'[OK]!X9_9M"\8V@;:T M$W-I=MNTF83M3A^%$5B-;'EDD81_OTV23;J;/ 0LZ?O.14?GZ#AY M\^XN8NB&B)3R> +]O6N[!3+UES@6QHO(];JM-O=5H1I;*$81V1@?5XL:$#05%%:;U\@M.4? M,_@5RU2-9:,!$U=!)KF(M/+Y;,7\VMX^9<_I.ATR@6XP&U@@?\YOI^1.6HCA M5,+$P&IG/U9KQ]'22(""R7V4!;I)]J/3%0@R#3LZG5C.=GSVQ.V?C,K:=#1M M&N#C\7@XMLO2BW A(5M>5 TR 6'!VULS2 Y9>*?IUE!K9';O=05SP6.XYB1'^QL4$UFG2&98T M1G*=D 4. #?$T4Q0?*]!MHK@PI+27)#6SRFU4!H(FLB!]4>"(<7K;YH]5Z%82=J$^!!&&N*<<^9ST6S[!Z5&T?95O-RCEU@5 9<8WS2J M-2S%UGB5P/&MG#P=$Q+-E L&08:7)"82J3E^34@3_BNEVOZKR2. MFJW"$2M"/F(9-AIRM1:!MG&IA&!:$L;1>$[2M!'\6:PUDSY@R.S-D77.UI$. M$9)>-T(^8LZ+D!&_'H8X2IKMHG%8!/V>7L-)P>B"RV;]N'Z&U3-L+([W1]07 M2N0/)J<_Z3(T!Z.:60F]A%9JGZJ'-#ZH'C(*!?&Y'C[E>G@*-Y;&O%"N@GL! M_]':-\*K^(+ .7\N?<^E[[GT/:'2MSAD M6R4)RU3393>*$IY"&V[I4_5*E=?EK[DHN#Q;Y.FOH70^+,_Y/%_GM,T+,T.W MF)&Y"M-2D&_#^>G%>!KB.=D$N7V85VWGV-'1^^?!4;"C[SR6'<>( M\J(A[J&&F,_#0X=Y>U^89Y7&4#04;6RL)"Q&MV"XU_$L%.!D8"V@!X.O40+R M4E5@,5O& RN0HGQ,C$7H<.>77%_CT9+CVZ9EM6ZO*7<9;2)2.<)IF!-GJ\K> M9;'!51W/55ORL+YJ/;053L_^6:W(GPP13A8+$DACE!>F2J+S&5.^YRM)Q%4X MOT4SMA*7&+SCYL=Q3E.X$G:V#P(RN;LYJ7IE,6>F\M\M# DL6XA9$N)-7>W5 MYYN MTB42%(JP# 4A%W+C[^^3:G>,U_HL@6V$5#)DU1?*0XG!/3-R0]A4)?.NVB8+ MA=OB5,V[&KXF8$O#>FZ=+2?_VU[4/;07/4;SHYG@'K.'YA,L0Z1^P7V*BH 1JV*^NJ]/^26<.[1[\8$@F_S6VZ3VW> , M?-2K6J5D*Q$_2P=\'Y(&8XQ;]#1?CQ1BK::QK<;:,0QY@%CS#*%F.-^'19H: M,]6+K#F-"F]!U4#E/]O4#6CV#30,9FV-J/D3@H\W/[O#;#"Q([A[8N_ M 5!+ P04 " #H>7--BD["@ID" "M"0 & 'AL+W=O3. $=8&H[ MX?KVM0U'B;WT#V SL^.U=VSG/>-OHJ14>N]-W8J-7TK9/0>!.)6T(>*)=;15 M?RZ,-T2J)K\&HN.4G VIJ0,N"=N34/XGQVM M6;_QD?_1\5)=2ZD[@B+OR)7^H/)G=^"J%4Q1SE5#6U&QUN/TLO&WZ'F/,DTP MB->*]F+V[>E4CHR]Z<;7\\8/]8AH34]2AR#J=:=[6MB=(X ML5J8IW>Z"AW?5FG<__$GP2(,)>"3@B8"C_Q*BD1!-!!2;Y(>1 MF50_$4F*G+/>X\-J=407!7J.U&2>=*>9._-/92M4[[T(\^"NPXR(W8# ,P2: M$(&*/0E@2&"''3I^%-B[B @6B, ,(D./9O08IL<@/3;T>$9/K EP$2DLD( " MB4-?60(#(C&(=IAA%"9)M# -*2B3.C*9)>,BUK# "A18.71DEPH 6:B5#)3( M7+Y5+#L LC!-:U!B[?)C2P* )+ $"F%/A6Z$U'85@%DMJ"PX%[D1["6',$LJ MH'VW"+L1UI:!1\Q# 8=)EJ;IPNHCV,DHV/7)=C>T-;,2D<\S"%H9@[R/7V=C>Q2#,4BZP M_9%K;KRV58 -P*[H8';X-91?S3U!>"=V:\TE9=8[W46VYG@._L&'B\QWPJ]5 M*[PCD^H(-@?EA3%)U5#")[5PI;H[38V:7J3^7*EO/EP@AH9DW7@Y"J8;6O$7 M4$L#!!0 ( .AYK"Q$00 42 8 >&PO=V]R:W-H965T&ULA9AM;^)&$,>_"N+]G7=FGR- :CB=6JF5HJNN?>V$34!G,+6= M7+YJ5HCTTJ-T/0OBI0*5?LR]UAOEH,]QZ:U:)^[:K= M(3TTL_9UOR^;?^]359^6]EV_8UBM3B6+^G/U'T_/C3YJKBTLMGM MTZ'=U8=9DYZ7\U_@;HVQ#Q@4?^W2J;TZG_6I/-;UC_[BM\URKGI'J4I/7=]$ MF0]O:9VJJF\I^_AG;'1^Z;,/O#Y_;_WKD'Q.YK%LT[JN_MYMNNUR'N:S37HN M7ZON6WWZ-8T)V?ELS/[W]):J+.^=Y#Z>ZJH=_L^>7MNNWH^M9"O[\N?YN#L, MQ]/8_GN8'(!C %X"P'P8H,< 30**L[,AU2]E5ZX637V:->?9.I;]HH [G0?S MJ;\YC-WP7^G5%R?Y;@E01O%6NNT'"1%+G_BPD43> 0KZ_C M48[78KP>XLUUO"9)G"5^D!P&B8]&^4B277,=6 @AZ" ;,J(APPT98DB06.+E M++%77ISJ/[(3*SJQO!M'G%C6#2ACP'IB1]"A1;C*[,:/$_TX[H?T<^]8/]9Y M"\0-5X'1QD39C!?->&XF$#.>=1.5 1>);LUUX"$8@Q,_A" :"MQ0)(8"[RA@ MR'_$$-=I&U"CEOU$T4]D?@RE0^1^0"']6?V?ZL8+*!E5BKL!RBHE+.805%34 MD:!$Y?/'3:QGF H,'B9"7B!3#] GA?%UZBYF4[T2M%?A:"+7CD[-=(R3X$# MU5!^C9J;\;,0\V!32UP(Z'1P?L*3C%3@P#26>N+$-#%H$PWU) D]NBE\@ Q7 MX'0UE*X@8-.:&XR/GK@0M9WF/G)OP)',6 M.&@-!2UP@CIO,D#9. E"K3#:J;F340NT%M/ M,FZ!\]:R:HRC% %!6$]<&,#V*VJB-).IBYRZ="^^%S2LF$&!S,X[/;&24*8M M G>#U W7<#KI61% M#DS(RYN6B(+,1C4!>I2ABARJED(5.2L_ >;*C,VS*+1A:I-'&:K(H4K+XWOD MK-1>YSW:THI[+4F=-C971%.^9+ B!ZNE8$7.RT]Y]\V;4&0EOJCU:)W)U<:$ M,QFOR/%J*5Z14[.?'(_!1VI,D$;41H6IM2X3%CEA'27LJ+EY!I1K2$$Y44,6 M5\_C_0N2/\KF97=H9X]UEQ_MAP?PY[KN4FY5?&PO=V]R:W-H965T&ULC95OKYL@%,:_BO$#7/!OM;$FJ\NR M)5O2W&7;:]K2:BZ* UKOOOT K5-P;?NB:])PS=N M*42[!H ?2EPC_D);W,@G)\IJ)&3(SH"W#*.C3JH)\"&,08VJQLTSO;9C>48O M@E0-WC&'7^H:L3];3&BW<3WWMO!:G4NA%D">M>B,OV/QH]TQ&8'1Y5C5N.$5 M;1R&3QOW@[#+<>-"!80)/@CE@.1PQ04F1!E) MC-^#ISN65(G3^4_*J.HMRXB>L<\0E=B'BEW6<\]!.YSM#\ M5WS%1,H5B:QQH(3K;^=PX8+6@XM$J=%[/U:-'KO!_Y:VG. /"?Z8X(5W$X(A M(3 20$^F6_V(!,HS1CN']3]6B]2>\-:!?)D'M:C?G7XFN^5R]9K'7@:NRF>0 M;'N)/Y'XT. )K3HFR3W%C"%:9(ALALA@B!XR MW%/,&.)%AMAFB V&^*D]\D@U8UDMLJQLEI7!LK*Z]2%7--"P,)IW<$ .$P & 'AL+W=OQ]A,OA^+4WTWW3?-^3;+ZNT^'O-Z M5I[C*?WS6%;'O$F/U5-6GZN8[SJC8Y%)(6QVS ^GZ6+>M7VI%O/RN2D.I_BE MFM3/QV->_;>,1?EZ-X7ICX:OAZ=]TS9DB_DY?XI_QN:O\YQ*%I/:1S_#DZGESY;P^O[']Y_Z<0G,0]Y'5=E\<]AU^SOIGXZV<7'_+EH MOI:OO\9!D)E.!O6_QY=8)+P=2>IC6Q9U]SO9/M=->1R\I*$<\^_]]7#JKJ_] M/TX/9KR!' SDQ2#U_9&!&@S4F\''/>C!0/]L#V8P,*B'K-?>!7.=-_EB7I6O MDZI?#^>\779P:])T;=O&;G:Z_U(\Z]3ZLG!BGKVT?@9DV2/R&H'WR)HB;T26 M^K\,0G*#6$IB+M]WL**$0\CZ4R>;#YV\&Z9B8Z4Z>WUMKU"L>L1UR*D/A-1. M&HWT4,XH'1R21"DGE=8*>=M03DJO=>#%:5:<[GRH:W&:MS>LO:'!,2@X/6*N MAJF4U":@U;2BG#9&*(."O:8<2!>T4!;%AP&=\0;4B$++*K14(>IH::E" 08\ M7LZ4D]X% ?B]HIP7(GB%7M$-Y8*1X.S("G"L/D?UH06YI(A"D[SZ'%E_CFP< M#9"3(JW\$46>5>2I(H\4480H\F0LMITKO!H_][1A/ D%SHV("JRH0$4%)"K0 M?I0*#N]6*\IY$%[A:5]33@HOE+?X16,Z%DJK)))7"()/2H)H]"0K"=+7C1%! M&D#16'&D%T9[['/-D:",#5KA7,*A-KW VOB1G (C"1C(QNO'HL5FSWN0-%H2 M1TO2*=1 %@2# 0B)UP.#60E:X1A1S CMS8@Z/ND"S;H>9]V!>3]O-LT;60H, M:)TD^R[':6LMX,S+]BQ\"&YL#OGL"YJJU%BE9K(&>.&Q2,J!$39M65CESSG< M< Z=L M]&FN'9;)D%98$S"YYLB4>8*X7H2#5 9-J=AKJ]R(5KZ0 %I)>%P>#4RX[DS, MJ% &DS.\D:PY#&::*.0P.QN;2LD7$9(I(G"A)&D6!V%\N]/C#U!*R@!IL\2[ M#@,&*YS!1=6&\ZC2MX+"NVIV]2U_C-53=[!23[;E\ZEI"X>KULOAS;ULSP)0 M^Q)N5\"TK^%VTQ_-O+GO3XK^R*NGPZF>/)1-4QZ[7--<"F84'(" M !:!P & 'AL+W=OKQC!.\UJ:F]T/68./S4-9K]7I*:7I1NX'X:7ZE@*9?#RK,-'\DK$ M]^Z9R9TW>ME7#6EY15N'D!'12Y\LG:4DAVE;VKS9;]T?940 MJ4DAE R)G6M',DT?@T^W3&D(D[7']X_:>U2RPYSLJ;USVHORJ6;N,Z> M'/"I%B_T\ID,>I#K#.*_DC.I)5QE(F,4M.;ZWRE.7-!F\")3:?![_ZQ:_;ST M;^)DH-D)X4 (1X*,?8\ !@*X$N!= AP(\'\CH(& C A>KUT7#& @P 2OT(&$W86I @B1(8@=BN$EI50NT&3$_$7YJ)K'PT MJU)J-&+50] DTQ! 9%1H#D( F@=O#GH 06)69HY*PQ3:14564=%<%#!$1?/R MPS1-@&^>90M0ME[]#'$6H&H]2 +S9%N0LO6Q+!@P5'J3P= 0=M13FCL%/;5" M=7UB'2^"IU -%L.^"A;KP&+?R(NCG_-7]_VM\PVS8]5R9T>%'&=ZZ!PH%40* M\!]E&PO=V]R:W-H965T&ULC9EO;^,V M#,:_2I#WN8BD_MA%6^#:I-B #3ALV/;:U[IM<$F<)6Y[^_:3'5_.$1_=]4T3 MNP\E4J)^I./+MV;_Y?!Y_VUY?-2[M>;>M/^\GA9;.I M]O_=U.OF[6I*TV\W_E@]/;?=C?GUY:YZJO^LV[]VG_;Q:GX:Y6&UJ;>'5;.= M[.O'J^E'NKBSTAGTBK]7]=MA]'W2A?*Y:;YT%[\^7$U-YU&]KN_;;H@J?KS6 MM_5ZW8T4_?AW&'1ZFK,S''__-OI='WP,YG-UJ&^;]3^KA_;Y:EI,)P_U8_6R M;O]HWGZIAX#<=#)$_UO]6J^CO/,DSG'?K _]W\G]RZ%M-L,HT95-]?7XN=KV MGV_#^-_,L $/!GPRB'/_R$ & _EN8']H8 <#^]X9W&#@WCN#'PS\=P/?[\=Q ML?K57U1M=7VY;]XF^V,"[:HN3^G"Q_V][V[VV]G_+V[ (=Y]O2[MY?RU&V>0 MW!PE/)($.I73QY"#+'\^R)V6 M".%(!*ZX]/8R7@F/[2VTM[V]'=D7(=FQHR3TDFTOF3D386,3X2T0>N-=F0H7 M0$CB2N,EV>@E4$KA"^LEX"@=C-+I5VCOU2J51;)*1XD;>1K(1<"EX3+$0GP2%*/1$UEHTL*_D#GB$4R!8YPA2.KX$\F R3"Y8,< MB$HEM].)6UH?;!J5ULVLX8(S%8EP22)=DZQ::%T>9MZ*MVD904(67\3LS3B% M2PGI6F)MZA0H)NP<Z4X'I"J*#XU*L?EHK!(5UU(L+'^7WN M#JXII(N*4R@!Z\'<9%@#68R:1=&Q"I)6)-[YC&N]=>.C-+@%I$(N(H=SSPV8N,P )IG"Q!B1#!!):0( D5YKC<>9 M1-Z(RS";,2!9/P,0I5W)(#JK(F+8I'0#NK@G,9ER/F'B,B NJ0?,H8D0(822DC18//AV""23L ()R511&[[DR""P:D@)8T?6I=".@U MA51Z UE)/M.Z2>;W$4#;M--8""!I8%O$)]S4):"TW:-GR#WC"H:N .AR"ET! M,'54Q&U1?FFEDT B(3DW=Z)_4E'*\P PH040FA-"WPRB<$8R:R*CDH("B)0W%OQ. M88,9P^[<'TQQ"RC.F;2S&+D6]*2YML1B2EI$R93:0*171=11FEDV19HR\]$; MA4V]?^K?!QTF]\W+MNU"&=T]O7/ZR-T;B>3^#5W<$KB_H(OE\8W2]^&/+[A^ MK_9/J^UA\KEIVV;3OZUX;)JVCNZ;#W$[G^OJX72QKA_;[FN(W_?'%TO'B[;9 M#2_-YJ7--8"C0?K$! #2 P & 'AL+W=O MM]_V!,5>V MH(6[,SUT^*++,9.MLC,X)7LX&2)&[06 M]O<1E!ESNJ/7P+-L6A\"K,AZT< W\-_[DT6/+2R5U- Y:3IBH<[IP^YPW(?\ MF/!#PNA6-@F=G(UY"<[G*J=)$ 0*2A\8!!X7> 2E A'*^#5STJ5D *[M*_O' MV#OVA"O>'3C. MI@S!.(KX#\4[C%Z*79ID[!*(YISCE,/7.4L&0_:E!-\J<>3_P/DV/-U4F$9X M^D;A?^KO-PGVD6#_AH#?M+B5D]X48:N9:K!-W"9'2C-T<9-7T65A'WB\D[_I MT[9_%;:1G2-GX_%FX_QK8SR@E.0.5ZC%![8X"FH?S/=HVVG-)L>;?GY!;'G& MQ1]02P,$% @ Z'ES3;Z8%[ZW 0 T@, !@ !X;"]W;W)K2X^_M1LNNZK?URVGK?'1AS90N*NRO3@<:; MVEC%/9JV8:ZSP*L(4I(EF\TU4UQH6F31=[)%9GHOA8:3):Y7BMN_1Y!FR.F6 MOCH>1-/ZX&!%UO$&?H'_W9TL6FQFJ80"[831Q$*=T]OMX9B&^!CP1\#@%F<2 M*CD;\Q2,^RJGFR ())0^,'#<+G '4@8BE/$\<=(Y90 NSZ_LWV+M6,N9.[@S M\E%4OLWI#245U+R7_L$,WV&J9T_)5/P/N(#$\* $J(D%I2C^ M,NY"QWT8;]+]!%L')!,@F0$W,0\;$T7E7[GG16;-0.S8^XZ')]X>$NQ-&9RQ M%?$.Q3OT7HKM+LW8)1!-,<<4R5J*8_()GJS#=ZL*=Q&^>Z?P M/_G358(T$J3O"/8?2ER+N?Z0A"UZJL V<9H<*4VOXR0OO// WB;Q3=["QVG_ MR6TCM"-GX_%E8_]K8SR@E,T5CE"+'VPV)-0^'+_@V8YC-AK>=-,/8O,W+OX! M4$L#!!0 ( .AY&PO=V]R:W-H965T&UL=5/;;MLP#/T501]0)4YZ66 ;:%H4&[ !08=USXI-VT(ET9/D MN/O[2;+CN:G[8I$TS^$A1:4]FE?; #CRIJ2V&6V<:W>,V:(!Q>T5MJ#]GPJ- MXLZ[IF:V-<#+"%*2):O5#5-<:)JG,78P>8J=DT+#P1#;*<7-WSU([#.ZIN? MLZ@;%P(L3UM>PT]PO]J#\1Z;6$JA0%N!FABH,GJ_WNVW(3\FO CH[4C,U_AQ-(GQZ4^!H%2AN_I.BL0S6R>"F*OPVG MT/'L1_XS;!F0C(#D L"&0E'Y(W<\3PWVQ RS;WFXXO4N\;,I0C".(O[SXJV/ MGO+UYC9EIT TYNR'G&2>,V4PSSZ52)9*[),/\&09OEE4N(GPS3N%G]3?+A)L M(\'V'<'=18M+.5\NBK#93!68.FZ3)05V.F[R+#HM['T2[^1_^K#M/[BIA;;D MB,[?;)Q_A>C 2UE=^15J_ .;' F5"^:MM\VP9H/CL!U?$)N>&PO=V]R:W-H965T+FUPDD3B5-Z:OC272]"PY6 M%0/OX"NX;\/9>(NM+(U0H*U 30RT)7U(CZ<\Q,> [P(FNSF34,D%\3D8GYJ2 M)D$02*A=8.!^N\(C2!F(O(R?"R==4P;@]OS*_B'6[FNY< N/*'^(QO4EO:>D M@9:/TCWA]!&6>FXI68K_#%>0/CPH\3EJE#:NI!ZM0[6P>"F*O\R[T'&?YIO; MNP6V#\@60+8"[F,>-B>*RM]SQZO"X$3,W/N!AR=.CYGO31V(T65+CJ.,D;[SKP#YD\4W^A,_3_H6;3FA++NC\ MR\;^MX@.O)3DQH]0[S_8:DAH73C>^;.9QVPV' [+#V+K-ZY^ U!+ P04 M" #H>7--Q)EE2+8! #2 P &0 'AL+W=OM.IO3UKG^R)@M6]#"WF /G;^IT6CAO&D:9GL# MHHH@K1C?[3XP+61'BRSZSJ;(<'!*=G VQ Y:"_/[! K'G.[IJ^-1-JT+#E9D MO6C@.[@?_=EXBRTLE=3068D=,5#G]&Y_/*4A/@;\E##:U9F$2BZ(S\'X4N5T M%Q("!:4+#,)O5[@'I0*13^/7S$D7R0!F[$K=B#N]$V*JG&DP3I\F2$H&UL M=5-M;]L@$/XKB!]0$N*E461;:CI-F[1*4:MMGXE]?E&!\P#'[;\O8-?S.N\+ M<,<]SW-W'.F YMDV (Z\**EM1AOGNB-CMFA "7N#'6A_4Z%1PGG3U,QV!D09 M04HROMGLF1*MIGD:?6>3I]@[V6HX&V)[I81Y/8'$(:-;^NYX;.O&!0?+TT[4 M\ 3N1W^*DLV0 +L_O[%]B[;Z6B[!PC_)76[HFHP=*2JA$ M+]TC#E]AJN<3)5/QW^$*TH>'3+Q&@=+&E12]=:@F%I^*$B_CWNJX#^/-/IE@ MZP ^ ?@,.$0=-@K%S#\+)_+4X$#,V/M.A"?>'KGO31&:;Y-] MRJZ!:(HYC3%\&3-',,\^2_ UB1/_!\[7X;O5#'<1OENJ[_ZCGZP2))$@^:O$ MVP\EKL47---UJZA+4! #2 P &0 'AL+W=O\Q:^ M@__1GRU:;%&IA0+MA-'$0E/0A]WQE 5\!#P+&-WJ3$(E%V->@O&E+F@2$@() ME0\*'+X@D1XR 1C5$:ZN))J<-ZH60534?QUVH6.^SC='&ZT;4(Z M$]*%; ED4R-8"A^1- MB5N8MT'8JJ<*;!NGR9'*##I.\LJ[#.Q#&M_D+WR:]F_7S;VOS'& M Z:2W.$(=?C!%D-"X\/Q/9[M-&:3X4T__R"V?./R#U!+ P04 " #H>7-- M'8&1-[SO(R@SYG1/WQS/LFE]<+ BZT4#W\!_ M[T\6+;:P5%)#YZ3IB(4ZI_?[PS$-\3'@AX31KJXIF8O_ A=0&!XR08W2*!=74@[.&SVS8"I:O$Z[[.(^3C>W-S-L&\!G M %\ =U&'34(Q\T?A19%9,Q([];X7X8GW!XZ]*8,SMB+>8?(.O9=B?\TS=@E$ M<\QQBN'KF"6"(?LBP;K-63_^BGFP1I)$C_*C'Y4.)6 M3/I!A*UZJL$V<9H<*>9>!O>?Q3=[#IVG_*FPC.T?.QN/+QO[7QGC M5'97.$(M?K#%4%#[<+S%LYW&;#*\Z>&PO=V]R:W-H965TL!CKNW'V#']3KO#W OYYS[ MP24;T+S:%L"1-R6US6GK7'=@S)8M*&YOL /M;VHTBCMOFH;9S@"O(DE)EFPV MMTQQH6F11=_)%!GV3@H-)T-LKQ0WOX\@<]. MQEML5JF$ FT%:F*@SNG#]G#B^-NX"QWW8;Q)K[1U0C(1DIEP M'PEL#!0S?^*.%YG!@9BQ]QT/3[P])+XW97#&5L0[G[SUWDNQW>\S=@E"$^8X M8I(E9D8PKSZ'2-9"')-_Z,DZ/5W-,(WT=!D]_4_\W:K +@KL_BKQ]D.):YB[ M#T'8HJ<*3!.GR9(2>QTG>>&=!_8AB6_R#A^G_2LWC="6G-'YEXW]KQ$=^%0V M-WZ$6O_!9D-"[<+QSI_-.&:CX;";?A";OW'Q!U!+ P04 " #H>7--STA1 MT+@! #2 P &0 'AL+W=OT-L#J"I" T26Z( M9%SA,H^^DRES/3C!%9P,LH.4S+P=0>BQP#O\[GCB;>>"@Y1YSUKX#NY'?S+> M(@M+S24HR[5"!IH"W^T.QRS$QX!G#J-=G5&HY*SU2S"^U05.0D(@H'*!@?GM M O<@1"#R:?R:.?$B&8#K\SO[EUB[K^7,+-QK\9/7KBOP'J,:&C8(]Z3'KS#7 M,T653I0<5)7GF7@;VC\4W^A$_3_LA,RY5%9^W\R\;^-UH[\*DD M5WZ$.O_!%D- X\+QUI_--&:3X70__R"R?./R-U!+ P04 " #H>7--[?^4 MN+JDS;IU&G;9RYQ$E0(&9!+]^]G2)IE7?8%L/%[SS8F M&XU]<2V )Z]:=2ZGK??]D3%7MJ"%NS$]='A3&ZN%1],VS/461!5!6C&^VQV8 M%K*C119]9UMD9O!*=G"VQ U:"_OK!,J,.4WHF^-9-JT/#E9DO6C@*_AO_=FB MQ1:62FKHG#0=L5#G]#XYGO8A/@9\ES"ZU9F$2B[&O 3C4Y7374@(%)0^, C< MKO 2@4B3./GS$D7R0!L?)O3.THJJ,6@_+,9GV"N MYY:2N?C/< 6%X2$3U"B-"\T3,+IJ+%Z[3++N[C='-[F&'; #X#^ *X MBSIL$HJ9?Q1>%)DU([%3[WL1GC@Y;F:81GBZ5D__H[_?)-A'@OU?)?)W)6[%I.]$ MV*JG&FP3I\F1T@Q=G.25=QG8>Q[?Y$_X-.U?A&UDY\C%>'S9V/_:& ^8RNX& M1ZC%#[88"FH?CA_P;*4;%[\!4$L#!!0 ( .AY&PO=V]R:W-H965TJM.2:1>IZJ3-NG4:=MG+G$25 @9D$OW[V=(FF5=]@6P\7O/-B8; MC7UQ+8 GKUIU+J>M]_V1,5>VH(6[,3UT>%,;JX5'TS;,]19$%4%:,;[;'9@6 MLJ-%%GUG6V1F\$IV<+;$#5H+^^L$RHPYW=,WQ[-L6A\[D! H*'U@$+A= MX0&4"D28QL^9DRZ2 ;@^O[$_QMJQEHMP\#UGY-J=WE%10BT'Y9S,^P5S/ M+25S\9_A"@K#0R:H41KEXDK*P7FC9Q9,18O7:9==W,?I)N$S;!O 9P!? '=1 MATU",?./PHLBLV8D=NI]+\(3[X\<>U,&9VQ%O,/D'7JOQ?Z09NP:B.:8TQ3# MUS%+!$/V18)O29SX/W"^#4\V,TPB/%FK)__13S<)TDB0_E7B[;L2MV(.[T38 MJJ<:;!.GR9'2#%VQY1L7OP%02P,$% @ Z'ES390AN)+Z M 0 RP4 !D !X;"]W;W)K&UL=51A;YLP$/TK M%C^@3D@") *DIE.U29L4=5KWV8%+0+4QM4WH_OUL0QEEUR_8=W[WWIW-7=I+ M]:(K $/>!&]T%E3&M =*=5&!8/I.MM#8DXM4@AEKJBO5K0)6^B#!:;A:152P MN@GRU/M.*D]E9WC=P$D1W0G!U)\C<-EGP3IX=SS5U\HX!\W3EEWA)YA?[4E9 MBTXL92V@T;5LB()+%MRO#\>]PWO .R*;Q.G(&DZ0+G._?V1]][;:6,]/P(/GONC15%B0!*>'".FZ>9/\5 MQGIV 1F+_PXWX!;N,K$:A>3:?TG1:2/%R&)3$>QM6.O&K_UPLDO&,#P@' /" M*2#Q.G00\IE_88;EJ9(]47K*$[IS1&- MF.. ">>8"4$M^R018A+'\+_P$ _?H!EN?/CF0X8)3K!%";:>8/N!8+\H$<'$ M*UQDAXKL$(+U0@3#?'(5$2H2(02;A0B&V>(B,2H2(P2[A0B&B7"1!!5)$(+E M;X=A/GGX/2JR1PB6#X]@DN7#TUDS"5!7/T8T*637^!$V\TZ3ZC[TS?@//HRY M'TQ=ZT:3LS2VI7WC7:0T8%-9W=G_H[*3=3(X7(S;QG:OAODR&$:VX^BDT_S. M_P)02P,$% @ Z'ES30TPZ^FV 0 T@, !D !X;"]W;W)K&UL=5/;;IPP$/T5RQ\0+RQI5BM RJ:J6JF55JG:/GMA "N^ M4-LLZ=]W; @A*7VQ/>,Y9\Z,Q_EH[)/K #QY5E*[@G;>]T?&7-6!XN[&]*#Q MIC%6<8^F;9GK+? Z@I1DZ6[W@2DN-"WSZ#O;,C>#ET+#V1(W*,7MGQ-(,Q8T MH2^.1]%V/CA8F?>\A>_@?_1GBQ9;6&JA0#MA-+'0%/0^.9ZR$!\#?@H8W>I, M0B478YZ"\:4NZ"X( @F5#PPD".,0\;$H4E7_DGI>Y-2.Q4^]['IXX.:;8FRHX M8ROB'8IWZ+V6R2')V340S3&G*29=QRP1#-F7%.E6BE/Z#SS=AN\W%>XC?/]& MX7\(LDV"+!)D;PCV[TK)6&KGBJP;9PF1RHSZ#C)*^\RL/=I?)/7\&G: MOW';"NW(Q7A\V=C_QA@/*&5W@R/4X0=;# F-#\<[/-MIS";#FW[^06SYQN5? M4$L#!!0 ( .AY&PO=V]R:W-H965T=59[*WG#6PEDAW0M!U9\3<#ED>(-O MCF=6-\8Y2)YVM(8?8'YV9V4M,K.43$"KF6R1@BK#CYOC*7%X#WAA,.C%'KE* M+E*^.N-KF>'()00<"N,8J%VN\ 2<.R*;QN^)$\^2+G"YO[%_]K7;6BY4PY/D MOUAIF@P?,"JAHCTWSW+X E,]>XRFXK_!%;B%NTRL1B&Y]E]4]-I(,;'85 1] M&U?6^G68^&]AX8!X"HA7 604\IE_HH;FJ9(#4N/==]3]XLTQMG=3.*>_"G]F MD]?6>\TWAWU*KHYHPIQ&3+S$S ABV6>)."1QBC^$Q^'P;3##K0_?OLOP/P2[ M(,'.$^S>$22K$D.8^[#(/BBR#Q <5B(AS$-8) F*)!\)'J*52 BS_EUDT1T" M5.WG0J-"]JV?R85W'KW'V'?7/_@XM]^IJEFKT44:VZ.^DRHI#=A4HCM;<&.? MBMG@4!FWO;=[-0[,:!C936\!F1^D_"]02P,$% @ Z'ES35GC@:O4 0 MN00 !D !X;"]W;W)K&ULC53;;MLP#/T501]0 M)4KBI(%MH.DP;, *!!VV/2LV?4%U\20Y;O^^DNQZ7J2CAK9'HAF'XY 5=#AM?XS?'8UHWU#I*G':OA.]@?W5D[B\PL M92M FE9)I*'*\-WZ>-I[? #\;&$PBSWRE5R4>O+&US+#*Y\0<"BL9V!NN<(] M<.Z)7!J_)TX\2_K Y?Z-_7.HW=5R80;N%?_5EK;)\ &C$BK6<_NHAB\PU;/# M:"K^&UR!.[C/Q&D4BIOP145OK!(3BTM%L.=Q;658A_$D2::P> "= N@<< @Z M9!0*F7]BEN6I5@/28^\[YG_Q^DA=;PKO#*T(9RYYX[S7?'U+4W+U1!/F-&+H M$C,CB&.?)6A,XD3_":?Q\$TTPTT(WRS5#_\AV$8)MH%@^U>)FWT=F@T-E_7;O]GJ M"C*_5ODK4$L#!!0 ( .AY&PO=V]R:W-H M965TL"CKNW'V#7]3KW#W OYYS[P27MT3S;!L"15R6US6CC7'M@S!8-*&ZO ML 7M;RHTBCMOFIK9U@ O(TE)EJQ6-TQQH6F>1M_)Y"EV3@H-)T-LIQ0W?XX@ ML<_HFKXY'D3=N.!@>=KR&GZ!^]V>C+?8I%(*!=H*U,1 E=&[]>&X#?@(>!30 MV]F9A$K.B,_!^%YF=!42 @F%"PK<;Q>X!RF#D$_C9=2D4\A G)_?U+_&VGTM M9V[A'N63*%V3T3TE)52\D^X!^V\PUG--R5C\#[B ]/"0B8]1H+1Q)45G':I1 MQ:>B^.NP"QWW?KC9;4;:,B$9"&UL=51M;YLP$/XKEG] G9"$51$@-9VJ3MJDJ-.VSPX< M+ZJ-F6U"]^]W-H0RYG[!OO-SSW-G[IP,2K^:&L"2-RE:D]+:VN[(F,EKD-S< MJ0Y:/"F5EMRBJ2MF.@V\\$%2L&BSB9GD34NSQ/O..DM4;T73PED3TTO)]9\3 M"#6D=$MOCI>FJJUSL"SI> 7?P?[HSAHM-K,4C836-*HE&LJ4/FR/I]CA/>!G M X-9[(FKY*+4JS.^%"G=N(1 0&X= \?E"H\@A"/"-'Y/G'26=('+_8W]R=>. MM5RX@4^%?5'#,TSU'"B9BO\*5Q (=YF@1JZ$\5^2]\8J M.;%@*I*_C6O3^G68^&]AX8!H"HA6 6P4\IE_YI9GB58#T>/==]S]XNTQPKO) MG=-?A3_#Y UZKQG^T(1='=&$.8V8:('9S@B&[+-$%)(X1?^%1^'P73##G0_? M+=7O/R#8!PGVGF#_3XG;58DAS @^1[ZYW^#BWW[BNFM:0B[+8H[Z32J4L8"J; M.RRXQJ=B-@24UFT_X5Z/ S,:5G736\#F!RG["U!+ P04 " #H>7--N!L: MRN,! >!0 &0 'AL+W=OX&N "F;*&JE5EJE:OOLA>&BV)C:9DG_OK8AE&Z\4EZP9WSFG)G! MGG04\D4U !J]\D\U0,FK4=G"12 ^=4_CD"$V.&0_SF>&[K1EL'R=.>UO =](_^ M)(U%%I:RY="I5G1(0I7A^_!P3"S> 7ZV,*K5'ME*SD*\6.-+F>' )@0,"FT9 MJ%DN\ ",62*3QN^9$R^2-G"]?V-_E-89VN%>[,)*^,]Y)'09R2BR6: M,<<)$ZTPX8(@AGV1B'P2Q^A=>.0/WW@SW+CPS5H]N4&P]1)L'<'VOQ*3JQ)] MF$]^D9U79/>>( RN1'R8&YW<>T7V'H(;K8B]!/''>YEX"9(/]-*#"3=7(F1U M/SG(VKU,A0HQ=&XJK+S+X[^/W/W^!Y\FQS27N+E=":#"I!'>F MY8T95HO!H-)V&YN]G)[L9&C1S].(+",Q_PM02P,$% @ Z'ES3?V])3_" M 0 -P0 !D !X;"]W;W)K&UL=53M;ML@%'T5 MQ .4F,1M%-F6FE;5)FU2U&G;;V)??ZA\>(#C[NT'V'&]C/T)W.MSSSD7N,E& MI=],"V#1N^#2Y+BUMC\08LH6!#-WJ@?IOM1*"V9=J!MB>@VL"D6"$[K9W!/! M.HF++.1.NLC48'DGX:21&81@^O<1N!ISG.!KXK5K6NL3I,AZUL WL-_[DW81 M65BJ3H TG9)(0YWCQ^1P3#T^ 'YT,)K5'OE.SDJ]^>!SE>.--P0<2NL9F%LN M\ 2<>R)GX]?,B1=)7[C>7]E?0N^NES,S\*3XSZZR;8[W&%50LX';5S5^@KF? M%*.Y^2]P >[@WHG3*!4WX1>5@[%*S"S.BF#OT]K)L(XS_[4L7D#G GI30":A MX/R9659D6HU(3V??,W_%R8&ZLRE],AQ%^.;,&Y>]%#399>3BB6;,<<+0%299 M$,2Q+Q(T)G&D_Y33>/DVZG ;RK=K]?U_"'91@ET@V/W58GK38@QS'Q=)HR)I MA.#A1B2&V=^(D-7%"=!->+(&E6J085Q6V64J'FFX^ _X-%)?F6XZ:=!96?=\ MPB772EEP5C9WSDOKIG@).-36;Q_<7D]O>0JLZN&PO=V]R:W-H965T=W[N5EOJ\O^LJYW%X-!];S,-UGUJ=CE6_.7 MEZ+<9+5Y+%\'U:[,LT5KM%D/Y' 8#3;9:ML?C]K/'LKQJ'BKUZMM_E#VJK?- M)BM_7>7K8G_9%_WC!]]7K\NZ^6 P'NVRU_ROO/Y[]U":I\')RV*UR;?5JMCV MROSELO^GN'C4JC%H$?^L\GUU]K[7E/)4%#^:A\GBLC]L,LK7^7/=N,C,RWM^ MG:_7C2>3QW_6:?\4LS$\?W_T?M<6;XIYRJK\NEC_NUK4R\M^TN\M\I?L;5U_ M+_9?).)B?%5]OV=6_] M'\UH VD-Y,E 0*>!L@;J9"#C3@.P!A!JH*V!/AFH;H/(&D2_(XA.@]@:Q*$& MB35(0@U2:Y"&&HCAL7/#8)-3LT6PR;'=0@:;'!LN5+#)L>4"@DV.31&\\6PJ!QG@;4-0O(9QX0ZQN!4:BG#Q0&]?21POSNZIVFXUWF05Z=: M15>KB&I1C^\.&'T6+!V"B%(\IWR#H-]#?_V)]3H:8KU$2%**,[[46*4QC&*6+91'M3*S53 M*P*DC/>^/Z%%DB0*=7$:&'@6&'@>&OC1=ZAE&BL5,X,;T8,;$8.+^'@;>:&, M- V;?W2HF X5$Z%05;<4)J6C)'24Q/< J!FWB3?(FBTFI<.D1!BD!+>I/VY, MD]!.E.Y&^ALE8>]TB8$(0 MFC@C@(G4;/G<^8$01(UWP)(01.!'FI$E2[-Q9T/AL2U3&XBB&Y(DB.3[HW%N3LXKMB,:Q4 M%"L3'(O8?<0"&$8I[DA-L9+9<"B&E8I@)1Z::^6SLG-H&%(JBI0)CN4OY&:_ ME7)E,=Q5!'A*F%$D MH!2).0P HS1 *4V*">@?!H0DYO,\ .C>83+:I0GMBKU+0E\_%)E5 -#-BM$/ M3>A'S-P_:T8_-'5'@F_<-+'YX+-E-$%3%Q7XTLV".F_=!F??V#4_ )AEY>MJ M6_6>BKHN-NTW="]%4>?&W_"3R7F99XO3PSI_J9NWL7E?'KYX/SS4Q<[^J&!P M^F7#^']02P,$% @ Z'ES3<\';T\) @ LP4 !D !X;"]W;W)K&ULC531CILP$/P5Q >@,IK83KG]?VSB( &HO#[%WF5G/+&:S5L@W50#HX+WBM=J$A=;-&B%U**!B MZD$T4)LG)R$KIDTHST@U$MC1D2J.SONF>FG,MEKCE.([11!XGO(TQ0R/N=YYIR4]!AD?/1F\*P9[ K0H0PR\M)!4@>I.QDK M&J6K:.1HBHN3>+ET+&Y*2[!JY20=#'OD,PZ)!.'.*4C11TF M&5JDD?F-!/T7=B>'SLJA,W*2D1PZ[604QS,=F@(3DL8S'4*#RVW'V7&ULC97;CILP%$5_!?$!8\S%D!%!:I)&K=1*T51MGYW$"6@,IK:33/^^ M-G@0&'>2/ 1?UCYG'VSL_,;XJR@)D=Y;31NQ]$LIVV< Q*$D-19/K"6-FCDQ M7F.INOP,1,L)/G:BFH(P"!"H<=7X1=Z-[7B1LXND54-VW!.7NL;\[XI0=EOZ MT'\?>*G.I=0#H,A;?"8_B/S9[KCJ@2'*L:I)(RK6>)R"[)F]'=UE.72SWSO2$[X0N4+NWTAII[$]TSQW\B54(5K)RK'@5'1_7N' MBY"L-E&4E1J_]<^JZ9ZW?B:-C,PM"(T@' 0P_E 0&4'TJ" V@OA106($R:," M9 3($H#^975O?X,E+G+.;A[O]T^+]3:%STBM[T$/=LO9S:D%$&KT6H0IRL%5 M!S+,JF?",3,EU@XB3:?,9LY$<(I\=H7)ILS6Q2P&!JABAXI#9\5A%R >!\@" MRTC/I!W3] QRYXB<.2)'#JO8533+@;(%0A:VN8M-[,1..['#CK6$JYY)1GE@ M!@/]LPPYP(4%3BPE3DN)PU)D64IFI<,LSA!:V)82AZ4X07 1NBTAIR4TMP3_ M$R!U!DCO[ZQ5.J\)6LSZ 6;[,3,QFSG-9@]LT6R6Q+9ZE]C,"8A2%-F?$Q@= M6/I.^X[YN6J$MV=2G7W="75B3!(5,GA2*UVJ:W3H4'*2NIFJ-N\OD[XC66ON M23!&PO=V]R:W-H M965T^*YN*QH);[VLV('_Y/)7]5RKD3=TV64%+YM, ME$[-]ROW$WG.MO(JQ)L>?-NM7%\3\9QOI6[!U.',-SS/ M=2?%\;=OZ@[7U(6WY]?N7UKSRLPK:_A&Y'^RG3RNW,1U=GS/3KE\$9>OO#<4 MN4[O_CL_\US)-8FZQE;D3?OK;$^-%$7?1:$4[+T[9F5[O/3]KV6X@/8%="@@ MX6Q!T!<$=P5>1]9:_U[3 M)%QZ9]VHUSQU&GJK&2LVIB(@@\13 ,%A12TK0]'%-$=1:=9M)JRU80DC BY M9P$Z/TW\8(&! @@4 *#X#LC4!'?,FTX2W;"0>!$',48)(4H(4":\1+!!9.'% MU!A>H@]YB2%*#% 2W& !&RPL%LK" ,4+!>CF%DH"@1*+FVMJC)L[*QEAI! C M!1@I;D!\' 2^A1,@,JS,:\8H$YE$3)34GVB! X78) H0F6YF-6,4'"7$)DN MR$29U8Q1<)00D"7I1% 3'";$)DV R'0SJQFCX# A($U2.M$"QPFQR1,@,MW, M:L8H.$B(39( D8F2?"BH"0X4 A(E#2;>Z3A1J$VB )'AJ-?8.J(X52A*E7"B MQ<1GBM5W"K5\_R#AW N(XGRA(%_2B;5'<2Y0](UA^ IM?0'AK"^<-!0D33KU MR'%"4/2]8?@R1>8*G-6,47#24) TZ=0-P0E!44(8;BP28E[3H7@W&PB]H_O! MZD-6-LZKD&HOTNX8]D)(KOKY#^I)'=4F7--LVT\^=4! !C! &0 'AL+W=O%\?V'_Z'NW MO9R8AB?)?S:%J5-\CU$!)>NY>9'#)QC[B3$:F_\"9^ 6[IQ8C5QR[9\H[[61 M8F2Q5@1["VO3^G48^2]ERP5T+*!3 0V]!"'O_)D9EB5*#DB%L^^8^\2K/;5G MD[ND/PK_SIK7-GO.Z,-]0LZ.:,0< H;.,*L)02S[)$&7) [TIIS2S3+!>M'C MVA-L_O'X<.4Q8'8>TP:/V]UVO5W6V2SJ;&YTUE%TI1,P\4SGP_^$XD6A^!T- MW6+6\94&F7UD :KRUUNC7/:M'ZU9=IJ@1^HOR5]X&+^O3%5-J]%)&GO5_(4H MI31@G41WUDIM)WX*.)3&;7=VK\*]#X&1W3C29/JO9'\ 4$L#!!0 ( .AY M&PO=V]R:W-H965TM8K7MR 5+6LW2^W:7F0IORA6UK 7CKQ4%15_M\!XNW%]][;P7)X+919( MEC;T##]!_6KV0L_(X'(L*ZAER6M'P&GC?O+7.]\S 5;Q4D(K[\:.2>7 ^:N9 M?#MN7,\0 8-<&0NJ7U?8 6/&27/\Z4W=84\3>#^^N7^QR>MD#E3"CK/?Y5$5 M&W?I.DOTV7^'*S M-R1ZCYPS:9].?I&*5[V+1JGH6__];&!X0] '!$.!'LP%A'Q!. DA'9E/]3!7-4L%;1W35:J@Y%/XZU#\S M-XOVW]EO.ENI5Z]9Z/DIN1JC7K/M-,&=)A@K=N\5X7\3H@$&B@"E"&Q\-**8 M[+'M-(G5U%83^5'L^U,61.>MEEZ8X$ A"A0B0.$$"-'$$Y99R0@C0C$B!".: M8"":*<:L9(01HQ@Q@C'98]MIX@_+@^CFRK- @1;O@()5A!LDJ$'RP(%+'LP( MTT]>>)<@3;UGG3%"]TZAPF#DS+#1(]%US^Z MB>)-WQO)T*"S?U!+ P04 " #H>7--9IEA.XT# @$ &0 'AL+W=O ME5K4ZVMVU6]4U M6[O[3&M4:H X$-N9?[\)I!U);I1^:""><^ZY)!R,TPMKOK='2KGSLRKK=N8> M.3]-/*_='FF5MU_8B=;BDSUKJIR+R^;@M:>&YKN.5)4>^'[L57E1N_-I-_;6 MS*?LS,NBIF^-TYZK*F]^+6C)+C.7N)\#WXK#D5= M579%1>NV8+73T/W,?2*35P@DH4/\6]!+>W/NR%;>&?LN+UYV,]>7CFA)MUQ* MY.+P09>T+*62\/%#B;K7FI)X>_ZIONZ:%\V\YRU=LO*_8L>/,S=UG1W=Y^>2 M?V.79ZH:BEQ'=?\G_:"E@$LGHL:6E6WWW]F>6\XJI2*L5/G/_EC4W?&B]#]I M. $4 :X$('<)@2($8PFA(H1C"9$B1&,)L2+$8PF)(B1C":DBI&,)F2)D8PG$ M_YPY_S340672&>:.3:#:#=+ !QF@Z+ M+#%,IG5C8@#"(>8KAM'NRGJ$SF:$SC.&T3R_('T1?XAYQ3 $O\,!OEZ"3B$< M*(#6=8]).DS=87R\1HC7")$:@39#"";2)B@T;,1)YNM*Z\=*&T3)#TB29'A; M$=Y6A+2E+885@M';>@Q9/X9L>DATTQ(DX(=!:.DIQGN*D9ZT4JO8+*5'PUW( MP$>"^T@0'S&ND.(**:*@/8:;U+!)8E_^X94RO%*&5$IQ!1GO:&K[B(86"*\8 M""Q6B>WU0! -HA@P+4N4 M$"1+P/(,$TL,$"P']!>N MVNH^R>7TM@$"0Q;E[<0PU+%! L"PR_F7E_T^". M8["D!IB! +$E>< 2"( %@O85:P-F(,26/ =+(H"9"!!G>ATP[PP@S\/S".#0 ME24\P P/2'S=E9D) >[J,;!WY=U\G:]H<^BVE*VS9>>:2S&ULC53M;ILP M%'T5BP>HP032102IR31MTB9%G=;]=L@-H-J8V4[HWG[^H(P1KVI^Q/;UN>?< M8WQ=#$(^JP9 HQ?..K6-&JW[#<:J:H!3=2=ZZ,S.64A.M5G*&JM> CVY),XP MB>,<<]IV45FXV$&6A;AHUG9PD$A=.*?R]PZ8&+91$KT&'MNZT3: RZ*G-7P' M_:,_2+/"$\NIY="I5G1(PGD;/22;?6[Q#O#4PJ!FP%^]F>=+.-[B-T@C.] M,/THAL\P^LDB-)K_"E=@!FXK,1J58,K]H^JBM. CBRF%TQ<_MIT;![^SSL:T M< (9$\B40)(W$](Q(5TD8%^9L_J1:EH64@Q(^H_54WLGDDUJ#K.R07=V;L^X M529Z+5/RHE[V2^T MZ,=G"D]O9?D'4$L#!!0 ( .AY&PO=V]R M:W-H965TK4 M[=I)G 05,,-.TOW[V4!1 @<_KYQASS.*BFU=S5,H&;V51F65XM+9^ MC"*S/:I2F@==J\K=V>NFE-9UFT-DZD;)71M4%A%!B$>ES*MPM6C'GIK50I]L MD5?JJ0G,J2QE\V^M"GU9ACA\'WC.#T?K!Z+5HI8']4O9E_JI<;UH<-GEI:I, MKJN@4?ME^!D_9ICY@%;Q.U<7<]4.?"H;K5]]Y_MN&2)/I JUM=Y"NLM99:HH MO)/C^-N;AL.[^M4W>);.11F6Z^)/O['$9BC#8J;T\%?997[ZI/J$X M#/KL?ZBS*ISUJU])L"/U*WF%L_V*Y=>\]E:]SH>44I M741G;]1KUIV&7&G(K2*;*B@>))$#&"@(2$':>'9#P484G29I-56KP3A.!<'I M" 804L*Q$ )&HB 2!9#B$5*GB:]F^I0F"4(T&2%!0IZD,8]A) 8BL2G2*/)G-0,R4+ U#IC 5<;_ ]!:<77>,R)A+*Q#BOJ9"C&'&&9J#@ MBH.!DC-K 5<(#)2(:5YL4B )HW%,T3BOCX4=5'1UVOCC_Z=L#GEE@HVV[N!J MCY>]UE8Y4_3@ENGHOCB&3J'VUC<3UVZZ8[?K6%WWGQ31\%VS^@]02P,$% M @ Z'ES3;'CSI0$ @ 6 4 !D !X;"]W;W)K&ULC53M;ILP%'T5Q /4P4#9(D J2:M-VJ2HT[;?#KD!5!LSVPG=V\\V#DD@ MROH'V]?GG/O!]4U[+MYD#:"\=T9;F?FU4MT2(5G6P(A\X!VT^F;/!2-*'T6% M9"> ["R)4807BT?$2-/Z>6IM&Y&G_*!HT\)&>/+ &!%_"Z"\S_S /QE>FZI6 MQH#RM",5_ #UL]L(?4*CRJYAT,J&MYZ ?>8_!R:3+>=O MYO!UE_D+$Q!0*)51('HYP@HH-4(ZC#].TQ]=&N+E_J3^8G/7N6R)A!6GOYN= MJC/_D^_M8$\.5+WR_@NX?&+?<\E_@R-0#3>1:!\EI])^O?(@%6=.18?"R/NP M-JU=>Z=_HMTF8$? (T'[OD<('2$\$Z*[A,@1HH]ZB!TAGGA 0^ZVF&NB2)X* MWGMB:(>.F*X+EK'^7:4QVK]C[W0]I;8>\S *4G0T0@Y3#!A\@4DFD/4<=!/7 M>LR-!PI[9;:)WHOAL0\'Q3LWQ] X3/-_4$L#!!0 ( .AY&PO=V]R:W-H965T[^?I3D>EZ7%XND#@\/::J8C7UV M/8 G+TIJ5]+>^_'(F*M[4,+=F1$TWK3&*N'1M1USHP71Q"0E&<^R=TR)0=.J MB+&SK0HS>3EH.%OB)J6$_7T":>:2[NAKX&GH>A\"K"I&T<$W\-_'LT6/K2S- MH$"[P6ABH2WIP^YXR@,^ GX,,+N-34(G%V.>@_.Y*6D6!(&$V@<&@<<5'D'* M0(0R?BV<="T9$K?V*_O'V#OV(EG8..YYQN#H%$5ULS$IMF/(OSBW9'C;.H0C*.(=RC>8?1:Y?N\8-= M&!."<,WF-V* M8,B^EN"W2ISX?^F<[V\3Y#X 3V^C]61T/I@ MWJ-MTY8DQYMQ>0!L?875'U!+ P04 " #H>7--)TBRN:P) 70 &0 M 'AL+W=OA;"?Q&VU!EBJDJ$/25L[?'Y $9&*F&]P\6+?>G=F=Z9[%8ICCQ\7R MG]5M7:^/_IW/[E+SZ=EO/IZMGBX?ZOOG+S6(YGZZ;'Y??QZN' M93V]W@Z:S\:V*.)X/KV['YT>;W]WN3P]7OQ8S^[NZ\OET>K'?#Y=_N]%/5L\ MGHS,J/O%Y.[[[7KSB_'I\WU5KS\]7"Z;G\9/LUS?S>O[U=WB_FA9WYR, M_F.>?S'6;T9L(9_OZL?5WO='F[5\72S^V?SP]OID5&QJ;U7R=KNJSQ>S/N^OU[3M+X\I\^N_N MZ]W]]NMC.W\W# ^P[0#[-,":P0&N'>">!KAR<(!O!_C< :$=$'('Q'9 S%U# MV0XH

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

'7Q)_Q_Z(\MAT]]8KWCMM\W*4?8'P$#4;&PSKC0 M>*+L'/CM=9?1P/D6RSMN+P XIBEW?*%@"7_AM1)'D%@K,7S*AU< V^9A>$GQ M_X')5([2"2+VT&@&G(94E"@%/$=60HIM8I7*'^ M4C%X*9NG@O*4*#PPB8)9WZ]2PSP5-8:!KJ@I(8BP(7/A08X-2S(-PLGD CC> M J.3\C9X,H!@#GP&O5=\78*F+%$L(9O<-8Q<-R/AJ;2&D;2+$1\+),62:Q8J M^)%PS9DO!+G,$N:C$TAN;D"!1/IHV$0/1X!&(;:BX:_(DRN@#"OXB%09QR/A M)B7WRGU2+IK)4":KKAE38[AC..*K=)YLT*986\MD_C-"$:GZ,E4U47:B]T18 MK](&/'BUUVO4LG/\ #) F>'F5H!S!1D5V6*9TLV6RO3-SA;5_0DZC:B;"UCK MECY'$Q=A!.,+&&G<=AX@,2)W*,H%<%'_L8$CS+@'&T?=Y/.Z0.&CQKDX[\%[ MB3!7N83">?^^6=PP6U_50I312*5#SY%X!5,RU&+ ;^&6Z5KHIIL IV@D\1^S M)0 =)1AI212F /&_CVFVND*55B@"I^B:GS1T'.FG%UH><+V/Q0.(R@^"MS!R M*R/46M]>;E8K(,*304)+JN:4:9AN0!_PFYD=XC>1A_^U^0AZI7_OL&Z6$3!842TH;9=_"&-7($6G;FZ""_$C*VD&IL(&2I MQ4ROP&S^BI0.A5J2T8!E)G#>0G(J@%*0!2/!RZ'(1N1>YMR&*6!$2*O"MFZ+>V@ROU6O#0@PH"#R:$?:#>]+ MNJ: G6G1B,4#B\VI@;HS%7- 9T:=4!@.,8%E :<>4J]&IP[]!91(J^TA!>.@"E[1NEMJ#J/EW%#) M3*@ Y253//%4J O_G4G4BBK1U_&Y(-^(^UP:GZ!D"0N%D<]9,)8J;P/,X/.< MGPY<"\02U6#-;$U3R_%LZQTC]X>?BC6<7!1XXJ=GX@.1%-?#_\>?H\ 1G:1< M[$H[2UO^BTFMXS8E\3;$AB5-+-\'VA;ZL +% _%Y35H.@-86MTVRO6;=$%A5.S)""P*>GT /H3K$R8=:8*21ATDST!C<8O7 M68FK9'_ ?QCIX\8ZN1\)^)-%019P!?*7&'H# D/%#'0$:S9U8#FQ94N]@##Q MM,#W*',ANY\"C("IEHWU_.3RL^@K1'* M-O[&=G2_-0L8V^.Q1M#:[HUM] *2'LNL'5;"%('P =XT*[+5ON)^!CP MA'LN :*KO"++'0L0RJ1!9)?U27*#Z#B\S%9X+Y)",G.R"$)N-DR !3#"SJT0 M3]F^/BQ[.GR\H6?',Q_.>/I;.-_0MVYAHO=">=62]PN](YW'A_P A/#*0ZYKU M]0=IPO ;&!C[(W% D?R[=BE+_Q M$0:.J=OVZ\8X:/)I,=(._=D&_)U ]9=-@0=S49(!0M4*U<^"TK #XT^_?@30 M/1R!BO,S4!^4%_$"@7811[;CS^ S@<1[V?K4_*X^I;) >E3"!W<9YIUBIA6O M@ R=W.G,GOI3Y9/FX45G(>/&^?I0=(,0.8UQ^^+W+5 <.\P.4.Q_>AP4^Y^4 M6$U2$EOQI#JR)6Z1Z6:T =Z_$,T!:@/3%<,\MUPACM238:J/4RU>:V37XPFR MD3*2J>A-94>W> ];GT+S30BE4^B%7M]S0G;9?[1QX9 MW[S6X<%=2FCCF0QM),6,U.GA1SOJR,J$BO(\)*'Y(_CY3">^H./&Y*5^YZ:+)BX# RNH4@:8Q//U<+G]-,Y.]HFVI1";[@JS*:NT1H/ZC<%_'#= M@\)AU "?5KQ/VR0A XBX>057C-T)-$HGV(82ND.@<\VGRX)_IM@J-N];>8^& MZ@RY)M=%AED+DCF30,E-6^0,D^$(CK+\Z$*X5Q24U!A;F&C9B1IBEO&!14>3 M7C(%0K\ KNW %>0RT0\BJ6%,_MJ>.KWQ":K]!JUG3+(YBVP4^ M%L6>[3IATZ0JKFN*QO5M=!S$LX@^^2"?^-8[9IXO ,&;H::V$SKV-'" ZP31 MS/:#B-T,E"W0+5X6=]QVX,DU35"ZO];;O M(4AA$5YDNY'7"D>H<*=XT34TMH/-PG<.EV_*HZ'0IC:T;O$J"_ES4G$T@9U_ MHFNU8N_24GR7IB6CEA< M&?NJ/8H8,[

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�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end XML 74 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 75 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 77 FilingSummary.xml IDEA: XBRL DOCUMENT 3.10.0.1 html 296 273 1 false 105 0 false 6 false false R1.htm 000 - Document - Document And Entity Information Sheet http://www.argostherapeutics.com/20180930/role/statement-document-and-entity-information Document And Entity Information Cover 1 false false R2.htm 001 - Statement - Condensed Consolidated Balance Sheets (Current Period Unaudited) Sheet http://www.argostherapeutics.com/20180930/role/statement-condensed-consolidated-balance-sheets-current-period-unaudited Condensed Consolidated Balance Sheets (Current Period Unaudited) Statements 2 false false R3.htm 002 - Statement - Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) Sheet http://www.argostherapeutics.com/20180930/role/statement-condensed-consolidated-balance-sheets-current-period-unaudited-parentheticals Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) Statements 3 false false R4.htm 003 - Statement - Condensed Consolidated Statements of Operations (Unaudited) Sheet http://www.argostherapeutics.com/20180930/role/statement-condensed-consolidated-statements-of-operations-unaudited Condensed Consolidated Statements of Operations (Unaudited) Statements 4 false false R5.htm 004 - Statement - Condensed Consolidated Statements of Comprehensive Loss (Unaudited) Sheet http://www.argostherapeutics.com/20180930/role/statement-condensed-consolidated-statements-of-comprehensive-loss-unaudited Condensed Consolidated Statements of Comprehensive Loss (Unaudited) Statements 5 false false R6.htm 005 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) Sheet http://www.argostherapeutics.com/20180930/role/statement-condensed-consolidated-statements-of-cash-flows-unaudited Condensed Consolidated Statements of Cash Flows (Unaudited) Statements 6 false false R7.htm 006 - Disclosure - Note 1 - Organization and Basis of Presentation Sheet http://www.argostherapeutics.com/20180930/role/statement-note-1-organization-and-basis-of-presentation Note 1 - Organization and Basis of Presentation Notes 7 false false R8.htm 007 - Disclosure - Note 2 - Fair Value of Financial Instruments Sheet http://www.argostherapeutics.com/20180930/role/statement-note-2-fair-value-of-financial-instruments Note 2 - Fair Value of Financial Instruments Notes 8 false false R9.htm 008 - Disclosure - Note 3 - Restructuring Activities and Related Impairments of Property and Equipment and Leases Sheet http://www.argostherapeutics.com/20180930/role/statement-note-3-restructuring-activities-and-related-impairments-of-property-and-equipment-and-leases Note 3 - Restructuring Activities and Related Impairments of Property and Equipment and Leases Notes 9 false false R10.htm 009 - Disclosure - Note 4 - Property and Equipment and Assets Held for Sale Sheet http://www.argostherapeutics.com/20180930/role/statement-note-4-property-and-equipment-and-assets-held-for-sale Note 4 - Property and Equipment and Assets Held for Sale Notes 10 false false R11.htm 010 - Disclosure - Note 5 - Income Taxes Sheet http://www.argostherapeutics.com/20180930/role/statement-note-5-income-taxes Note 5 - Income Taxes Notes 11 false false R12.htm 011 - Disclosure - Note 6 - Notes Payable and Gain on Early Extinguishment of Debt Notes http://www.argostherapeutics.com/20180930/role/statement-note-6-notes-payable-and-gain-on-early-extinguishment-of-debt Note 6 - Notes Payable and Gain on Early Extinguishment of Debt Notes 12 false false R13.htm 012 - Disclosure - Note 7 - Stockholders' Deficit Sheet http://www.argostherapeutics.com/20180930/role/statement-note-7-stockholders-deficit Note 7 - Stockholders' Deficit Notes 13 false false R14.htm 013 - Disclosure - Note 8 - Stock Incentive Plans Sheet http://www.argostherapeutics.com/20180930/role/statement-note-8-stock-incentive-plans Note 8 - Stock Incentive Plans Notes 14 false false R15.htm 014 - Disclosure - Note 9 - Warrants Sheet http://www.argostherapeutics.com/20180930/role/statement-note-9-warrants Note 9 - Warrants Notes 15 false false R16.htm 015 - Disclosure - Note 10 - Contract with the NIH and NIAID Sheet http://www.argostherapeutics.com/20180930/role/statement-note-10-contract-with-the-nih-and-niaid Note 10 - Contract with the NIH and NIAID Notes 16 false false R17.htm 016 - Disclosure - Note 11 - Collaboration Agreements Sheet http://www.argostherapeutics.com/20180930/role/statement-note-11-collaboration-agreements Note 11 - Collaboration Agreements Notes 17 false false R18.htm 017 - Disclosure - Note 12 - Net Loss Per Share Sheet http://www.argostherapeutics.com/20180930/role/statement-note-12-net-loss-per-share Note 12 - Net Loss Per Share Notes 18 false false R19.htm 018 - Disclosure - Significant Accounting Policies (Policies) Sheet http://www.argostherapeutics.com/20180930/role/statement-significant-accounting-policies-policies Significant Accounting Policies (Policies) Policies 19 false false R20.htm 019 - Disclosure - Note 1 - Organization and Basis of Presentation (Tables) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-1-organization-and-basis-of-presentation-tables Note 1 - Organization and Basis of Presentation (Tables) Tables http://www.argostherapeutics.com/20180930/role/statement-note-1-organization-and-basis-of-presentation 20 false false R21.htm 020 - Disclosure - Note 2 - Fair Value of Financial Instruments (Tables) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-2-fair-value-of-financial-instruments-tables Note 2 - Fair Value of Financial Instruments (Tables) Tables http://www.argostherapeutics.com/20180930/role/statement-note-2-fair-value-of-financial-instruments 21 false false R22.htm 021 - Disclosure - Note 4 - Property and Equipment and Assets Held for Sale (Tables) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-4-property-and-equipment-and-assets-held-for-sale-tables Note 4 - Property and Equipment and Assets Held for Sale (Tables) Tables http://www.argostherapeutics.com/20180930/role/statement-note-4-property-and-equipment-and-assets-held-for-sale 22 false false R23.htm 022 - Disclosure - Note 6 - Notes Payable and Gain on Early Extinguishment of Debt (Tables) Notes http://www.argostherapeutics.com/20180930/role/statement-note-6-notes-payable-and-gain-on-early-extinguishment-of-debt-tables Note 6 - Notes Payable and Gain on Early Extinguishment of Debt (Tables) Tables http://www.argostherapeutics.com/20180930/role/statement-note-6-notes-payable-and-gain-on-early-extinguishment-of-debt 23 false false R24.htm 023 - Disclosure - Note 8 - Stock Incentive Plans (Tables) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-8-stock-incentive-plans-tables Note 8 - Stock Incentive Plans (Tables) Tables http://www.argostherapeutics.com/20180930/role/statement-note-8-stock-incentive-plans 24 false false R25.htm 024 - Disclosure - Note 9 - Warrants (Tables) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-9-warrants-tables Note 9 - Warrants (Tables) Tables http://www.argostherapeutics.com/20180930/role/statement-note-9-warrants 25 false false R26.htm 025 - Disclosure - Note 12 - Net Loss Per Share (Tables) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-12-net-loss-per-share-tables Note 12 - Net Loss Per Share (Tables) Tables http://www.argostherapeutics.com/20180930/role/statement-note-12-net-loss-per-share 26 false false R27.htm 026 - Disclosure - Note 1 - Organization and Basis of Presentation (Details Textual) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-1-organization-and-basis-of-presentation-details-textual Note 1 - Organization and Basis of Presentation (Details Textual) Details http://www.argostherapeutics.com/20180930/role/statement-note-1-organization-and-basis-of-presentation-tables 27 false false R28.htm 027 - Disclosure - Note 1 - Organization and Basis of Presentation - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-1-organization-and-basis-of-presentation-reconciliation-of-cash-cash-equivalents-and-restricted-cash-details Note 1 - Organization and Basis of Presentation - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) Details 28 false false R29.htm 028 - Disclosure - Note 2 - Fair Value of Financial Instruments (Details Textual) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-2-fair-value-of-financial-instruments-details-textual Note 2 - Fair Value of Financial Instruments (Details Textual) Details http://www.argostherapeutics.com/20180930/role/statement-note-2-fair-value-of-financial-instruments-tables 29 false false R30.htm 029 - Disclosure - Note 2 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-2-fair-value-of-financial-instruments-fair-value-of-financial-instruments-details Note 2 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) Details 30 false false R31.htm 030 - Disclosure - Note 2 - Fair Value of Financial Instruments - Changes in Fair Value for Warrants (Details) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-2-fair-value-of-financial-instruments-changes-in-fair-value-for-warrants-details Note 2 - Fair Value of Financial Instruments - Changes in Fair Value for Warrants (Details) Details 31 false false R32.htm 031 - Disclosure - Note 2 - Fair Value of Financial Instruments - Financial Instruments (Details) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-2-fair-value-of-financial-instruments-financial-instruments-details Note 2 - Fair Value of Financial Instruments - Financial Instruments (Details) Details 32 false false R33.htm 032 - Disclosure - Note 3 - Restructuring Activities and Related Impairments of Property and Equipment and Leases (Details Textual) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-3-restructuring-activities-and-related-impairments-of-property-and-equipment-and-leases-details-textual Note 3 - Restructuring Activities and Related Impairments of Property and Equipment and Leases (Details Textual) Details http://www.argostherapeutics.com/20180930/role/statement-note-3-restructuring-activities-and-related-impairments-of-property-and-equipment-and-leases 33 false false R34.htm 033 - Disclosure - Note 4 - Property and Equipment and Assets Held for Sale (Details Textual) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-4-property-and-equipment-and-assets-held-for-sale-details-textual Note 4 - Property and Equipment and Assets Held for Sale (Details Textual) Details http://www.argostherapeutics.com/20180930/role/statement-note-4-property-and-equipment-and-assets-held-for-sale-tables 34 false false R35.htm 034 - Disclosure - Note 4 - Property and Equipment and Assets Held for Sale - Property and Equipment (Details) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-4-property-and-equipment-and-assets-held-for-sale-property-and-equipment-details Note 4 - Property and Equipment and Assets Held for Sale - Property and Equipment (Details) Details 35 false false R36.htm 035 - Disclosure - Note 4 - Property and Equipment and Assets Held for Sale - Depreciation and Amortization Expense (Details) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-4-property-and-equipment-and-assets-held-for-sale-depreciation-and-amortization-expense-details Note 4 - Property and Equipment and Assets Held for Sale - Depreciation and Amortization Expense (Details) Details 36 false false R37.htm 036 - Disclosure - Note 5 - Income Taxes (Details Textual) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-5-income-taxes-details-textual Note 5 - Income Taxes (Details Textual) Details http://www.argostherapeutics.com/20180930/role/statement-note-5-income-taxes 37 false false R38.htm 037 - Disclosure - Note 6 - Notes Payable and Gain on Early Extinguishment of Debt (Details Textual) Notes http://www.argostherapeutics.com/20180930/role/statement-note-6-notes-payable-and-gain-on-early-extinguishment-of-debt-details-textual Note 6 - Notes Payable and Gain on Early Extinguishment of Debt (Details Textual) Details http://www.argostherapeutics.com/20180930/role/statement-note-6-notes-payable-and-gain-on-early-extinguishment-of-debt-tables 38 false false R39.htm 038 - Disclosure - Note 6 - Notes Payable and Gain on Early Extinguishment of Debt - Notes Payable (Details) Notes http://www.argostherapeutics.com/20180930/role/statement-note-6-notes-payable-and-gain-on-early-extinguishment-of-debt-notes-payable-details Note 6 - Notes Payable and Gain on Early Extinguishment of Debt - Notes Payable (Details) Details 39 false false R40.htm 039 - Disclosure - Note 7 - Stockholders' Deficit (Details Textual) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-7-stockholders-deficit-details-textual Note 7 - Stockholders' Deficit (Details Textual) Details http://www.argostherapeutics.com/20180930/role/statement-note-7-stockholders-deficit 40 false false R41.htm 040 - Disclosure - Note 8 - Stock Incentive Plans (Details Textual) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-8-stock-incentive-plans-details-textual Note 8 - Stock Incentive Plans (Details Textual) Details http://www.argostherapeutics.com/20180930/role/statement-note-8-stock-incentive-plans-tables 41 false false R42.htm 041 - Disclosure - Note 8 - Stock Incentive Plans - Stock-based Compensation Expense (Details) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-8-stock-incentive-plans-stockbased-compensation-expense-details Note 8 - Stock Incentive Plans - Stock-based Compensation Expense (Details) Details 42 false false R43.htm 042 - Disclosure - Note 8 - Stock Incentive Plans - Stock Option Activity (Details) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-8-stock-incentive-plans-stock-option-activity-details Note 8 - Stock Incentive Plans - Stock Option Activity (Details) Details 43 false false R44.htm 043 - Disclosure - Note 8 - Stock Incentive Plans - Stock Option Valuation Assumptions (Details) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-8-stock-incentive-plans-stock-option-valuation-assumptions-details Note 8 - Stock Incentive Plans - Stock Option Valuation Assumptions (Details) Details 44 false false R45.htm 044 - Disclosure - Note 9 - Warrants (Details Textual) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-9-warrants-details-textual Note 9 - Warrants (Details Textual) Details http://www.argostherapeutics.com/20180930/role/statement-note-9-warrants-tables 45 false false R46.htm 045 - Disclosure - Note 9 - Warrants - Outstanding Warrants (Details) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-9-warrants-outstanding-warrants-details Note 9 - Warrants - Outstanding Warrants (Details) Details 46 false false R47.htm 046 - Disclosure - Note 9 - Warrants - August 2016, Warrants (Details) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-9-warrants-august-2016-warrants-details Note 9 - Warrants - August 2016, Warrants (Details) Details 47 false false R48.htm 047 - Disclosure - Note 9 - Warrants - Warrants Valuation Assumptions (Details) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-9-warrants-warrants-valuation-assumptions-details Note 9 - Warrants - Warrants Valuation Assumptions (Details) Details 48 false false R49.htm 048 - Disclosure - Note 10 - Contract with the NIH and NIAID (Details Textual) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-10-contract-with-the-nih-and-niaid-details-textual Note 10 - Contract with the NIH and NIAID (Details Textual) Details http://www.argostherapeutics.com/20180930/role/statement-note-10-contract-with-the-nih-and-niaid 49 false false R50.htm 049 - Disclosure - Note 11 - Collaboration Agreements 1 (Details Textual) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-11-collaboration-agreements-1-details-textual Note 11 - Collaboration Agreements 1 (Details Textual) Details http://www.argostherapeutics.com/20180930/role/statement-note-11-collaboration-agreements 50 false false R51.htm 050 - Disclosure - Note 11 - Collaboration Agreements 2 (Details Textual) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-11-collaboration-agreements-2-details-textual Note 11 - Collaboration Agreements 2 (Details Textual) Details http://www.argostherapeutics.com/20180930/role/statement-note-11-collaboration-agreements 51 false false R52.htm 051 - Disclosure - Note 12 - Net Loss Per Share - Basic and Diluted Net Loss Per Share (Details) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-12-net-loss-per-share-basic-and-diluted-net-loss-per-share-details Note 12 - Net Loss Per Share - Basic and Diluted Net Loss Per Share (Details) Details 52 false false R53.htm 052 - Disclosure - Note 12 - Net Loss Per Share - Antidilutive Securities (Details) Sheet http://www.argostherapeutics.com/20180930/role/statement-note-12-net-loss-per-share-antidilutive-securities-details Note 12 - Net Loss Per Share - Antidilutive Securities (Details) Details 53 false false All Reports Book All Reports args-20180930.xml args-20180930.xsd args-20180930_cal.xml args-20180930_def.xml args-20180930_lab.xml args-20180930_pre.xml http://xbrl.sec.gov/dei/2018-01-31 http://fasb.org/srt/2018-01-31 http://fasb.org/us-gaap/2018-01-31 true true ZIP 79 0001171843-18-008023-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001171843-18-008023-xbrl.zip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�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end