10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2018

or

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

Commission file number 001-36602

Immune Pharmaceuticals Inc.

(Exact name of registrant as specified in its charter)

Delaware	52-1841431
(State or other jurisdiction of	(IRS Employer Id. No.)
incorporation or organization)

550 Sylvan Avenue, Suite 101

Englewood Cliffs, NJ 07632

(Address of principal executive offices)

Registrant’s telephone number, including area code: (201) 464-2677

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  x     No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x     No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 x
	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 x

As of August 10, 2018, 36,347,267 shares of the registrant’s common stock, par value $0.0001 per share, were issued and outstanding.

TABLE OF CONTENTS

Part I. Financial Information		3
	Item 1. Financial Statements	3
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
	Item 3. Quantitative and Qualitative Disclosures About Market Risk	28
	Item 4. Controls and Procedures	28
Part II. Other Information		28
	Item 1. Legal Proceedings	28
	Item 1A. Risk Factors	29
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	31
	Item 3. Defaults Upon Senior Securities	31
	Item 4. Mine Safety Disclosures	31
	Item 5. Other Information	31
	Item 6. Exhibits	31

2

Part I. Financial Information

Item 1. Financial Statements.

Immune Pharmaceuticals Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

($ in thousands, except share amounts)

	June 30,
	2018			December 31,
	(Unaudited)			2017
ASSETS
Current assets
Cash and cash equivalents	$	1,508		$	6,776
Other current assets		230			255
Total current assets		1,738			7,031
Property and equipment, net		61			-
In-process research and development acquired		15,000			15,000
Intangible assets, net		5,363			6,477
Other assets		100			100
Total assets	$	22,262		$	28,608
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	3,597		$	3,569
Accrued expenses		1,900			2,120
Advances from related parties		232			266
Notes and loans payable, current portion, net of debt discount		6,864			3,296
Total current liabilities		12,593			9,251
Notes and loans payable, net of current portion		870			1,457
Deferred tax liability		4,142			4,142
Total liabilities		17,605			14,850
Commitments and contingencies (Note 12)
Stockholders’ Equity
Series E Preferred Stock, net of discount, par value $0.0001, 18,000 shares authorized, 4,492 and 12,191 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively		-			-
Common stock, $0.0001 par value; authorized 225,000,000 shares; 35,736,480 and 21,002,212 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively		4			2
Additional paid-in capital		127,290			127,292
Accumulated deficit		(122,637	)		(113,536	)
Total stockholders’ equity		4,657			13,758
Total liabilities and stockholders’ equity	$	22,262		$	28,608

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

3

Immune Pharmaceuticals Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

($ in thousands, except share and per share amounts)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Revenue	$	-		$	-		$	-		$	-
Costs and expenses:
Research and development		1,715			1,417			4,109			2,445
General and administrative		1,128			1,367			3,060			3,034
Total costs and expenses		2,843			2,784			7,169			5,479
Loss from operations		(2,843	)		(2,784	)		(7,169	)		(5,479	)
Non-operating expense:
Interest expense		(281	)		(2,142	)		(346	)		(3,197	)
Loss on impairment of intangible assets		(653	)		-			(653	)		-
Gain on extinguishment of debt		181			-			181			-
Liquidated damages		(1,112	)		-			(1,112	)		-
Change in fair value of derivative instrument		12			-			38			-
Other expense, net		(21	)		(10	)		(40	)		(13	)
Total non-operating expense		(1,874	)		(2,152	)		(1,932	)		(3,210	)
Net loss before income taxes		(4,717	)		(4,936	)		(9,101	)		(8,689	)
Income tax expense		-			-			-			-
Net loss	$	(4,717	)	$	(4,936	)	$	(9,101	)	$	(8,689	)
Deemed dividend		(5,599	)		-			(5,599	)		-
Net loss attributable to common stockholders	$	(10,316	)	$	(4,936	)	$	(14,700	)	$	(8,689	)
Basic and diluted net loss per common share	$	(0.84	)	$	(0.50	)	$	(0.46	)	$	(0.93	)
Weighted average common shares outstanding – basic and diluted:		12,345,411			9,881,782			31,682,548			9,343,421

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

4

Immune Pharmaceuticals Inc. and Subsidiaries

Condensed Consolidated Statement of Changes in Stockholders’ Equity

($ in thousands, except share amounts)

(Unaudited)

	Series E Preferred Stock					Common Stock				Additional Paid-In			Accumulated
	Shares			Amount		Shares		Amount		Capital			Deficit			Total
Balance at December 31, 2017		12,191		$	-		21,002,212	$	2	$	127,292		$	(113,536	)	$	13,758
Conversion of Series E Preferred Stock and dividends		(7,699	)		-		14,634,268		2		(2	)		-			-
Common stock issued to consultant		-			-		100,000		-		38			-			38
Down round trigger in connection with Series E Preferred Stock		-			-		-		-		5,175			-			5,175
Accretion of down round trigger in connection with Series E Preferred Stock		-			-		-		-		(5,175	)		-			(5,175	)
Down round trigger in connection with warrants		-			-		-		-		424			-			424
Accretion of down round trigger in connection with warrants		-			-		-		-		(424	)		-			(424	)
Share-based compensation		-			-		-		-		122			-			122
Series E Preferred Stock dividends		-			-		-		-		(251	)		-			(251	)
Placement agent warrants		-			-		-		-		91			-			91
Net loss		-			-		-		-		-			(9,101	)		(9,101	)
Balance at June 30, 2018		4,492		$	-		35,736,480	$	4	$	127,290		$	(122,637	)	$	4,657

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

5

Immune Pharmaceuticals Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

($ in thousands)

(Unaudited)

	Six Months Ended June 30,
	2018			2017
Cash flows from operating activities:
Net loss	$	(9,101	)	$	(8,689	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		461			171
Amortization of debt discount		347			977
Accretion of the April 2017 convertible note conversion premium		-			280
Liquidated damages		1,112			998
Share-based compensation		122			165
Loss on impairment of intangible assets		653			-
Gain on extinguishment of debt		(181	)		-
Issuance of common stock to consultant		38			-
Change in fair value of derivative instrument		(38	)		-
Disposal of equipment		-			267
Accretion of redemption premium on November 2016 convertible note		-			300
Changes in operating assets and liabilities:
Other assets		25			301
Accounts payable		28			908
Accrued expenses and advances from related parties		(315	)		(131	)
Net cash used in operating activities		(6,849	)		(4,453	)
Cash flows from investing activities:
Change in restricted cash		-			59
Purchase of property and equipment		(61	)		(22	)
Net cash (used in) provided by in investing activities		(61	)		37
Cash flows from financing activities:
Proceeds from May 2018 Convertible Notes		2,007			-
Payment of dividends on Series E Preferred Stock		(160	)		-
Repayment of Mablife Notes Payable		(205	)		-
Proceeds received from November 2016 and March 2017 Equity Line financings		-			5,383
Financing fees paid on November 2016 and March 2017 Equity Line financing		-			(118	)
Payment of commitment fees related to March 2017 Equity Line financing		-			(1,010	)
Proceeds from amending certain securities purchase agreements		-			238
Repayment of capital lease		-			(24	)
Repayment of November 2016 Convertible Notes		-			(1,350	)
Proceeds from April 2017 Convertible Notes		-			440
Repayment of April 2017 Convertible Notes		-			(97	)
Proceeds from May 2017 Convertible Notes		-			1,579
Repayment of senior secured term loan payable		-			(874	)
Net cash provided by financing activities		1,642			4,167
Decrease in cash		(5,268	)		(249	)
Cash at beginning of period		6,776			271
Cash at end of period	$	1,508		$	22
Supplemental disclosure of cash flow information:
Cash paid for interest	$	-		$	160
Supplemental disclosure of non-cash financing activities:
Warrants issued in connection with May 2018 Convertible Notes		91			-
Common stock issued to settle liabilities		-			14
Acquisition of Ceplene Rights		-			4,218
Conversion of April 2017 Convertible Notes prepayment into May 2017 Convertible Notes		-			154

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

6

Immune Pharmaceuticals Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

Note 1. Description of Business

Immune Pharmaceuticals Inc., together with its subsidiaries (collectively, “Immune” or the “Company”, or “us”, “we”, “our”) is a clinical stage biopharmaceutical company specializing in the development of novel targeted therapeutic agents in the fields of inflammation, dermatology and oncology.

Our lead product candidate is bertilimumab, a first-in-class, human antibody that targets eotaxin-1, a key regulator of inflammation, Bertilimumab has completed phase 2 trials in bullous pemphigoid (“BP”), our lead indication, as well as in allergic rhinitis and allergic conjunctivitis, and is currently in a phase 2 clinical trial in ulcerative colitis (“UC”). Also, we are developing a topical nano-encapsulated formulation of cyclosporine-A, which we refer to as “NanoCyclo,” for the treatment of atopic dermatitis (“AD”) and psoriasis.

Our oncology portfolio includes Ceplene, which is approved in the European Union for the maintenance of remission in patients with Acute Myeloid Leukemia (“AML”) in combination with interleukin-2 (IL-2), and a nanotechnology combination platform, which we refer to as “NanomAbs”, Azixa, and Crolibulin. In June 2018, we terminated the license agreement and returned all rights relating to the bispecific antibody platform, which was included previously in our oncology portfolio.

In April 2017, we announced a corporate restructuring with the objective of prioritizing and segregating our research and development efforts and strengthening our financial position. Accordingly, we announced plans to separate our oncology business as a separate, stand-alone company, through a proposed spinoff of our wholly-owned subsidiary Cytovia Inc. (“Cytovia”). The contemplated spin-off was subject to the satisfaction of certain conditions, including separate capitalization from third-party sources to fund Cytovia’s start-up and operational costs, expenses of the spin-off and other relevant items. In April 2018, following careful consideration and lack of sufficient capital to support the spin-off, our board of directors determined that it was in the best interest of the Company and its shareholders to terminate the spin-off process and pursue other strategic alternatives for Cytovia in order to monetize its assets through a sale, disposition or similar transaction. In addition, on May 1, 2018, Dr. Daniel Teper, Chief Executive Officer of Cytovia and member of the board of directors of both Immune and Cytovia, resigned from each of these positions, effective immediately. The Board accepted his resignation, which was not due to any disagreement with the Company. See Risk Factors for risks and other matters related to our oncology assets.

Our pain portfolio includes AmiKet and AmiKet Nano, a topical analgesic cream containing amitriptyline and ketamine for the treatment of postherpetic neuralgia (“PHN”) and diabetic peripheral neuropathy (“DPN”). We are determining the optimal path forward for this program.

As of June 30, 2018, we did not have any self-developed or licensed products approved for sale by the United States Food and Drug Administration (“FDA”). There can be no assurance that our research and development efforts will be successful, that any of our products will obtain necessary United States or foreign government regulatory approval or that any approved products will be commercially viable.

On April 12, 2017, we announced a reverse stock split of our shares of common stock at a ratio of 1-for-20. Our common stock began trading on a post-split basis beginning with the opening of trading on April 13, 2017. Our shareholders ratified the effectiveness of the April 2017 reverse stock split at our Annual Meeting of Stockholders, held and adjourned on February 15, 2018, and reconvened on February 23, 2018. All share and per share amounts in this Form 10-Q have been reflected on a post-split basis.

On February 8, 2018, we announced on a Current Report on Form 8-K that we failed to comply with certain listing requirements of Nasdaq Stockholm and, therefore, our shares of common stock would no longer trade on Nasdaq First North Stockholm as of March 29, 2018; however, such delisting action did not affect the Company's trading status on The Nasdaq Capital Market (“NASDAQ”) in the United States.

On June 4, 2018, we received a notice from the Staff of the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq LLC”) indicating that, based upon our continued non-compliance with the minimum $1.00 bid price requirement for continued listing on NASDAQ, as set forth in Nasdaq Listing Rule 5550(a)(2) (the “Rule”) as of May 30, 2018, and notwithstanding our compliance with the quantitative criteria necessary to obtain a second 180-day period within which to evidence compliance with the Rule, as set forth in Nasdaq Listing Rule 5810(c)(3)(A), the Staff had determined to delist our securities from NASDAQ unless we timely requested a hearing before the Nasdaq Hearings Panel (the “Panel”). We timely appealed the delisting notice and appeared in front of the Panel on July 19, 2018. The Panel issued a decision on July 24, 2018 and affirmed the Staff’s decision to delist our common stock from NASDAQ, with suspension of trading effective at the open of business on July 26, 2018. The Panel indicated that NASDAQ will complete the delisting process by filing a Form 25 Notification of Delisting with the Securities and Exchange Commission, after all applicable appeals periods have lapsed. In accordance with NASDAQ’s Listing Rules, we have decided to appeal the delisting determination. Any such appeal would not stay the suspension of trading in our securities on NASDAQ. There can be no guarantee as to the outcome of any appeal.

7

On July 26, 2018, our shares began trading on the OTCQB Market ("OTCQB"), which is operated by OTC Market Groups Inc., under the symbol “IMNP”.

Note 2. Going Concern

These consolidated financial statements are presented on the basis that we will continue as a going concern. The going concern concept contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Our ability to continue as a going concern despite insufficient available cash as of the date of this filing to fund the anticipated level of operations for at least the next 12 months from the issuance of this report is dependent on our ability to raise capital and monetize assets through the sale or licensing of drug candidates under development or our oncology asset portfolio.

We have limited capital resources and our operations have been funded by the proceeds of equity and debt offerings. We have devoted substantially all of our cash resources to research and development (“R&D”) programs and have incurred significant general and administrative expenses to enable us to finance and grow our business and operations. We have not generated any significant revenue to date and may not generate any revenue for a number of years, if at all. If we are unable to raise additional funds in the future on acceptable terms, or at all, we may be forced to curtail our drug development activities or cease operations.

We have generated losses from operations since inception and we anticipate that we will continue to generate significant losses from operations for the foreseeable future. We had negative working capital of approximately $10.9 million and an accumulated deficit of $122.6 million as of June 30, 2018. Our net loss was $4.7 million and $4.9 million for the three months ended June 30, 2018 and 2017, respectively. Our net loss was $9.1 million and $8.7 million for the six months ended June 30, 2018 and 2017, respectively. Cash used in operations was $6.8 million and $4.5 million for the six months ended June 30, 2018 and 2017, respectively. We had approximately $1.5 million in cash as of June 30, 2018.

We will require additional financing over the next twelve months to continue at our expected level of operations. We may be forced to delay, scale back, sell or out-license or eliminate some or all of our R&D programs if we fail to obtain the needed capital on a timely basis. There is no assurance that we will be successful in any capital-raising efforts that we may undertake to fund operations during the next twelve months. We anticipate continuing to issue equity and/or debt securities as a source of liquidity, until we begin to generate positive cash flow to support our operations. Any future sales of securities to finance operations will dilute existing stockholders' ownership. We cannot guarantee when or if we will generate positive cash flow.

The forgoing factors, among others, raise substantial doubt about our ability to continue as a going concern.

Note 3. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of Immune and its subsidiaries: Immune Pharmaceuticals Ltd. (“Immune Ltd.”), Immune Pharmaceuticals USA Corp., Maxim Pharmaceuticals, Inc., Cytovia, Inc. and Immune Oncology Pharmaceuticals Inc. All material inter-company transactions and balances have been eliminated in consolidation.

The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and instructions to Form 10-Q and do not include all disclosures necessary for a complete presentation of financial position, results of operations, and cash flows in conformity with U.S. GAAP. These financial statements should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2017 filed on April 2, 2018. The results of operations for the three and six months ended June 30, 2018 and 2017 are not necessarily indicative of the results that may be expected for the entire fiscal year or for any other interim period. In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all material adjustments, including normal and recurring accruals, necessary to present fairly the Company's consolidated financial position as of June 30, 2018, the results of operations for the three and six months ended June 30, 2018 and 2017 and cash flows for the six months ended June 30, 2018 and 2017.

Use of Estimates

In preparing consolidated financial statements in conformity with U.S. GAAP, management is required 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 and expenses during the reported periods. Significant estimates include impairment of long lived assets (including intangible assets and In-Process R&D (“IPR&D”)), amortization period of intangible assets, fair value of stock-based compensation, fair value of warrants and derivative liabilities, and valuation of deferred tax assets and liabilities. Actual results could differ from those estimates.

8

Cash and Cash Equivalents

We consider investments with original maturities of three months or less to be cash equivalents. Restricted cash primarily represents cash not available to us for immediate and general use. We maintain cash accounts with certain major financial institutions in the United States and Israel. Our cash on deposit may exceed United States federally insured limits at certain times during the year.

Intangible Assets

We account for the purchases of intangible assets in accordance with the provisions of Accounting Standards Classification (“ASC”) 350, Intangibles. We recognize intangible assets based on their acquisition cost. Intangible assets determined to have indefinite lives are not amortized, but rather tested for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying amount may no longer be recoverable. If any of our intangible assets are considered to be impaired, the amount of impairment to be recognized is the excess of the carrying amount of the assets over its fair value. Intangible assets with definitive lives are reviewed for impairment only if indicators exist in accordance with ASC 360, Property, Plant and Equipment, and are amortized or depreciated over the shorter of their estimated useful lives or the statutory or contractual term, and in the case of patents, on a straight-line basis.

We perform an analysis annually to determine whether an impairment of intangible assets has occurred. As of June 30, 2018, we evaluated our intangible assets for human antibodies and anti-ferritin antibodies, because of events that occurred during the quarter, which indicate that the carrying amount may no longer be recoverable. Based on this evaluation, these intangible assets have no value and were fully impaired. Additionally, we evaluated the AmiKet IPR&D as of December 31, 2017 for impairment. There was no impairment as of December 31, 2017. See In-Process Research and Development below for a further discussion regarding the valuation of the AmiKet IPR&D.

In-Process Research and Development

IPR&D represents the estimated fair value assigned to R&D projects acquired in a purchased business combination that have not been completed at the date of acquisition and which have no alternative future use. IPR&D assets acquired in a business combination are capitalized as indefinite-lived intangible assets. These assets remain indefinite-lived until the completion or abandonment of the associated R&D efforts. During the period prior to completion or abandonment, these acquired indefinite-lived assets are not amortized but are tested for impairment annually, or more frequently, if events or changes in circumstances indicate that the asset might be impaired.

We recorded an asset, IPR&D, with an initial book value of $27.5 million, related to the acquisition of AmiKet in August 2013 as part of the merger with Epicept. We completed an impairment analysis of the IPR&D as of December 31, 2016 and concluded that the following factors indicate that the IPR&D asset was impaired: a decision by management to delay indefinitely any further development of AmiKet; the failure to sell or license AmiKet to a third party; and the significant reduction in our market capitalization. For the year ended December 31, 2016, we recorded an impairment charge of $12.5 million in our consolidated statement of operations, which represents the excess of the IPR&D asset’s carrying value over its estimated fair value. The estimated fair value of the IPR&D asset as of December 31, 2016 of $15 million was based upon the value ascribed to AmiKet in an arm’s length agreement, which we negotiated with an unrelated third party.

The nano-encapsulation technology that we utilize in our NanoCyclo product candidate is applicable to AmiKet and we are considering developing Amiket Nano as a next generation, improved formulation of AmiKet with significant new patent protection. We are determining the optimal path forward for this program.

Research and Development

R&D expenses consist primarily of payroll and related costs for our drug development and scientific personnel, clinical trials costs, manufacturing costs, and costs of outsourced R&D services. R&D costs are expensed as incurred.

Translation into United States dollars

The United States dollar is our functional currency. We conduct certain transactions in foreign currencies, particularly, the Israeli Shekel and the Euro, which are recorded at the exchange rate as of the transaction date. All exchange gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar currencies are nominal and reflected as non-operating income or expense in the statements of operations, as they arise.

9

Stock-based Compensation

We recognize compensation expense for all equity-based payments. Stock based compensation issued to employees is accounted for under ASC 718, Compensation - Share Compensation (“ASC 718”). We utilize the Black-Scholes valuation method to recognize compensation expense over the vesting period. The Black-Scholes valuation model requires the use of certain assumptions as inputs, including the expected life, volatility, risk-free interest rate and anticipated forfeiture of the stock options. We utilize the short cut method per the provisions of ASC 718 to calculate the expected life of the options. We base the risk-free interest rate on the rates paid on securities issued by the United States Treasury with a term approximating the expected life of the options. We estimate expected stock price volatility for our common stock by taking the average historical price volatility for industry peers combined with our historical data based on daily price observations. Estimates of pre-vesting option forfeitures are based on our experience. We adjust our estimate of forfeitures over the requisite service period based on the extent to which actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized through a cumulative catch-up adjustment in the period of change and impacts the amount of compensation expense to be recognized in future periods.

We account for stock-based transactions with non-employees based upon the fair value of the equity instruments issued, in accordance with ASC 505-50, Equity-Based Payments to Non-Employees. Significant factors that affect the expense related to equity-based payments to non-employees include the estimated fair market value of the common stock underlying the stock options and the estimated volatility of such fair market value. The value of non-employee options is re-measured every quarter until performance is complete. Income or expense is recognized during the vesting terms. Accounting for equity-based payments to non-employees requires fair value estimates of the equity instrument grant, which we estimate based upon the value of our common stock at the date of grant.

Patents

We charge external patent costs, such as filing fees and associated attorney fees and costs associated with maintaining and defending our patents subsequent to their issuance, to expense as and when incurred.

Clinical Trial Accruals

We outsource the conduct of our pre-clinical and clinical trials to third party contract research organizations (CROs) and clinical investigators. Our clinical supplies are manufactured by third party contract manufacturing organizations (CMOs). Invoicing from these third parties may be monthly based upon services performed or periodically based upon milestones achieved. We accrue these expenses based upon our assessment of the status of each clinical trial and the work completed, and upon information obtained from the CROs and CMOs. Our estimates are dependent upon the timeliness and accuracy of data provided by the CROs and CMOs regarding the status and cost of the studies and may not match the actual services performed by the organizations. Discrepancies could result in adjustments to our research and development expenses recorded in future periods. We have not had any significant adjustments to date.

Recently Issued Accounting Standards

From time to time, new accounting standards are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial position or results of operations upon adoption.

New accounting standards which have been adopted

In January 2016, the FASB issued Accounting Standards Update No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). ASU 2016-01 changes accounting for equity investments, financial liabilities under the fair value option, and presentation and disclosure requirements for financial instruments. ASU 2016-01 does not apply to equity investments in consolidated subsidiaries or those accounted for under the equity method of accounting. In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. Equity investments with readily determinable fair values will be measured at fair value with changes in fair value recognized in net income. Companies have the option to either measure equity investments without readily determinable fair values at fair value or at cost adjusted for changes in observable prices minus impairment. The ASU enhances the reporting model for financial instruments, which includes amendments to address aspects of recognition, measurement, presentation and disclosure. ASU 2016-01 was effective for us beginning in the first quarter of 2018. Adoption of ASU 2016-01 did not have a material effect on our consolidated financial statements as we do not hold any publicly traded equity investments.

In August 2016, the FASB issued Accounting Standards Update No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" (“ASU 2016-15”). ASU 2016-15 clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows where diversity in practice exists. ASU 2016-15 was effective for us in our first quarter of fiscal 2018. We did not have any changes to the presentation of our Consolidated Statement of Cash Flows upon adoption of the standard.

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In October 2016, the FASB issued Accounting Standards Update No. 2016-16, "Intra-Entity Transfers of Assets Other Than Inventory” (“ASU 2016-16”). ASU 2016-16 requires the income tax consequences of intra-entity transfers of assets other than inventory to be recognized as current period income tax expense or benefit and removes the requirement to defer and amortize the consolidated tax consequences of intra-entity transfers. ASU 2016-16 was effective for us in our first quarter of fiscal 2018. Adoption of ASU 2016-16 did not have a material effect on our consolidated financial statements as we did not have any intra-entity transfers of assets.

In November 2016, the FASB issued Accounting Standards Update No. 2016-18, “Statement of Cash Flows (Topic 230) Restricted Cash” (“ASU 2016-18”). The amendments of ASU No. 2016-18 were issued to address the diversity in classification and presentation of changes in restricted cash and restricted cash equivalents on the statement of cash flows which is currently not addressed under Topic 230. The ASU requires an entity to include amounts generally described as restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning of period and end of period total amounts on the statement of cash flows. ASU 2016-18 was effective for us in our first quarter of fiscal 2018. Adoption of ASU 2016-18 resulted in reclassification of restricted cash in the consolidated statements of cash flows for the six months ended June 30, 2017.

New accounting standards which have not yet been adopted

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, "Leases (Topic 842)" (“ASU 2016-02”). ASU 2016-02 provides accounting guidance for both lessee and lessor accounting models. Among other things, lessees will recognize a right-of-use asset and a lease liability for leases with a duration of greater than one year. For income statement purposes, ASU 2016-02 will require leases to be classified as either an operating or finance lease. Operating leases will result in straight-line expense while finance leases will result in a front-loaded expense pattern. The new standard will be effective for us on January 1, 2019. We expect the implementation of this standard to have an impact on our consolidated financial statements and related disclosures as we expect to have aggregate future minimum lease payments under future non-cancelable leased office space.

In July 2018, the FASB issued Accounting Standards Update 2018-11 “Leases (Topic 842) Targeted Improvements” which provides entities with an alternative transition method for adopting the new lease standard. Entities can elect to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings. Consequently, comparative periods will continue to be accounted for in accordance with the current lease standard (Topic 840) and the disclosures will be in accordance with ASC 840. We are assessing this option in conjunction with its analysis of ASU 2016-02.

In August 2017, the FASB issued Accounting Standards Update No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). ASU 2017-12 provides guidance for improving and more closely aligning a company’s financial reporting of its hedging relationships with the objective of a company’s risk management activities. Among other provisions, the new standard (1) eliminates the separate measurement and reporting of hedge ineffectiveness and (2) permits an entity to recognize in earnings the initial value of an excluded component under a systematic and rational method over the life of the derivative instrument. The new standard will be effective for us on January 1, 2019. We do not expect the adoption of ASU 2017-12 to have a material effect on our consolidated financial statements as we do not anticipate engaging in any hedging activities.

In March 2018, the FASB Issued Accounting Standards Update No. 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 ("ASU 2018-05"). ASU 2018-05 was issued to incorporate into Topic 740 recent SEC guidance related to the income tax accounting implications of the Tax Cut and Jobs Act (the "Tax Act"). The SEC issued Staff Accounting Bulletin No. 118 ("SAB 118") to address concerns about reporting entities’ ability to timely comply with the accounting requirements to recognize all of the effects of the Tax Act in the period of enactment. SAB 118 permits companies to disclose that some or all of the income tax effects from the Tax Act are incomplete by the due date of the financial statements, and if possible, disclose a reasonable estimate of such tax effects. ASU 2018-05 is effective immediately. ASU 2018-05 permits companies to use provisional amounts for certain income tax effects of the Tax Act during a one-year measurement period. The provisional accounting impacts for us may change in future reporting periods until the accounting analysis is finalized, which will occur no later than the first quarter of fiscal 2019.

In June 2018, the FASB issued Accounting Standards Update No. 2018-07, “Improvements to Nonemployee Share-Based Payment Accounting" (ASU 2018-07), to simplify the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. This ASU is effective for public entities for fiscal years beginning after December 15, 2018, with early adoption permitted. Prior to the adoption of ASU 2018-07, stock-based compensation awarded to non-employees was subject to revaluation over its vesting terms. Subsequent to the adoption of ASU 2018-07, non-employee share-based payment awards are measured on the date of grant, similar to share-based payment awards granted to employees. We currently have not adopted this ASU as we are assessing its effect.

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Note 4. Derivative Financial Instruments

We account for derivative financial instruments in accordance with ASC 815-40, “Derivative and Hedging - Contracts in Entity’s Own Equity” (“ASC 815-40”). Instruments that do not have fixed settlement provisions are deemed to be derivative instruments.

On July 17, 2017, we entered into an agreement in principle with Carmelit 9 Nehassim Ltd (“Carmelit”) for the sale of original issue discount convertible notes (the “Carmelit Notes”). Also, the holder is entitled to receive 75,000 shares of our common stock subject to approval by our shareholders. We accounted for the obligation to issue Carmelit 75,000 shares as a derivative under ASC 815 because shareholder approval is not within our control and failure to obtain the approval would trigger net-cash settlement. Therefore and because shareholder approval has not been obtained to date, we classified the obligation as a derivative liability with an offset to debt discount on the debt in our consolidated financial statements, recorded at fair value and subject to mark to market until the shares are issued upon shareholder approval. We recorded the derivative liability of $207,750 at inception based on the closing price of our shares on that date. As of June 30, 2018, the fair value of these shares was $14,250 based on the closing price of our shares and we recorded the change in fair value of $28,500 for the six months ended June 30, 2018.

On October 27, 2017, we entered into an agreement with a consultant providing for the issuance of 50,000 shares to the consultant as partial consideration for the performance of investor relations services. We accounted for the obligation to issue the shares as a derivative because the issuance was subject to Immune Board approval, which was not obtained as of December 31, 2017. We recorded a derivative liability of $40,500 at inception based on the closing price of our shares on that date. Following receipt of board approval, in March 2018, we issued 50,000 shares to the consultant and extinguished the derivative liability. The fair value of these shares was $19,000 based on the closing price of our shares and we recorded the change in fair value of $9,500 for the six months ended June 30, 2018.

Note 5. Fair Value Measurements

Financial Instruments and Fair Value

We account for financial instruments in accordance with ASC 820, “Fair Value Measurements and Disclosures”. ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).  The three levels of the fair value hierarchy under ASC 820 are described below:

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 - Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; and

Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The financial instruments recorded in our consolidated balance sheets consist primarily of cash, notes payable and accounts payable. The carrying amounts of our cash and accounts payable approximate fair value due to their short-term nature. The fair value of our debt approximates its carrying value of approximately $6.6 million. We had no other financial liabilities or assets that were measured at fair value as of June 30, 2018.

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Note 6. Intangible Assets

Our intangible assets consist of licenses and patents relating to our bertilimumab and oncology programs and were determined by management to have useful lives ranging between seven and fifteen years. We amortize these intangible assets on a straight-line basis.

On June 15, 2017, we entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Meda Pharma SARL, a Mylan N.V. company (“Meda”) to repurchase assets relating to Ceplene (histamine dihydrochloride) including the right to commercialize Ceplene in Europe and to register and commercialize Ceplene in certain other countries, for a fixed consideration of $5.0 million payable in installments over a three-year period and additional contingent payments of $3.0 million which consists of $1.5 million due in year 4 upon the initial achievement of $12.0 million in revenue and $1.5 million due in year 5 upon the initial achievement of $15.0 million in revenue. We sold certain of these Ceplene-related assets to Meda in 2012. The assets acquired from Meda include rights to marketing authorizations, trademarks, patents, and other intellectual property related to Ceplene and its use.

In addition, on June 15, 2017, substantially contemporaneous with the entry into the Asset Purchase Agreement, we entered into a Standby Financing Agreement (the “Standby Financing Agreement”) with Daniel Kazado (the “Standby Financer”) a member of our board of directors and a beneficial owner of our capital stock. See Note 13 for a further description of the Standby Financing Agreement. Currently, we are contemplating the sale or other disposition of Cytovia and/or its assets, pursuant to which we intend to include the $5.0 million financial obligations contemplated by the Asset Purchase Agreement as part of such sale or other disposition on a basis and on terms that are acceptable to our board of directors and, if attainable, without recourse to us. We intend to maintain the regulatory status of Ceplene and our oncology assets while we pursue a strategic transaction, however, management and our board of directors will make decisions in the best interest of its shareholders as this process progresses.

We treated the acquisition as an asset acquisition in accordance with ASC 805, “Business Combinations”. We recorded the purchase price for the underlying patents as intangible assets and recorded the present value of the future payments due under the Asset Purchase Agreement of $4.2 million as a corresponding liability. The present value of future payments due under the Asset Purchase Agreement was determined by using our then current borrowing rate of 15% as the relevant discount rate for present value calculations. As of June 30, 2018, the amount due to Meda on a present value basis, classified as current and long term notes payable is $3.6 million and $0.9 million, respectively. The estimated useful life of these intangible assets is seven years.

As of June 30, 2018, we evaluated our intangible assets for human antibodies and anti-ferritin antibodies because of events that occurred during the quarter, which indicate that the carrying amount may no longer be recoverable. Based on this evaluation (level 3 in the fair value hierarchy), these intangible assets have no value and were fully impaired. As of June 30, 2018, we recorded an impairment of intangible assets of $653,000.

The value of our amortizable intangible assets including gross asset value and carrying value is summarized below ($ in thousands):

	Bertilimumab iCo			NanomAbs Yissum			Human Antibodies Kadouche			Anti-ferritin Antibody MabLife			Ceplene Acquisition Intangibles			Total
Balance as of December 31, 2017	$	1,419		$	383		$	381		$	318		$	3,976		$	6,477
Amortization		(84	)		(24	)		(23	)		(23	)		(307	)		(461	)
Impairment		-			-			(358	)		(295	)		-			(653	)
Balance, June 30, 2018	$	1,335		$	359		$	-		$	-		$	3,669		$	5,363
Gross asset value	$	2,509		$	694		$	-		$	-		$	4,310		$	7,513
Accumulated Amortization		(1,174	)		(335	)		-			-			(641	)		(2,150	)
Balance, June 30, 2018	$	1,335		$	359		$	-		$	-		$	3,669		$	5,363

Amortization expense amounted to $461,000 and $153,000 for the six months ended June 30, 2018 and 2017, respectively.

Estimated amortization expense for each of the five succeeding years, based upon intangible assets at June 30, 2018 is as follows ($ in thousands):

Period Ending June 30,	Amount
2019	$	829
2020		829
2021		829
2022		829
2023		829
Thereafter		1,218
Total	$	5,363

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Note 7. Accrued Expenses

Accrued expenses consist of the following ($ in thousands):

	June 30,		December 31,
	2018		2017
Professional fees	$	179	$	284
Consulting fees		918		832
License fees		240		421
Dividends		308		216
Salaries and employee benefits		63		105
Other		192		262
Total	$	1,900	$	2,120

Note 8. Notes and Loan Payable

We are party to loan agreements as follows ($ in thousands):

	June 30,		December 31,
	2018		2017
Mablife Notes Payable (1)	$	-	$	394
Asset Acquisition Payable, net of discount of $510 (2)		4,490		4,359
May 2018 Convertible Notes, net of discount of $649 (3)		3,244		-
Total notes and loans payable	$	7,734	$	4,753
Notes and loans payable, net of debt discount, current portion	$	6,864	$	3,296
Notes and loans payable, noncurrent portion		870		1,457
Total notes and loans payable, net of discount	$	7,734	$	4,753

Repayments under the Company’s existing debt agreements consist of the following ($ in thousands):

Period Ending June 30,	Amount
2019	$	7,893
2020		1,000
Total	$	8,893

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MabLife Notes Payable (1)

In March 2012, we acquired from MabLife SAS (“MabLife”) through an assignment agreement, all rights, titles and interests in and to the patent rights, technology and deliverables related to the anti-Ferritin mAb, AMB8LK, including its nucleotide and protein sequences and its ability to recognize human acid and basic ferritins. The consideration was as follows: (i) $0.6 million payable in six annual installments (one of such installments being an upfront payment made upon execution of the agreement), and (ii) royalties of 0.6% of net sales of any product containing AMB8LK or the manufacture, use, sale, offering or importation of which would infringe on the patent rights with respect to AMB8LK. In February 2014, the parties revised the payment arrangement for the purchase of the original assignment rights to provide that the remaining payments of $0.1 million per year would be due each year in 2016 and 2017. We did not make those payments on a timely basis.

In February 2014, we acquired from MabLife, through an assignment agreement, all rights, titles and interests in and to the patent rights, technology and deliverables related to the use of anti-ferritin monoclonal antibodies in the treatment of some cancers, nucleotide and protein sequences of an antibody directed against an epitope common to human acidic and basic ferritins, monoclonal antibodies or antibody-like molecules comprising these sequences. As full consideration for the secondary patent rights, we agreed to pay a total of $150,000 of which $15,000 and $25,000 was paid in 2014 and 2013, respectively, and $25,000 would be paid on the second through fourth anniversary of the agreement and an additional $35,000 on the fifth anniversary of the agreement. We did not make those payments on a timely basis.

During the first quarter of 2015, MabLife informed us that it had filed for bankruptcy. On May 30, 2017, we received a summons from the bankruptcy court-liquidator to appear before the commercial court of Evry, France on September 19, 2017. In December 2017, we reached an agreement with the bankruptcy court-liquidator to settle all amounts due to Mablife for a payment of approximately $205,000. We paid the settlement amount in January 2018 and received confirmation by the commercial court on May 28, 2018. Based on this approved settlement, we wrote off the remaining $181,000 of debt to gain on extinguishment of debt in the three months ended June 30, 2018.

For the six months ended June 30, 2018 and 2017, interest expense was $0.

Asset Acquisition Payable (2)

In conjunction with the Asset Purchase Agreement with Meda described in Note 6, we agreed to pay a fixed consideration of $5.0 million, payable in installments over a three-year period as follows: (i) $1.5 million on the earlier of: (1) the successful transfer to us of all of the marketing authorizations for the product or (2) the date which is six months after the Completion Date (as defined in the Asset Purchase Agreement); (ii) $1.5 million on the first anniversary of the Completion Date; (iii) $1.0 million on the second anniversary of the Completion Date; and (iv) $1.0 million on the third anniversary of the Completion Date. We recorded current and long-term debt of $3.0 million and $1.4 million, respectively, representing the amount due to Meda calculated on a present value basis. For the six months ended June 30, 2018, interest expense was $130,000.

We are currently in default under the Asset Purchase Agreement. If not cured, we bear significant risk to our business plan regarding Ceplene, including the loss of such rights. Under the Asset Purchase Agreement, we were obligated to make payments to Meda of $1,500,000 (the “First Initial Consideration”) no later than December 15, 2017 and $1,500,000 on June 15, 2018. Under that agreement, we had a 30-day grace period to make the payment of the First Initial Consideration or agree to a payment plan with Meda. On January 31, 2018, Meda delivered to us a default notice, demanding payment of the First Initial Consideration no later than February 15, 2018. We have yet to make any payments to Meda. Accordingly, Meda could terminate the Asset Purchase Agreement and cause us to forfeit the European rights to Ceplene without consideration to us and cancel our further obligations under the agreement except the First Initial Consideration would remain due and payable. If such action were to occur, we would need to either agree to a new license with Meda or renegotiate terms of a purchase from Meda of the European rights to Ceplene. There can be no guarantee that that we would be able to come to terms with Meda. Loss of the European rights to Ceplene would impair our ability to execute our business plan with respect to our oncology related assets and have a negative effect on our financial condition.

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May 2018 Convertible Notes (3)

On May 14, 2018, we entered into a securities purchase agreement (the “May 2018 Purchase Agreement”) with certain institutional investors for the sale of $2,781,000 in aggregate principal amount of original issue discount convertible notes with net proceeds of $2,007,000 (the “May 2018 Convertible Notes”) which was consummated on May 18, 2018. The May 2018 Convertible Notes included a 20% original issue discount of $556,000, an 8% placement agent fee of $178,000 and other placement agent expenses of $40,000. In addition, the placement agent received 474,667 warrants with an exercise price of $0.47 per share and are exercisable as of November 18, 2018. We calculated the fair value of these warrants as $91,000 using the Black-Scholes model and recorded the fair value as debt discount with an offset to additional paid-in capital. Original issue discount and debt issuance costs was $865,000 and is being amortized over six months.

The May 2018 Convertible Notes are convertible at any time at a conversion price of $0.375 per share, subject to adjustment upon an event of default or significant corporate transaction, provided that unless shareholder approval is obtained, the maximum amount of shares of our common stock that may be issued upon conversion is 6,397,456 shares of common stock (or 19.99% of the issued and outstanding shares of common stock on the closing date). The conversion price is not subject to adjustment for future equity issuances at prices below the then prevailing conversion price and we are under no obligation to obtain shareholder approval in connection with the offering.

The May 2018 Convertible Notes are due and payable upon the earlier of (a) November 18, 2018 and (b) the closing by of one or more subsequent financings with gross proceeds equal to at least $3,000,000 in the aggregate. The holders of the May 2018 Convertible Notes

have the option to extend the maturity date of the notes through February 18, 2019. The May 2018 Convertible Notes represent senior indebtedness of the Company.

The May 2018 Convertible Notes are immediately due at the Mandatory Default Amount, which is 140% of the outstanding principal amount of the note, plus all accrued interest and unpaid interest, and all other amounts, costs, expenses and liquidated damages, due if our common stock shall not be eligible for listing or quotation for trading on NASDAQ and shall not be eligible to resume listing or quotation for trading thereon within five trading days. Additionally, interest on the May 2018 Convertible Notes would accrue daily at an interest rate of 1.5% per month on the then outstanding principal amount. Also, the holder may to elect to convert all or any portion of the remaining principal amount into shares of common stock at a price per share equal to the lowest daily VWAP for the 15 days prior to conversion but in no event, at a conversion price below par value.

On June 4, 2018, we received a notice from the Staff of Nasdaq LLC indicating that, based upon our continued non-compliance with the minimum $1.00 bid price requirement for continued listing on NASDAQ, as set forth in the Rule as of May 30, 2018, the Staff had determined to delist our securities from NASDAQ unless we timely requested a hearing before the Panel. We timely appealed the delisting notice and appeared in front of the Panel on July 19, 2018. The Panel issued a decision on July 24, 2018 and affirmed the Staff’s decision to delist our common stock from NASDAQ, with suspension of trading effective at the open of business on July 26, 2018. The suspension of trading on NASDAQ triggered a default on the May 2018 Convertible Notes. Accordingly, as of June 30, 2018, we recorded the Mandatory Default Amount of $1.1 million as liquidated damages, which represents an additional 40% of principal but did not record an embedded derivative related to the lowest VWAP for the 15 days prior to conversion as this amount was immaterial to the consolidated financial statements.

Upon the issuance of the May 2018 Convertible Notes on May 18, 2018, the conversion price for the Series E Convertible Preferred Stock and the exercise price of warrants issued with the Series E Convertible Preferred Stock (“Series E Warrants”) were adjusted to $0.30. On July 26, 2018, upon the suspension of trading on NASDAQ, the conversion price for the Series E Convertible Preferred Stock and the exercise price of warrants issued with the Series E Convertible Preferred Stock were adjusted to $0.20. Based on the above down round triggers, we recorded a deemed dividend of $5,599,000, based on the change in fair value, in our consolidated statement of operations for the three and six months ended June 30, 2018, of which $5,175,000 was related to the Series E Convertible Preferred Stock and $424,000 was related to the Series E Warrants.

For the three and six months ended June 30, 2018, interest expense was $216,000, related to the amortization of original issue discount and debt issuance costs, for the May 2018 Convertible Notes and liquidated damages was $1,112,000 related to the Mandatory Default for the May 2018 Convertible Notes.

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Note 9. Income Taxes

The Company has recognized a deferred tax liability of $4.1 million as of June 30, 2018 and December 31, 2017 related to the purchase of the AmiKet IPR&D. This deferred tax liability was recorded to account for the book vs. tax basis difference related to the IPR&D intangible asset, which was recorded in connection with the merger with Epicept Ltd. This deferred tax liability was excluded from sources of future taxable income, as the timing of its reversal cannot be predicted due to the indefinite life of this IPR&D. Accordingly, this deferred tax liability cannot be used to offset the valuation allowance.

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred tax assets relate primarily to its net operating loss carryforwards and other balance sheet basis differences. In accordance with ASC 740, “Income Taxes,” the Company recorded a valuation allowance to fully offset the gross deferred tax asset, because it is not more likely than not that the Company will realize future benefits associated with these deferred tax assets at June 30, 2018 and December 31, 2017.

Note 10. Stockholders’ Equity

(a) Stock options and stock award activity

The following table illustrates the common stock options granted during the six months ended June 30, 2018:

Title	Grant date	No. of options		Weighted average exercise price		Weighted average grant date fair value		Vesting terms	Assumptions used in Black-Scholes option pricing model
Consultants	January - June 2018		15,000	$	0.34	$	0.29	Immediately	Volatility	114 -118%
									Risk free interest rate	2.22 -2.82%
									Expected term, in years	6
									Dividend yield	0.00	%
Management,	January - June 2018		57,000	$	0.25	$	0.22	2 years	Volatility	118	%
Directors and									Risk free interest rate	2.96	%
Employees									Expected term, in years	6
									Dividend yield	0.00	%

The following table illustrates the common stock options granted during the six months ended June 30, 2017:

Title	Grant date	No. of options		Weighted average exercise price		Weighted average grant date fair value		Vesting terms	Assumptions used in Black-Scholes option pricing model
Management,	January - June 2017		161,500	$	3.80	$	3.40	1-3 years	Volatility	109-115 %
Directors and									Risk free interest rate	2.22-2.53 %
Employees									Expected term, in years	6-10
									Dividend yield	0.00	%

The following table illustrates the stock awards during the six months ended June 30, 2018.

Title	Grant date	No. of stock awards		Weighted average grant date fair value		Vesting terms
Consultants	January - June 2018		100,000	$	0.38	Immediately

The fair value of stock awards was determined using the share price on the date of grant.

There were no stock awards during the six months ended June 30, 2017.

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The following table summarizes information about stock option activity for the six months ended June 30, 2018:

	Options
	No. of options			Weighted average exercise price		Exercise price range		Weighted average grant date fair value		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2017		519,014		$	9.80		$0.80 - $80.00	$	9.40	$	-
Granted		72,000		$	0.27		$0.25-$0.34	$	0.23	$	-
Forfeited/cancelled		(15,417	)	$	15.78		$3.40-$80.00	$	11.96		-
Outstanding at June 30, 2018		575,597		$	8.40		$0.25 - $61.00	$	8.20	$	-
Exercisable at June 30, 2018		395,847		$	11.60		$0.34 - $61.00	$	11.40	$	-

As of June 30, 2018, unamortized stock-based compensation for stock options was $0.2 million, with a weighted-average recognition period of approximately 1.5 years.

(b) Warrants

The following table illustrates warrants granted during the six months ended June 30, 2018:

Title	Grant date		No. of warrants		Weighted average exercise price		Weighted average grant date fair value		Vesting terms		Assumptions used in Black-Scholes option pricing model
Investors		January - June 2018		474,667	$	0.47	$	0.19		Six months		Volatility	118	%
												Risk free interest rate	2.90	%
												Expected term, in years	5
												Dividend yield	0.00	%

The following table illustrates warrants granted during the six months ended June 30, 2017:

Title	Grant date	No. of warrants		Weighted average exercise price		Weighted average grant date fair value		Vesting terms	Assumptions used in Black-Scholes option pricing model
Investors	January - June 2017		52,910	$	10.00	$	3.80	Immediately	Volatility	109	%
									Risk free interest rate	1.89	%
									Expected term, in years	5
									Dividend yield	0.00	%
Noteholders	January - June 2017		83,333	$	4.00	$	2.16	Immediately	Volatility	105	%
									Risk free interest rate	1.91	%
									Expected term, in years	5
									Dividend yield	0.00	%

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The following table summarizes information about warrants outstanding at June 30, 2018:

	Number of Warrants		Weighted Average Exercise Price		Exercise price range
Warrants outstanding at December 31, 2017		18,695,677	$	3.00		$0.86-$200.00
Warrants issued		474,667		0.47	$	0.47
Warrants expired		-		-		-
Outstanding and exercisable at June 30, 2018		19,170,344	$	2.90		$0.47-$200.00

The 83,333 warrants issued with the April 2017 Convertible Notes were valued using the Monte Carlo model, which is a pricing model that incorporates all of the required inputs of a Black-Scholes model and Monte Carlo simulation process that capture additional features of the warrant related to its fair value estimate, but are outside of the Black-Scholes model. The warrants contain a provision whereby if the Company completes a transaction with an effective price per share lower than the exercise price of the warrants then the exercise price shall be reduced and the number of warrant shares issuable shall be increased such that the aggregate exercise price payable after taking into account the decrease in the exercise price, shall be equal to the aggregate exercise price prior to such adjustment. The allocated fair value of the warrant of $180,000 is the mean of the present value of the future cash flows resulting from the Monte Carlo simulation process. The fair value of $180,000 was calculated using the Monte Carlo model and the allocated value of $180,000 was recorded as additional paid-in capital.

Stock-based compensation expense for stock options and awards and warrants for the three months ended June 30, 2018 and 2017 was $40,000 and $(97,000), respectively, which has not been tax-effected due to the recording of a full valuation allowance against net deferred tax assets. Stock-based compensation expense for stock options and awards and warrants for the six months ended June 30, 2018 and 2017 was $122,000 and $165,000, respectively, which has not been tax-effected due to the recording of a full valuation allowance against net deferred tax assets.

(c) Series E Convertible Preferred Stock

For the six months ended June 30, 2018, 7,699 shares of Series E Convertible Preferred Stock were converted into 14,634,268 shares of our common stock. For the six months ended June 30, 2018, we recorded dividends of approximately $251,000.

Note 11. Loss Per Share

Basic and diluted loss per share is computed by dividing loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted weighted average shares outstanding for the six months ended June 30, 2018 and 2017 excludes shares underlying stock options, warrants, convertible notes and convertible preferred because the effects would be anti-dilutive. Accordingly, basic and diluted loss per share is the same. Such excluded shares are summarized as follows:

	Three month period				Six month period
	ended June 30,				ended June 30,
	2018		2017		2018		2017
Common stock options		575,597		490,541		575,597		490,541
Shares issuable upon conversion of Series E Preferred Stock (not including dividends)		16,171,200		-		16,171,200		-
Shares potentially issuable upon conversion of May 2018 convertible notes (assuming $0.375 price)		7,416,667		-		7,416,667		-
Shares potentially issuable upon conversion of April 2017 convertible notes (assuming $1.00 floor price)		-		305,000		-		305,000
Shares potentially issuable upon conversion of May 2017 convertible notes (assuming $1.00 floor price)		-		2,344,354		-		2,344,354
Warrants		19,170,344		715,413		19,170,344		715,413
Total shares excluded from calculation		43,333,808		3,855,308		43,333,808		3,855,308

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Note 12. Commitments and Contingencies

(a) Leases

Effective May 1, 2017, we relocated our headquarters to 550 Sylvan Avenue, Englewood Cliffs, New Jersey under a lease agreement. Lease expense is $2,950 per month. The lease may be terminated upon two months’ written notice to the landlord. Cytovia occupies shared office space on a month-to-month basis at 12 E 49th Street, New York, New York through August 31, 2018. Rent expense is approximately $3,500 per month. Immune Ltd. occupies shared office space on a month-to-month basis in Tel-Aviv and Jerusalem, Israel. Combined rent expense is approximately $2,900 per month.

In February 2018, we entered into a lease agreement for our new headquarters at One Bridge Plaza, Fort Lee, New Jersey which will commence upon the completion of work by the landlord for a term of seventy-five months with the first three months’ rent abated. We expect this to occur in the third quarter of 2018. Annual fixed base rent for the first year is $74,000, the second year is $102,000, the third year is $105,000, the fourth year is $108,000, the fifth year is $111,000, the sixth year is $115,000 and the final three months is $29,000.

We recorded rent expense of $53,000 and $364,000 for the six months ended June 30, 2018 and 2017, respectively.

(b) Licensing Agreements

We are a party to several research and licensing agreements, including iCo, BNS, Yissum, Dalhousie and Shire Biochem, which may require us to make payments to the other party upon the attaining certain milestones or as royalties as defined in the agreements.

(c) Litigation

Immune Pharmaceuticals Inc. was the defendant in litigation involving a dispute with the plaintiffs, Kenton L. Crowley and John A. Flores. The complaint alleges breach of contract, breach of covenant of good faith and fair dealing, fraud and rescission of contract with respect to the development of a topical cream containing ketamine and butamben, known as EpiCept NP-2. A summary judgment in Immune’s favor was granted in January 2012 and the plaintiffs filed an appeal in the United States Court of Appeals for the Ninth Circuit in September 2012. A hearing on the motion occurred in November 2013. In May 2014, the court scheduled the trial in November 2014 and a mandatory settlement conference in July 2014. In July 2014, the parties failed to reach a settlement at the mandatory settlement conference. The case was tried by a jury, which rendered a decision on March 23, 2015, in favor of us on all causes of action.

In April 2015, the plaintiffs filed a motion for a new trial, which was heard by the Court on June 8, 2015. In October 2015, the court denied the plaintiff’s motion for a new trial. On October 9, 2015, the plaintiffs filed a notice of appeal to the United States Court of Appeals for the Ninth Circuit. On February 13, 2018, the Appellate Court affirmed the district court’s judgment in favor us.

During the six months ended June 30, 2018 and 2017, we incurred no legal costs in connection with this litigation matter.

On May 9, 2018, we received a complaint against us, Immune Pharmaceuticals, Ltd., our former CEO and Board Member, Daniel Teper and our former CFO, Serge Goldner, for approximately $2.8 million that was filed in the Tel Aviv District Court based on an agreement with our subsidiary, from 2011, relating to a loan of $260,000 which was repaid in full in 2011. The plaintiff claimed that the damages were based on certain warrants to purchase shares of our common stock, to participate in a future public offering or merger of the Company, with certain discounted terms and cash damages that it did not receive. In October 2014, we received a written demand from the plaintiff for damages and the parties discussed a settlement of this matter; however, until receipt of the complaint, we had not heard from the plaintiff since 2015. At this very early stage, we are unable to assess the validity or merits of the claim. We will review the claims and intend to vigorously defend against this action.

From time to time, we are involved in legal proceedings arising in the ordinary course of business. We believe there is no other litigation pending that could have, individually or in the aggregate, a material adverse effect on its results of operations or financial condition.

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Note 13. Related Party Transactions

Dr. Teper, our former CEO and former member of our Board, advanced cash to us of approximately $0.2 million, which remains owed as of June 30, 2018. This amount has been reflected in advances from related parties in our consolidated balance sheets.

As of June 30, 2018, there is approximately $0.1 million owed to our directors and management for directors’ fees and expense reimbursements.

On June 15, 2017, substantially contemporaneous with the entry into the Asset Purchase Agreement (see Note 8), we entered into a Standby Financing Agreement (the “Standby Financing Agreement”) with Daniel Kazado (the “Standby Financer”), a member of our board of directors and a beneficial owner of our capital stock. Currently, we are contemplating the sale or other disposition of Cytovia and/or its assets, pursuant to which we intend to include the $5.0 million financial obligations contemplated by the Asset Purchase Agreement as part of such sale or other disposition on a basis and on terms that are acceptable to our board of directors and, if attainable, without recourse to us. The Standby Financing Agreement remains in effect in order to support the financial obligations of the Company to pay the fixed consideration installments, in the aggregate amount of $5,000,000, due under and in accordance with the terms of the Asset Purchase Agreement. In the event that we cannot effectuate the sale or disposition of Cytovia or its assets on terms reasonably acceptable to us and in a timeline necessary to satisfy the financial obligations of the Asset Purchase Agreement (including, without limitation, that such funding be on a basis that is without recourse to us), then, pursuant to the terms of the Standby Financing Agreement, the Standby Financer shall lend us or Cytovia (as determined in the discretion of our board of directors) an amount in immediately available funds equal to the fixed consideration installment payment then due and payable under the Asset Purchase Agreement (the “Standby Commitment”). The loan made by the Standby Financer in respect of such fixed payment shall be evidenced by a promissory note in an aggregate principal amount equal to the amount of funds lent by the Standby Financer. The Standby Commitment shall expire on the earliest of (a) satisfaction in full by the Standby Financer of his obligations under the Standby Financing Agreement, (b) Cytovia having obtained funding on terms reasonably acceptable to us and (c) the Company having been fully discharged of and released from all liability of all of its obligations under the Asset Purchase Agreement.

Note 14. Pint Licensing Agreement

On July 10, 2017, Cytovia entered into an exclusive licensing agreement (the “Licensing Agreement”) with Pint Pharma International S.A. ("Pint"), a specialty pharmaceutical company focused on Latin America and other markets, for the marketing, commercialization and distribution of Ceplene throughout Latin America (the “Territory”, defined as Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, French Guiana, British Guiana, Suriname, Guatemala, Haiti, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Uruguay and Venezuela) through Pint and one or more of its affiliates. Pursuant to the Licensing Agreement, Pint will also pay Cytovia (i) 35% of net sales in the territory (ii) a milestone payment of $0.5 million when net sales of Ceplene in the Territory first reach $10.0 million in any calendar year and (iii) a milestone payment of $1.25 million when net sales of Ceplene in the Territory first reach $25.0 million in any calendar year. Cytovia further granted Pint and its affiliates certain sub-licensing rights to Ceplene, and a right of first refusal on any new products of Cytovia within the Territory during the term of the Licensing Agreement.

With regard to any regulatory approvals and filings related to the commercialization of Ceplene within the Territory, Pint shall be the applicant, holder of such regulatory approvals and will be responsible for the content of such regulatory submissions, as well as all costs and expenses related to, among other items delineated in the Licensing Agreement, the fees, filings, compliance, registration and maintenance of such required regulatory approval matters. Cytovia shall be responsible for providing (or if in the control of a third party, to ensure such third party provides) all appropriate documentation, samples and other information in support of Pint in connection with its regulatory submissions, compliance and maintenance matters in the Territory concerning the Ceplene products.

Additionally, in connection with the Licensing Agreement, the parties thereto agreed that Pint Gmbh, an affiliate of Pint, will separately enter into an investment agreement upon satisfaction of the condition that the commercialization of the Ceplene and the Combination Therapy has been met (defined to mean when Ceplene is commercialized by Pint together with a new product in the Territory, pursuant to which, Pint Gmbh will make to an investment of $4.0 million into Cytovia in exchange for an equity interest in Cytovia.. In July 2018, a global pharmaceutical and services company announced that it acquired the ex-United States rights to the drug other than Ceplene comprising the Combination Therapy. Accordingly, the condition for the investment from Pint can no longer be satisfied.

We are currently contemplating the sale, disposition or other strategic transaction involving Cytovia and/or its assets. This process is in its early stages and, therefore, it is too soon to definitively state how the Licensing Agreement will be impacted or addressed, or if a sale or other disposition will be consummated.

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Note 15. Subsequent Events

We have evaluated events and transactions subsequent to June 30, 2018 and through the date these consolidated financial statements were included in this Form 10-Q and filed with the SEC.

On June 4, 2018, we received a notice from the Staff of the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq LLC”) indicating that, based upon our continued non-compliance with the minimum $1.00 bid price requirement for continued listing on The Nasdaq Capital Market (“NASDAQ”), as set forth in Nasdaq Listing Rule 5550(a)(2) (the “Rule”) as of May 30, 2018, and notwithstanding our compliance with the quantitative criteria necessary to obtain a second 180-day period within which to evidence compliance with the Rule, as set forth in Nasdaq Listing Rule 5810(c)(3)(A), the Staff had determined to delist our securities from NASDAQ unless we timely requested a hearing before the Nasdaq Hearings Panel (the “Panel”). We timely appealed the delisting notice and appeared in front of the Panel on July 19, 2018. The Panel issued a decision on July 24, 2018 and affirmed the Staff’s decision to delist our common stock from NASDAQ, with suspension of trading to become effective at the open of business on July 26, 2018. The Panel indicated that NASDAQ will complete the delisting process by filing a Form 25 Notification of Delisting with the Securities and Exchange Commission, after all applicable appeals periods have lapsed. In accordance with NASDAQ’s Listing Rules, we have decided to appeal the delisting determination. Any such appeal would not stay the suspension of trading in our securities on NASDAQ. There can be no guarantee as to the outcome of any appeal.

On July 26, 2018, our shares began trading on the OTCQB Market ("OTCQB"), which is operated by OTC Market Groups Inc., under the symbol “IMNP.”

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

The interim financial statements and this Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2017, and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations, both of which are contained in our Annual Report on Form 10-K for the year ended December 31, 2017 filed on April 2, 2018. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions. We have based these forward-looking statements on our current expectations and projections of future events. Such statements reflect our current views with respect to future events and are subject to unknown risks, uncertainties and other factors that may cause results to differ materially from those contemplated in such forward-looking statements. Statements made in this document related to, among other statements, the development, commercialization and market expectations of our drug candidates, to the establishment of corporate collaborations, and to our operational projections are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Among the factors that could result in a materially different outcome are the inherent uncertainties accompanying new product development, action of regulatory authorities and the results of further clinical trials. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, including but not limited to those set forth under the caption “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2017, and those updated Risk Factors set forth in this Quarterly Report on Form 10-Q, for the period ended June 30, 2018.

Overview

We are a clinical stage biopharmaceutical company specializing in the development of novel targeted therapeutic agents in the fields of immunology, inflammation, dermatology and oncology.

Our lead product candidate is bertilimumab, a first-in-class, human, anti-eotaxin-1 antibody that targets eotaxin-1, a key regulator of inflammation, Bertilimumab has completed phase 2 trials in bullous pemphigoid (“BP”), our lead indication, as well as in allergic rhinitis and allergic conjunctivitis, and is currently in a phase 2 clinical trial in ulcerative colitis (“UC”). Also, we are developing a topical nano-encapsulated formulation of cyclosporine-A, which we refer to as “NanoCyclo,” for the treatment of atopic dermatitis (“AD”) and psoriasis.

Our oncology portfolio includes Ceplene, which is approved in the European Union for the maintenance of remission in patients with Acute Myeloid Leukemia (“AML”) in combination with interleukin-2 (IL-2), and a nanotechnology combination platform, which we refer to as “NanomAbs”, Azixa, and Crolibulin. In June 2018, we terminated the license agreement and returned all rights relating to the bispecific antibody platform, which was included previously in our oncology portfolio. We intend to divest all of our oncology assets, which are held in our oncology-focused subsidiary, Cytovia Inc.

Our pain portfolio includes AmiKet and AmiKet Nano, a topical analgesic cream containing amitriptyline and ketamine for the treatment of postherpetic neuralgia (“PHN”) and diabetic peripheral neuropathy (“DPN”). We are determining the optimal path forward for this program.

Ceplene^®, LidoPain^®, Epicept^®, Amiket^TM, and Azixa^TM are trademarks that we own. Each trademark, trade name or service mark of any other company appearing in this annual report on Form 10-Q belongs to its respective holder.

Business Strategy

Our business strategy is to develop novel therapeutics with the potential to treat or prevent immunologic nd inflammatory diseases. We intend to obtain revenues from licensing fees, milestone payments, development fees, royalties and/or sales related to the use of our drug candidates or intellectual property for specific therapeutic indications or applications.

In April 2017, we announced a corporate restructuring with the objective of prioritizing and segregating our research and development efforts and strengthening our financial position. Accordingly, we had announced plans to separate our oncology business as a separate, stand-alone company, through a proposed spinoff of our wholly-owned subsidiary Cytovia Inc. (“Cytovia”). The contemplated spin-off was subject to the satisfaction of certain conditions, including separate capitalization from third-party sources to fund Cytovia’s start-up and operational costs, expenses of the spin-off and other relevant items. In April 2018, following careful consideration and lack of sufficient capital to support the spin-off, our board of directors determined that it was in the best interest of the Company and its shareholders to terminate the spin-off process and pursue other strategic alternatives for Cytovia in order to monetize its assets through a sale, disposition or similar transaction. In addition, on May 1, 2018, Dr. Daniel Teper, Chief Executive Officer of Cytovia and member of the board of directors of both Immune and Cytovia, resigned from each of these positions, effective immediately. The Board accepted his resignation, which was not due to any disagreement with the Company. See Risk Factors for risks and other matters related to our oncology assets.

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Recent Developments

Effective June 21, 2018 (the “Effective Date”), we entered into a Termination Agreement by and among (i) Atlante Biotech (“Atlante”), (ii) Dr. Jean Kadouche (“Kadouche”), (iii) Immune Pharmaceuticals Inc. and (iv) Cytovia Inc. to terminate the exclusive license agreement (the “License”) that we executed with Atlante in December 2015 relating to the patents and know-how for a new format of bispecific antibody platform. Pursuant to the Termination Agreement, the License granted by Atlante is terminated, and the Licensed Technology (as defined in the License Agreement) and all rights included reverts to Atlante. As part of the Termination Agreement, we agreed to reimburse Atlante for outstanding patent expenses of $16,000 and settle all amounts owed to Kadouche under an existing consulting agreement for payment of $100,000, payable in four equal monthly installments beginning on June 30, 2018.

Our Business

Results of Operations

Three months ended June 30, 2018 compared to the three months ended June 30, 2017

Revenues

We recorded no revenue for the three months ended June 30, 2018 and 2017. We are in the early stages of development of our prouct candidates and we have not completed the development of bertilimumab or other drug candidates. We expect to continue to incur significant expenses and operating losses for the foreseeable future. Our net losses may fluctuate significantly from quarter to quarter and year to year.

Research and development expense ($ in thousands)

	Three months ended June 30,
	2018		2017		Change
Research and development	$	1,715	$	1,417	$	298

Research and development (“R&D”) expenses increased by $298,000 or 21% to $1.7 million for the three months ended June 30, 2018, as compared to $1.4 million for the three months ended June 30, 2017. The increase was primarily driven by increases in (i) clinical trial expenses of $0.5 million, (ii) R&D consulting expense of $0.1 million, (iii) amortization of Ceplene acquisition intangibles of $0.1 million and (iv) employee compensation expense of $0.1 million. This cumulative increase was offset partially by decreases in (v) licenses of $0.3 million and (vi) the write-off of lab equipment in the second quarter of 2017 of $0.2 million.

General and administrative expense ($ in thousands)

	Three months ended June 30,
	2018		2017		Change
General and administrative	$	1,128	$	1,367	$	(239	)

General and administrative (“G&A”) expenses decreased by $0.2 million or 17% to $1.1 million for the three months ended June 30, 2018, as compared to $1.3 million for the three months ended June 30, 2017. The decrease was primarily driven by decreases in (i) audit and accounting services of $0.3 million, (ii) rent of $0.2 million and (iii) legal fees of $0.1 million offset by increases in (iv) consulting fees of $0.1 million, (v) investor relations fees of $0.1 million, (vi) stock-based compensation expense of $0.1 million and (vii) employee compensation of $0.1 million.

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Non-operating expense ($ in thousands)

	Three months ended June 30,
	2018		2017		Change
Non-operating expense	$	1,874	$	2,152	$	(278	)

Non-operating expense was $1.9 million for the three months ended June 30, 2018, as compared with $2.2 million for the three months ended June 30, 2017, a decrease of $0.3 million or 13%.

Non-operating expense for the three months ended June 30, 2018 primarily consisted of the impairment of intangible assets of $0.7 million, amortization of the original issue discount for the Asset Acquisition Note Payable of $0.1 million, amortization of original issue discount and debt issuance costs for the May 2018 Convertible Notes of $0.2 million and liquidated damages of $1.1 million related to the May 2018 Convertible Notes, offset by a gain on extinguishment of Mablife Notes Payable of $0.2 million.

Non-operating expense for the three months ended June 30, 2017 consisted of amortization of original issue discount of $0.4 million and potential liquidated damages of $1.0 million on the May 2017 Convertible Notes, interest expense of $0.6 million relating to the April 2017 convertible note and interest expense of $0.1 million and $0.1 million of amortization of original issue discount and early termination fee on the Loan Agreement with Hercules.

Six months ended June 30, 2018 compared to the six months ended June 30, 2017

Revenues

We recorded no revenue for the six months ended June 30, 2018 and 2017. We are in the early stages of development of our product candidates and we have not completed the development of bertilimumab or other drug candidates. We expect to continue to incur significant expenses and operating losses for the foreseeable future. Our net losses may fluctuate significantly from quarter to quarter and year to year.

Research and development expense ($ in thousands)

	Six months ended June 30,
	2018		2017		Change
Research and development	$	4,109	$	2,445	$	1,664

Research and development (“R&D”) expenses increased by $1.7 million or 68% to $4.1 million for the six months ended June 30, 2018, as compared to $2.4 million for the six months ended June 30, 2017. The increase was primarily driven by increases in (i) clinical trial expenses of $1.2 million, (ii) R&D consulting expense of $0.7 million, (iii) amortization of Ceplene acquisition intangibles of $0.3 million and (iv) employee compensation expense of $0.1 million. This cumulative increase was offset partially by decreases in (v) stock- based compensation expense of $0.1 million, (vi) licenses of $0.3 million and (vii) the write-off of lab equipment in the second quarter of 2017 of $0.2 million.

General and administrative expense ($ in thousands)

	Six months ended June 30,
	2018		2017		Change
General and administrative	$	3,060	$	3,034	$	26

General and administrative (“G&A”) expenses primarily remained consistent at $3.1 million for the six months ended June 30, 2018, as compared to $3.0 million for the six months ended June 30, 2017. The change was primarily the same due to increases in (i) consulting fees of $0.3 million, (ii) investor relations fees of $0.2 million, and (iii) stock-based compensation expense of $0.1 million offset by decreases in (iv) rent of $0.3 million, (v) legal fees of $0.2 million and (vi) audit and accounting services of $0.1 million.

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Non-operating expense ($ in thousands)

	Six months ended June 30,
	2018		2017		Change
Non-operating expense	$	1,932	$	3,210	$	(1,278	)

Non-operating expense was $1.9 million for the six months ended June 30, 2018, as compared with $3.2 million for the six months ended June 30, 2017, a decrease of $1.3 million or 40%.

Non-operating expense for the six months ended June 30, 2018 primarily consisted of the impairment of intangible assets of $0.7 million, amortization of the original issue discount for the Asset Acquisition Note Payable of $0.1 million, amortization of original issue discount and debt issuance costs for the May 2018 Convertible Notes of $0.2 million and liquidated damages of $1.1 million related to the May 2018 Convertible Notes, offset by a gain on extinguishment of Mablife Notes Payable of $0.2 million.

Non-operating expense for the six months ended June 30, 2017 consisted of amortization of original issue discount of $0.4 million and potential liquidated damages of $1.0 million for the May 2017 Convertible Notes, interest expense of $0.6 million relating to the April 2017 Convertible Notes, interest expense of $0.2 million and $0.3 million of amortization of original issue discount and early termination fee on the Loan Agreement with Hercules. In addition, non-operating expense included $0.4 million in liquidated damages and $0.3 million in redemption premium recorded on the November 2016 convertible notes, as well as the write-off of $0.1 million related to original issue discount, debt discount and debt issuance costs on the November 2016 convertible notes as it was fully paid off during the quarter ended March 31, 2017.

Liquidity and Capital Resources

We have generated losses from operations since inception and we anticipate that we will continue to generate significant losses from operations for the foreseeable future. At June 30, 2018, we had a working capital deficit of approximately $10.9 million. Accumulated deficit amounted to $122.6 million and $113.5 million at June 30, 2018 and December 31, 2017, respectively. Net loss for the six months ended June 30, 2018 and 2017 was $9.1 million and $8.7 million, respectively. Net cash used in operating activities was $6.8 million and $4.5 million for six months ended June 30, 2018 and 2017, respectively.

We have limited capital resources and operations since inception have been funded with the proceeds from equity and debt financings and license fee arrangements. As of June 30, 2018, we had $1.5 million in cash. If we fail to raise additional capital or obtain substantial cash inflows from potential partners within the next six months, we may be forced to curtail or cease operations. We cannot assure you that financing will be available in a timely manner, on favorable terms or at all.

Management has evaluated whether there is substantial doubt about our ability to continue as a going concern and has determined that substantial doubt existed as of the date of this filing. This determination was based on the following factors: (i) our available cash as of the date of this filing will not be sufficient to fund its anticipated level of operations for the next 12 months from the filing of this quarterly report; (ii) we may not identify commercial partners to support development of its drug candidates; and (iii) if we fail to obtain the needed capital, we will be forced to delay, scale back, or eliminate some or all of its R&D programs or perhaps cease operations. In the opinion of management, these factors, among others, raise substantial doubt about the ability of us to continue as a going concern.

The following table summarizes select balance sheet and working capital amounts as at June 30, 2018 and December 31, 2017 ($ in thousands):

	As of			As of
	June 30,			December 31,
	2018			2017			Change
Cash	$	1,508		$	6,776		$	(5,268	)
Working capital deficit	$	(10,855	)	$	(2,220	)	$	(8,635	)
Notes and loans payable, current portion	$	(6,864	)	$	(3,296	)	$	(3,568	)

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Cash Flow Activities

The following table summarizes our cash flows for the periods set forth below ($ in thousands):

	Six months ended June 30,
	2018			2017			Change
Net cash used in operating activities	$	(6,849	)	$	(4,453	)	$	(2,396	)
Net cash (used in) provided by investing activities	$	(61	)	$	37		$	(98	)
Net cash provided by financing activities	$	1,642		$	4,167		$	(2,525	)

Operating Activities

Net cash used in operating activities for the six months ended June 30, 2018 was $6.8 million compared with net cash used in operating activities for the six months ended June 30, 2017 of $4.5 million.

Net cash used in operating activities during the six months ended June 30, 2018, exclusive of changes in operating assets and liabilities was $6.6 million, which consists primarily of the net loss of $9.1 million, as adjusted for (i) amortization of debt discount of $0.3 million, (ii) depreciation and amortization expense of $0.5 million, (iii) loss on impairment of intangible assets of $0.7 million, (iv) liquidated damages of $1.1 million and (v) share based compensation of $0.1 million, offset by (vi) a gain on extinguishment of debt of $0.2 million. Changes in operating assets and liabilities in the six months ended June 30, 2018 of $0.3 million increased net cash used in operating activities primarily due to a decrease in accrued expenses.

The net cash used in operating activities during the six months ended June 30, 2017, exclusive of changes in operating assets and liabilities, was $5.5 million; including the net loss of $8.7 million, non-cash stock based compensation expense of $0.2 million, depreciation and amortization, including debt discount and debt issuance costs of $1.1 million and liquidated damages of $1.0 million. Changes in other assets and liabilities in the six months ended June 30, 2017 was $1.1 million primarily due to a $0.9 million increase in accounts payable and an increase in other current assets and other assets of $0.3 million, which was offset by a corresponding decrease in accrued liabilities of $0.1 million.

Investing Activities

During the six months ended June 30, 2018, net cash used in investing activities amounted to $61,000 for purchases of property and equipment for the new office space.

During the six months ended June 30, 2017, net cash provided by investing activities amounted to $37,000 primarily related to a decrease in restricted cash of $59,000, which was offset by $22,000 in purchases of computer software.

Financing Activities

During the six months ended June 30, 2018, net cash provided by financing activities was $1.6 million. This was comprised of proceeds from the May 2018 Convertible Notes of $2.0 million offset by repayments of Mablife Notes Payable of $0.2 million and dividends paid on Series E Convertible Preferred Stock of $0.2 million.

During the six months ended June 30, 2017, net cash provided by financing activities was $4.2 million. This was comprised of proceeds from the Equity Line financings of $5.4 million, proceeds from the May 2017 Convertible Notes of $1.6 million, proceeds from the April 2017 Convertible Notes of $0.4 million and proceeds of $0.2 million related to the amendment of certain securities purchase agreements. This was partially offset by the repayment of $1.4 million related to the November 2016 convertible notes, $0.9 million repayment of the Loan Agreement with Hercules, repayment of April 2017 Convertible Notes of $0.1 million, $1.0 million payment of commitment fees, and $0.1 million in financing fees paid related to the Equity Line financings.

Recently Issued Accounting Standards

See Note 3 to the Consolidated Financial Statements, Summary of Significant Accounting Policies, for a discussion of recent accounting developments.

Off-Balance Sheet Arrangements

As of June 30, 2018, we had no off-balance sheet arrangements. We have no guarantees or obligations other than those that arise out of the Company’s ordinary business operations.

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Critical Accounting Policies and Significant Judgments and Estimates

A summary of our significant accounting policies is contained in the notes to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2017. There have been no material changes to those policies during the six months ended June 30, 2018.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are not required to provide information required by this item because we are a smaller reporting company, as that term is defined in Item 10(f)(1) of Regulation S-K.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Our management, with the participation and supervision of our Principal Executive Officer, who also is our Principal Financial Officer, is responsible for our disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act. Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified under the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to its principal executive officer and its principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Our management, including our Principal Executive Officer who is also our Principal Financial Officer, conducted an evaluation of the effectiveness of our disclosure controls and procedures as of June 30, 2018. Based on this evaluation, our Principal Executive Officer concluded that as of June 30, 2018, our disclosure controls and procedures were not effective at a reasonable assurance level due to the material weaknesses identified in our internal control over financial reporting as of June 30, 2018, which our management views as an integral part of our disclosure controls and procedures. Management’s assessment identified the following material weaknesses in our internal control over financial reporting:  lack of segregation of duties due to lack of sufficient accounting and finance personnel, lack of sufficient entity level controls, and lack of a sufficient technology infrastructure to support the financial reporting function.

Management intends to continue a remediation plan initiated in fiscal year 2018, which includes leveraging the financial reporting and internal control expertise of our Chief Executive Officer, who has served as Chief Financial Officer in similarly sized biotechnology companies, to address the lack of sufficient entity level controls, and addressing the other identified material weaknesses in financial reporting. Our planned remediation efforts to address lack of segregation of duties include using third parties to perform accounting tasks, enhancing procedures for recording and reviewing complex transactions, performing more independent reconciliations or reviews and hiring more people. Our planned remediation efforts to address lack of sufficient technology infrastructure include upgrading and engaging technology consultants with specific financial reporting expertise using our accounting and financial reporting system. We believe that these remediation efforts, if successfully implemented, will improve our internal control over financial reporting.

Changes in Internal Control over Financial Reporting

During the quarter ended June 30, 2018, we initiated remediation efforts and are working on implementing the controls described above in response to previously identified material weaknesses.

Part II. Other Information

Item 1. Legal Proceedings.

See Note 12(c) - “Commitments and Contingencies”, of the Notes to Unaudited Consolidated Financial Statements for detailed information regarding the status of our lawsuits and other disputes.

On May 9, 2018, we received a complaint against us, our subsidiary, our former CEO and Board Member, Daniel Teper and our former CFO, Serge Goldner, for approximately $2.8 million that was filed in the Tel Aviv District Court based on an agreement with our subsidiary, from 2011, relating to a loan of $260,000 which was repaid in full in 2011. The plaintiff claimed that the damages were based on certain warrants to purchase shares of our common stock, to participate in a future public offering or merger of the Company, with certain discounted terms and cash damages that it did not receive. In October 2014, we received a written demand from the plaintiff for damages and the parties discussed a settlement of this matter in 2015; however, until receipt of the complaint, we had not heard from the plaintiff since 2015. At this very early stage, we are unable to assess the validity or merits of the claim. We will review the claims and intend to vigorously defend against this action.

28

We are not involved in any legal proceedings which management believes may have a material adverse effect on our business, financial condition, operations, cash flows, or prospects. From time to time in the ordinary course of our business, we receive threats of litigation and/or we may be involved in legal proceedings which can include, but are not limited to employment claims, product claims, patent infringement, securities matters, shareholder demands and other matters in which companies such as us may be involved. We do not believe that any of these claims and proceedings against us as they arise are likely to have, individually or in the aggregate, a material adverse effect on our financial condition or results of operations.

Item 1A. Risk Factors.

There have been no changes to the risk factors set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, other than as set forth below.

We have limited liquidity and, as a result, we may not be able to meet our obligations under existing debt agreements.

Since our inception in July 2010, we have incurred significant losses and expect to continue to operate at a net loss in the foreseeable future. Our net loss was $9.1 million and $8.7 million for six months ended June 30, 2018 and 2017, and our accumulated deficit as of June 30, 2018 was $122.6 million. Our cash used in operations was $6.8 million and $4.5 million for the six months ended June 30, 2018 and 2017, respectively. To date, we have financed our operations primarily through private placements of common stock and preferred stock, public offering, convertible debt securities and borrowings under secured loans. Our revenue to date has consisted of royalties on licensed patents. We have devoted substantially all of our financial resources and efforts to developing bertilimumab, our phase 2 drug for the treatment of inflammatory diseases and our oncology portfolio,, manufacturing bertilimumab under cGMPs, conducting preclinical studies and clinical trials. We are still in the early stages of development of our product candidates.. We expect to continue to incur significant expenses and operating losses for the foreseeable future. Our net losses may fluctuate significantly from quarter to quarter and year to year. We anticipate that our expenses will increase substantially as we continue the research and development of our product candidates.

We believe that our available cash as of the date of this filing may not be sufficient to fund our anticipated level of operations for at least the next 12 months. Management believes the Company’s ability to continue its operations depends on its ability to access capital markets and generate and grow revenue though management believes that the Company will continue to incur losses for the immediate future. The Company expects to finance its cash needs from additional equity or debt financing, or strategic alliances on products in until it can achieve profitability and positive cash flows from operating activities, if ever.

To become and remain profitable, we must succeed in developing and eventually commercializing products that generate significant revenue. This will require us to be successful in a range of challenging activities, including completing preclinical testing and clinical trials of our product candidates, discovering additional product candidates, obtaining regulatory approval for these product candidates and manufacturing, marketing and selling any products for which we may obtain regulatory approval, and establishing and managing our collaborations at various stages of each candidate’s development. We are only in the preliminary stages of most of these activities. We may never succeed in these activities and, even if we do, may never generate revenues that are significant enough to achieve profitability.

Other than Ceplene, none of the Company’s drug candidates has received FDA or foreign regulatory marketing approval. In order to grant marketing approval, the FDA or foreign regulatory agencies must conclude that its clinical data and that of its collaborators establish the safety and efficacy of the Company’s drug candidates. Furthermore, the Company’s strategy includes entering into collaborations with third parties to participate in the development and commercialization of its products. In the event that third parties have control over the preclinical development or clinical trial process for a product candidate, the estimated completion date would largely be under control of that third party rather than under the Company’s control. The Company cannot forecast with any degree of certainty which of its drug candidates will be subject to future collaborations or how such arrangements would affect its development plan or capital requirements.

Because of the numerous risks and uncertainties associated with pharmaceutical product development, we are unable to accurately predict the timing or amount of increased expenses or when, or if, we will be able to achieve profitability. If we are required by the FDA or EMA to perform studies in addition to those currently expected, or if there are any delays in completing our clinical trials or the development of any of our product candidates, our expenses could increase and revenue could be further delayed.

Even if we do achieve profitability, we may not be able to sustain or increase profitability on a quarterly or annual basis. Our failure to become and remain profitable would depress the value of our company and could impair our ability to raise capital, expand our business, maintain our research and development efforts, diversify our product offerings or even continue our operations. A decline in the value of our Company could also cause you to lose part or all of your investment.

29

A significant number of shares of our common stock are issuable pursuant to outstanding shares of convertible preferred stock and warrants, and we expect to issue additional shares of common stock in the future. Conversion, exercise or sales of these securities will dilute the interests of other security holders and may depress the price of our common stock.

As of June 30, 2018, there were 35,736,480 shares of common stock outstanding, with up to 16,171,200 shares of common stock issuable upon conversion of outstanding convertible preferred stock; 17,676,000 shares of common stock issuable upon exercise of outstanding warrants issued in connection with the convertible preferred stock; 7,416,667 shares potentially issuable upon conversion of May 2018 convertible notes (assuming $0.375 price); 1,494,344 shares of common stock issuable upon exercise of other outstanding warrants; and 575,597 shares of common stock issuable upon exercise of outstanding options. In addition, we may issue additional common stock and warrants from time to time to finance our operations, to fund potential acquisitions or in connection with additional stock options or other equity awards granted to our employees, officers, directors and consultants under our 2015 Plan. The issuance of additional shares of common stock, convertible securities or warrants to purchase common stock, the perception that such issuances may occur, or exercise of outstanding warrants, convertible securities or options will have a dilutive impact on other shareholders and could have a material negative effect on the market price of our common stock.

The status and contemplated divestment of our oncology business is subject to various risks and uncertainties and may not be completed on the terms acceptable to us, if at all, and will involve significant time and expense, which could harm our business, results of operations and financial condition.

In April 2017, we announced a corporate restructuring with the objective of prioritizing and segregating our research and development efforts and strengthening our financial position. Accordingly, we had announced plans to separate our oncology business as a separate, stand-alone company, through a proposed spinoff of our wholly-owned subsidiary Cytovia Inc. (“Cytovia”). The contemplated spin-off was subject to the satisfaction of certain conditions, including separate capitalization from third-party sources to fund Cytovia’s start-up and operational costs, expenses of the spin-off and other relevant items. In April 2018, following careful consideration and lack of sufficient capital to support the spin-off, our board of directors determined that it was in the best interest of the Company and its shareholders to terminate the spin-off process and pursue other strategic alternatives for Cytovia in order to monetize its assets through a sale, disposition or similar transaction. Unanticipated developments could delay, prevent or otherwise adversely affect this process, including but not limited to failure to dispose of Cytovia’s assets, loss of Ceplene pursuant to the terms of the Asset Purchase Agreement, resulting in costs and expenses that may materially harm our business, liquidity and operations, litigation or other legal proceedings. Therefore, we cannot assure that we will be able to complete a strategic alternative to the spin-off on the terms that are acceptable to the Company, if at all.

Significant expenses in connection with maintaining the regulatory status of Ceplene and Cytovia’s assets will continue to be incurred, and such costs and expenses may be greater than we anticipate and could harm our liquidity and capital resources, and possibly negatively affect our other pipeline products, financial condition and operations. In addition, completion of any sale or disposition of Cytovia or its assets will require a significant amount of management time and effort which may disrupt our business or otherwise divert management’s attention from other aspects of our business operations. Any such difficulties could adversely affect our business, results of operations and financial condition.

The proposed sale or other disposition of Cytovia or its assets may not achieve some or all of the anticipated benefits.

If the sale or other disposition of Cytovia is completed, there is uncertainty as to whether the anticipated operational, financial and other benefits of a strategic transaction will be achieved. There can be no assurance that the value of our common stock will be higher than if the proposed sale or other disposition of Cytovia or its assets not occurred. If we fail to complete a sale or other disposition of Cytovia or its assets, our stock price could decline.

We are in default under our agreement for the acquisition of the European rights to Ceplene. If not cured, we bear significant risk to our business plan regarding Ceplene, including the loss of such rights.

Under an asset purchase agreement between Immune and Meda Pharma SARL (“Meda”), we were obligated to make payments to Meda of $1,500,000 (the “First Initial Consideration”) no later than December 15, 2017 and $1,500,000 on June 15, 2018. Under that agreement, we had a 30-day grace period to make the payment of the First Initial Consideration or work out a payment plan with Meda. On January 31, 2018, Meda delivered to us a default notice under the asset purchase agreement, demanding payment of the First Initial Consideration no later than February 15, 2018. We have yet to make any payments to Meda. Accordingly, Meda could terminate the asset purchase agreement, and cause us to forfeit the European rights to Ceplene without consideration to us and cancel our further obligations under the agreement except the First Initial Consideration would remain due and payable. If such action were to occur, we would need to either work out a license with Meda or renegotiate terms of a purchase of the European Ceplene rights from Meda. There can be no guarantee that that we would be able to work out such a deal. Loss of the Ceplene related assets would materially impair our ability to execute any sale, disposition or monetization of our oncology related assets and have a negative effect on our financial condition. There is also no guarantee that Meda will accept the transfer or assignment of the asset purchase agreement or such third party as an obligor to such agreement. If Meda does not accept the sale, transfer, assignment or other disposition of the Ceplene-related assets to such third-party buyer to whom we may negotiate such strategic transaction, it could materially impair our financial condition, operations and ability to execute our business plan.

30

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

In March 2018, we issued 100,000 shares of our common stock per agreements with consultants, as partial consideration for the performance of investor relations services.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

Exhibit No.	Description of Exhibit
31.1	Certification of Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer pursuant to Exchange Act Rules 13a- 14(a) and 15d-14(a), adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1	Certification of Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer pursuant to 18 U.S.C. Section 1350, adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
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.

SIGNATURE PAGE

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.

	IMMUNE PHARMACEUTICALS INC.
By:	/s/ Elliot Maza
	Elliot Maza
	Chief Executive Officer (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)
	August 14, 2018

31

EX-31.1

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER, PRINCIPAL FINANCIAL OFFICER AND

PRINCIPAL ACCOUNTING OFFICER PURSUANT TO

SECTION 302(a) OF THE SARBANES-OXLEY ACT OF 2002

I, Mr. Elliot Maza, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Immune Pharmaceuticals 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(s) 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 Rules 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(s) 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.

Date: August 14, 2018

/s/ Elliot Maza

Elliot Maza

Chief Executive Officer

(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER, PRINCIPAL FINANCIAL OFFICER AND

PRINCIPAL ACCOUNTING OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Immune Pharmaceuticals Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Elliot Maza, Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer of the Company, certify, pursuant to 18 U.S.C § 1350, as adopted pursuant to § 906 of the Sarbanes -Oxley Act of 2002, that:

1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

/s/ Elliot Maza

Elliot Maza

Chief Executive Officer

(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

August 14, 2018

XML

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 10, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Entity Registrant Name	IMMUNE PHARMACEUTICALS INC
Entity Central Index Key	0001208261
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	IMNP
Entity Common Stock, Shares Outstanding		36,347,267

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 1,508	$ 6,776
Other current assets	230	255
Total current assets	1,738	7,031
Property and equipment, net	61	0
In-process research and development acquired	15,000	15,000
Intangible assets, net	5,363	6,477
Other assets	100	100
Total assets	22,262	28,608
Current liabilities
Accounts payable	3,597	3,569
Accrued expenses	1,900	2,120
Advances from related parties	232	266
Notes and loans payable, current portion, net of debt discount	6,864	3,296
Total current liabilities	12,593	9,251
Notes and loans payable, net of current portion	870	1,457
Deferred tax liability	4,142	4,142
Total liabilities	17,605	14,850
Commitments and contingencies (Note 12)
Stockholders' Equity
Series E Preferred Stock, net of discount, par value $0.0001, 18,000 shares authorized, 4,492 and 12,191 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively	0	0
Common stock, $0.0001 par value; authorized 225,000,000 shares; 35,736,480 and 21,002,212 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively	4	2
Additional paid-in capital	127,290	127,292
Accumulated deficit	(122,637)	(113,536)
Total stockholders' equity	4,657	13,758
Total liabilities and stockholders' equity	$ 22,262	$ 28,608

XML

Condensed Consolidated Balance Sheets [Parenthetical] - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	225,000,000	225,000,000
Common Stock, Shares, Issued	35,736,480	21,002,212
Common Stock, Shares, Outstanding	35,736,480	21,002,212
Series E Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	18,000	18,000
Preferred Stock, Shares Issued	4,492	12,191
Preferred Stock, Shares Outstanding	4,492	12,191

XML

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue	$ 0	$ 0	$ 0	$ 0
Costs and expenses:
Research and development	1,715	1,417	4,109	2,445
General and administrative	1,128	1,367	3,060	3,034
Total costs and expenses	2,843	2,784	7,169	5,479
Loss from operations	(2,843)	(2,784)	(7,169)	(5,479)
Non-operating expense:
Interest expense	(281)	(2,142)	(346)	(3,197)
Loss on impairment of intangible assets	(653)	0	(653)	0
Gain on extinguishment of debt	181	0	181	0
Liquidated Damages	(1,112)	0	(1,112)	0
Change in fair value of derivative instrument	12	0	38	0
Other expense, net	(21)	(10)	(40)	(13)
Total non-operating expense	(1,874)	(2,152)	(1,932)	(3,210)
Net loss before income taxes	(4,717)	(4,936)	(9,101)	(8,689)
Income tax expense	0	0	0	0
Net loss	(4,717)	(4,936)	(9,101)	(8,689)
Deemed dividend	(5,599)	0	(5,599)	0
Net loss attributable to common stockholders	$ (10,316)	$ (4,936)	$ (14,700)	$ (8,689)
Basic and diluted net loss per common share	$ (0.84)	$ (0.50)	$ (0.46)	$ (0.93)
Weighted average common shares outstanding - basic and diluted:	12,345,411	9,881,782	31,682,548	9,343,421

XML

Condensed Consolidated Statement of Changes in Stockholders' Equity - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands	Total	Series E Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2017	$ 13,758	$ 0	$ 2	$ 127,292	$ (113,536)
Balance (in shares) at Dec. 31, 2017		12,191	21,002,212
Conversion of Series E Preferred Stock and dividends	0	$ 0	$ 2	(2)	0
Conversion of Series E Preferred Stock and dividends (in shares)		(7,699)	14,634,268
Common stock issued to consultant	38	$ 0	$ 0	38	0
Common stock issued to consultant (in shares)		0	100,000
Down round trigger in connection with Series E Preferred Stock	5,175	$ 0	$ 0	5,175	0
Accretion of down round trigger in connection with Series E Preferred Stock	(5,175)	0	0	(5,175)	0
Down round trigger in connection with warrants	424	0	0	424	0
Accretion of down round trigger in connection with warrants	(424)	0	0	(424)	0
Share-based compensation	122	$ 0	$ 0	122	0
Share-based compensation (in shares)		0	0
Series E Preferred Stock dividends	(251)	$ 0	$ 0	(251)	0
Placement agent warrants	91	0	0	91	0
Net loss	(9,101)	0	0	0	(9,101)
Balance at Jun. 30, 2018	$ 4,657	$ 0	$ 4	$ 127,290	$ (122,637)
Balance (in shares) at Jun. 30, 2018		4,492	35,736,480

XML

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net loss	$ (9,101)	$ (8,689)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	461	171
Amortization of debt discount	347	977
Accretion of the April 2017 convertible note conversion premium	0	280
Liquidated damages	1,112	998
Share-based compensation	122	165
Loss on impairment of intangible assets	653	0
Gain on extinguishment of debt	(181)	0
Issuance of common stock to consultant	38	0
Change in fair value of derivative instrument	(38)	0
Disposal of equipment	0	267
Accretion of redemption premium on November 2016 convertible note	0	300
Changes in operating assets and liabilities:
Other assets	25	301
Accounts payable	28	908
Accrued expenses and advances from related parties	(315)	(131)
Net cash used in operating activities	(6,849)	(4,453)
Cash flows from investing activities:
Change in restricted cash	0	59
Purchase of property and equipment	(61)	(22)
Net cash (used in) provided by in investing activities	(61)	37
Cash flows from financing activities:
Proceeds from May 2018 Convertible Notes	2,007	0
Payment of dividends on Series E Preferred Stock	(160)	0
Repayment of Mablife Notes Payable	(205)	0
Proceeds received from November 2016 and March 2017 Equity Line financings	0	5,383
Financing fees paid on November 2016 and March 2017 Equity Line financing	0	(118)
Payment of commitment fees related to March 2017 Equity Line financing	0	(1,010)
Proceeds from amending certain securities purchase agreements	0	238
Repayment of capital lease	0	(24)
Repayment of November 2016 Convertible Notes	0	(1,350)
Proceeds from April 2017 Convertible Notes	0	440
Repayment of April 2017 Convertible Notes	0	(97)
Proceeds from May 2017 Convertible Notes	0	1,579
Repayment of senior secured term loan payable	0	(874)
Net cash provided by financing activities	1,642	4,167
Decrease in cash	(5,268)	(249)
Cash at beginning of period	6,776	271
Cash at end of period	1,508	22
Supplemental disclosure of cash flow information:
Cash paid for interest	0	160
Supplemental disclosure of non-cash financing activities:
Warrants issued in connection with May 2018 Convertible Notes	91	0
Common stock issued to settle liabilities	0	14
Acquisition of Ceplene Rights	0	4,218
Conversion of April 2017 Convertible Notes prepayment into May 2017 Convertible Notes	$ 0	$ 154

XML

Description of Business

6 Months Ended

Jun. 30, 2018

Disclosure Text Block [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1. Description of Business

Immune Pharmaceuticals Inc., together with its subsidiaries (collectively, “Immune” or the “Company”, or “us”, “we”, “our”) is a clinical stage biopharmaceutical company specializing in the development of novel targeted therapeutic agents in the fields of inflammation, dermatology and oncology.

Our lead product candidate is bertilimumab, a first-in-class, human antibody that targets eotaxin-1, a key regulator of inflammation, Bertilimumab has completed phase 2 trials in bullous pemphigoid (“BP”), our lead indication, as well as in allergic rhinitis and allergic conjunctivitis, and is currently in a phase 2 clinical trial in ulcerative colitis (“UC”). Also, we are developing a topical nano-encapsulated formulation of cyclosporine-A, which we refer to as “NanoCyclo,” for the treatment of atopic dermatitis (“AD”) and psoriasis.

Our oncology portfolio includes Ceplene, which is approved in the European Union for the maintenance of remission in patients with Acute Myeloid Leukemia (“AML”) in combination with interleukin-2 (IL-2), and a nanotechnology combination platform, which we refer to as “NanomAbs”, Azixa, and Crolibulin. In June 2018, we terminated the license agreement and returned all rights relating to the bispecific antibody platform, which was included previously in our oncology portfolio.

In April 2017, we announced a corporate restructuring with the objective of prioritizing and segregating our research and development efforts and strengthening our financial position. Accordingly, we announced plans to separate our oncology business as a separate, stand-alone company, through a proposed spinoff of our wholly-owned subsidiary Cytovia Inc. (“Cytovia”). The contemplated spin-off was subject to the satisfaction of certain conditions, including separate capitalization from third-party sources to fund Cytovia’s start-up and operational costs, expenses of the spin-off and other relevant items. In April 2018, following careful consideration and lack of sufficient capital to support the spin-off, our board of directors determined that it was in the best interest of the Company and its shareholders to terminate the spin-off process and pursue other strategic alternatives for Cytovia in order to monetize its assets through a sale, disposition or similar transaction. In addition, on May 1, 2018, Dr. Daniel Teper, Chief Executive Officer of Cytovia and member of the board of directors of both Immune and Cytovia, resigned from each of these positions, effective immediately. The Board accepted his resignation, which was not due to any disagreement with the Company. See Risk Factors for risks and other matters related to our oncology assets.

Our pain portfolio includes AmiKet and AmiKet Nano, a topical analgesic cream containing amitriptyline and ketamine for the treatment of postherpetic neuralgia (“PHN”) and diabetic peripheral neuropathy (“DPN”). We are determining the optimal path forward for this program.

As of June 30, 2018, we did not have any self-developed or licensed products approved for sale by the United States Food and Drug Administration (“FDA”). There can be no assurance that our research and development efforts will be successful, that any of our products will obtain necessary United States or foreign government regulatory approval or that any approved products will be commercially viable.

On April 12, 2017, we announced a reverse stock split of our shares of common stock at a ratio of 1-for-20. Our common stock began trading on a post-split basis beginning with the opening of trading on April 13, 2017. Our shareholders ratified the effectiveness of the April 2017 reverse stock split at our Annual Meeting of Stockholders, held and adjourned on February 15, 2018, and reconvened on February 23, 2018. All share and per share amounts in this Form 10-Q have been reflected on a post-split basis.

On February 8, 2018, we announced on a Current Report on Form 8-K that we failed to comply with certain listing requirements of Nasdaq Stockholm and, therefore, our shares of common stock would no longer trade on Nasdaq First North Stockholm as of March 29, 2018; however, such delisting action did not affect the Company's trading status on The Nasdaq Capital Market (“NASDAQ”) in the United States.

On June 4, 2018, we received a notice from the Staff of the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq LLC”) indicating that, based upon our continued non-compliance with the minimum $1.00 bid price requirement for continued listing on NASDAQ, as set forth in Nasdaq Listing Rule 5550(a)(2) (the “Rule”) as of May 30, 2018, and notwithstanding our compliance with the quantitative criteria necessary to obtain a second 180-day period within which to evidence compliance with the Rule, as set forth in Nasdaq Listing Rule 5810(c)(3)(A), the Staff had determined to delist our securities from NASDAQ unless we timely requested a hearing before the Nasdaq Hearings Panel (the “Panel”). We timely appealed the delisting notice and appeared in front of the Panel on July 19, 2018. The Panel issued a decision on July 24, 2018 and affirmed the Staff’s decision to delist our common stock from NASDAQ, with suspension of trading effective at the open of business on July 26, 2018. The Panel indicated that NASDAQ will complete the delisting process by filing a Form 25 Notification of Delisting with the Securities and Exchange Commission, after all applicable appeals periods have lapsed. In accordance with NASDAQ’s Listing Rules, we have decided to appeal the delisting determination. Any such appeal would not stay the suspension of trading in our securities on NASDAQ. There can be no guarantee as to the outcome of any appeal.

On July 26, 2018, our shares began trading on the OTCQB Market ("OTCQB"), which is operated by OTC Market Groups Inc., under the symbol “IMNP”.

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Going Concern

6 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Substantial Doubt about Going Concern [Text Block]

Note 2. Going Concern

These consolidated financial statements are presented on the basis that we will continue as a going concern. The going concern concept contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Our ability to continue as a going concern despite insufficient available cash as of the date of this filing to fund the anticipated level of operations for at least the next 12 months from the issuance of this report is dependent on our ability to raise capital and monetize assets through the sale or licensing of drug candidates under development or our oncology asset portfolio.

We have limited capital resources and our operations have been funded by the proceeds of equity and debt offerings. We have devoted substantially all of our cash resources to research and development (“R&D”) programs and have incurred significant general and administrative expenses to enable us to finance and grow our business and operations. We have not generated any significant revenue to date and may not generate any revenue for a number of years, if at all. If we are unable to raise additional funds in the future on acceptable terms, or at all, we may be forced to curtail our drug development activities or cease operations.

We have generated losses from operations since inception and we anticipate that we will continue to generate significant losses from operations for the foreseeable future. We had negative working capital of approximately $10.9 million and an accumulated deficit of $122.6 million as of June 30, 2018. Our net loss was $4.7 million and $4.9 million for the three months ended June 30, 2018 and 2017, respectively. Our net loss was $9.1 million and $8.7 million for the six months ended June 30, 2018 and 2017, respectively. Cash used in operations was $6.8 million and $4.5 million for the six months ended June 30, 2018 and 2017, respectively. We had approximately $1.5 million in cash as of June 30, 2018.

We will require additional financing over the next twelve months to continue at our expected level of operations. We may be forced to delay, scale back, sell or out-license or eliminate some or all of our R&D programs if we fail to obtain the needed capital on a timely basis. There is no assurance that we will be successful in any capital-raising efforts that we may undertake to fund operations during the next twelve months. We anticipate continuing to issue equity and/or debt securities as a source of liquidity, until we begin to generate positive cash flow to support our operations. Any future sales of securities to finance operations will dilute existing stockholders' ownership. We cannot guarantee when or if we will generate positive cash flow.

The forgoing factors, among others, raise substantial doubt about our ability to continue as a going concern. 

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

Note 3. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of Immune and its subsidiaries: Immune Pharmaceuticals Ltd. (“Immune Ltd.”), Immune Pharmaceuticals USA Corp., Maxim Pharmaceuticals, Inc., Cytovia, Inc. and Immune Oncology Pharmaceuticals Inc. All material inter-company transactions and balances have been eliminated in consolidation. 

The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and instructions to Form 10-Q and do not include all disclosures necessary for a complete presentation of financial position, results of operations, and cash flows in conformity with U.S. GAAP. These financial statements should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2017 filed on April 2, 2018. The results of operations for the three and six months ended June 30, 2018 and 2017 are not necessarily indicative of the results that may be expected for the entire fiscal year or for any other interim period. In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all material adjustments, including normal and recurring accruals, necessary to present fairly the Company's consolidated financial position as of June 30, 2018, the results of operations for the three and six months ended June 30, 2018 and 2017 and cash flows for the six months ended June 30, 2018 and 2017. 

Use of Estimates

In preparing consolidated financial statements in conformity with U.S. GAAP, management is required 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 and expenses during the reported periods. Significant estimates include impairment of long lived assets (including intangible assets and In-Process R&D (“IPR&D”)), amortization period of intangible assets, fair value of stock-based compensation, fair value of warrants and derivative liabilities, and valuation of deferred tax assets and liabilities. Actual results could differ from those estimates.

Cash and Cash Equivalents

We consider investments with original maturities of three months or less to be cash equivalents. Restricted cash primarily represents cash not available to us for immediate and general use. We maintain cash accounts with certain major financial institutions in the United States and Israel. Our cash on deposit may exceed United States federally insured limits at certain times during the year.

Intangible Assets

We account for the purchases of intangible assets in accordance with the provisions of Accounting Standards Classification (“ASC”) 350, Intangibles. We recognize intangible assets based on their acquisition cost. Intangible assets determined to have indefinite lives are not amortized, but rather tested for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying amount may no longer be recoverable. If any of our intangible assets are considered to be impaired, the amount of impairment to be recognized is the excess of the carrying amount of the assets over its fair value. Intangible assets with definitive lives are reviewed for impairment only if indicators exist in accordance with ASC 360, Property, Plant and Equipment, and are amortized or depreciated over the shorter of their estimated useful lives or the statutory or contractual term, and in the case of patents, on a straight-line basis.  

We perform an analysis annually to determine whether an impairment of intangible assets has occurred. As of June 30, 2018, we evaluated our intangible assets for human antibodies and anti-ferritin antibodies, because of events that occurred during the quarter, which indicate that the carrying amount may no longer be recoverable. Based on this evaluation, these intangible assets have no value and were fully impaired. Additionally, we evaluated the AmiKet IPR&D as of December 31, 2017 for impairment. There was no impairment as of December 31, 2017. See In-Process Research and Development below for a further discussion regarding the valuation of the AmiKet IPR&D.

In-Process Research and Development

IPR&D represents the estimated fair value assigned to R&D projects acquired in a purchased business combination that have not been completed at the date of acquisition and which have no alternative future use.  IPR&D assets acquired in a business combination are capitalized as indefinite-lived intangible assets. These assets remain indefinite-lived until the completion or abandonment of the associated R&D efforts. During the period prior to completion or abandonment, these acquired indefinite-lived assets are not amortized but are tested for impairment annually, or more frequently, if events or changes in circumstances indicate that the asset might be impaired.

We recorded an asset, IPR&D, with an initial book value of $27.5 million, related to the acquisition of AmiKet in August 2013 as part of the merger with Epicept. We completed an impairment analysis of the IPR&D as of December 31, 2016 and concluded that the following factors indicate that the IPR&D asset was impaired: a decision by management to delay indefinitely any further development of AmiKet; the failure to sell or license AmiKet to a third party; and the significant reduction in our market capitalization. For the year ended December 31, 2016, we recorded an impairment charge of $12.5 million in our consolidated statement of operations, which represents the excess of the IPR&D asset’s carrying value over its estimated fair value. The estimated fair value of the IPR&D asset as of December 31, 2016 of $15 million was based upon the value ascribed to AmiKet in an arm’s length agreement, which we negotiated with an unrelated third party.

The nano-encapsulation technology that we utilize in our NanoCyclo product candidate is applicable to AmiKet and we are considering developing Amiket Nano as a next generation, improved formulation of AmiKet with significant new patent protection. We are determining the optimal path forward for this program.

Research and Development

R&D expenses consist primarily of payroll and related costs for our drug development and scientific personnel, clinical trials costs, manufacturing costs, and costs of outsourced R&D services. R&D costs are expensed as incurred. 

Translation into United States dollars

The United States dollar is our functional currency. We conduct certain transactions in foreign currencies, particularly, the Israeli Shekel and the Euro, which are recorded at the exchange rate as of the transaction date. All exchange gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar currencies are nominal and reflected as non-operating income or expense in the statements of operations, as they arise.

Stock-based Compensation 

We recognize compensation expense for all equity-based payments. Stock based compensation issued to employees is accounted for under ASC 718, Compensation - Share Compensation (“ASC 718”). We utilize the Black-Scholes valuation method to recognize compensation expense over the vesting period. The Black-Scholes valuation model requires the use of certain assumptions as inputs, including the expected life, volatility, risk-free interest rate and anticipated forfeiture of the stock options. We utilize the short cut method per the provisions of ASC 718 to calculate the expected life of the options. We base the risk-free interest rate on the rates paid on securities issued by the United States Treasury with a term approximating the expected life of the options. We estimate expected stock price volatility for our common stock by taking the average historical price volatility for industry peers combined with our historical data based on daily price observations. Estimates of pre-vesting option forfeitures are based on our experience. We adjust our estimate of forfeitures over the requisite service period based on the extent to which actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized through a cumulative catch-up adjustment in the period of change and impacts the amount of compensation expense to be recognized in future periods. 

We account for stock-based transactions with non-employees based upon the fair value of the equity instruments issued, in accordance with ASC 505-50, Equity-Based Payments to Non-Employees. Significant factors that affect the expense related to equity-based payments to non-employees include the estimated fair market value of the common stock underlying the stock options and the estimated volatility of such fair market value. The value of non-employee options is re-measured every quarter until performance is complete. Income or expense is recognized during the vesting terms. Accounting for equity-based payments to non-employees requires fair value estimates of the equity instrument grant, which we estimate based upon the value of our common stock at the date of grant.

Patents

We charge external patent costs, such as filing fees and associated attorney fees and costs associated with maintaining and defending our patents subsequent to their issuance, to expense as and when incurred.  

Clinical Trial Accruals

We outsource the conduct of our pre-clinical and clinical trials to third party contract research organizations (CROs) and clinical investigators. Our clinical supplies are manufactured by third party contract manufacturing organizations (CMOs). Invoicing from these third parties may be monthly based upon services performed or periodically based upon milestones achieved. We accrue these expenses based upon our assessment of the status of each clinical trial and the work completed, and upon information obtained from the CROs and CMOs. Our estimates are dependent upon the timeliness and accuracy of data provided by the CROs and CMOs regarding the status and cost of the studies and may not match the actual services performed by the organizations. Discrepancies could result in adjustments to our research and development expenses recorded in future periods. We have not had any significant adjustments to date.

Recently Issued Accounting Standards

From time to time, new accounting standards are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial position or results of operations upon adoption.

New accounting standards which have been adopted

In January 2016, the FASB issued Accounting Standards Update No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). ASU 2016-01 changes accounting for equity investments, financial liabilities under the fair value option, and presentation and disclosure requirements for financial instruments. ASU 2016-01 does not apply to equity investments in consolidated subsidiaries or those accounted for under the equity method of accounting. In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. Equity investments with readily determinable fair values will be measured at fair value with changes in fair value recognized in net income. Companies have the option to either measure equity investments without readily determinable fair values at fair value or at cost adjusted for changes in observable prices minus impairment. The ASU enhances the reporting model for financial instruments, which includes amendments to address aspects of recognition, measurement, presentation and disclosure. ASU 2016-01 was effective for us beginning in the first quarter of 2018. Adoption of ASU 2016-01 did not have a material effect on our consolidated financial statements as we do not hold any publicly traded equity investments.

In August 2016, the FASB issued Accounting Standards Update No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" (“ASU 2016-15”). ASU 2016-15 clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows where diversity in practice exists. ASU 2016-15 was effective for us in our first quarter of fiscal 2018. We did not have any changes to the presentation of our Consolidated Statement of Cash Flows upon adoption of the standard. 

In October 2016, the FASB issued Accounting Standards Update No. 2016-16, "Intra-Entity Transfers of Assets Other Than Inventory” (“ASU 2016-16”). ASU 2016-16 requires the income tax consequences of intra-entity transfers of assets other than inventory to be recognized as current period income tax expense or benefit and removes the requirement to defer and amortize the consolidated tax consequences of intra-entity transfers. ASU 2016-16 was effective for us in our first quarter of fiscal 2018. Adoption of ASU 2016-16 did not have a material effect on our consolidated financial statements as we did not have any intra-entity transfers of assets.

In November 2016, the FASB issued Accounting Standards Update No. 2016-18, “Statement of Cash Flows (Topic 230) Restricted Cash” (“ASU 2016-18”). The amendments of ASU No. 2016-18 were issued to address the diversity in classification and presentation of changes in restricted cash and restricted cash equivalents on the statement of cash flows which is currently not addressed under Topic 230. The ASU requires an entity to include amounts generally described as restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning of period and end of period total amounts on the statement of cash flows. ASU 2016-18 was effective for us in our first quarter of fiscal 2018. Adoption of ASU 2016-18 resulted in reclassification of restricted cash in the consolidated statements of cash flows for the six months ended June 30, 2017.

New accounting standards which have not yet been adopted

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, "Leases (Topic 842)" (“ASU 2016-02”). ASU 2016-02 provides accounting guidance for both lessee and lessor accounting models. Among other things, lessees will recognize a right-of-use asset and a lease liability for leases with a duration of greater than one year. For income statement purposes, ASU 2016-02 will require leases to be classified as either an operating or finance lease. Operating leases will result in straight-line expense while finance leases will result in a front-loaded expense pattern. The new standard will be effective for us on January 1, 2019. We expect the implementation of this standard to have an impact on our consolidated financial statements and related disclosures as we expect to have aggregate future minimum lease payments under future non-cancelable leased office space.

In July 2018, the FASB issued Accounting Standards Update 2018-11 “Leases (Topic 842) Targeted Improvements” which provides entities with an alternative transition method for adopting the new lease standard. Entities can elect to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings. Consequently, comparative periods will continue to be accounted for in accordance with the current lease standard (Topic 840) and the disclosures will be in accordance with ASC 840. We are assessing this option in conjunction with its analysis of ASU 2016-02.

In August 2017, the FASB issued Accounting Standards Update No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). ASU 2017-12 provides guidance for improving and more closely aligning a company’s financial reporting of its hedging relationships with the objective of a company’s risk management activities. Among other provisions, the new standard (1) eliminates the separate measurement and reporting of hedge ineffectiveness and (2) permits an entity to recognize in earnings the initial value of an excluded component under a systematic and rational method over the life of the derivative instrument. The new standard will be effective for us on January 1, 2019. We do not expect the adoption of ASU 2017-12 to have a material effect on our consolidated financial statements as we do not anticipate engaging in any hedging activities. 

In March 2018, the FASB Issued Accounting Standards Update No. 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 ("ASU 2018-05"). ASU 2018-05 was issued to incorporate into Topic 740 recent SEC guidance related to the income tax accounting implications of the Tax Cut and Jobs Act (the "Tax Act"). The SEC issued Staff Accounting Bulletin No. 118 ("SAB 118") to address concerns about reporting entities’ ability to timely comply with the accounting requirements to recognize all of the effects of the Tax Act in the period of enactment. SAB 118 permits companies to disclose that some or all of the income tax effects from the Tax Act are incomplete by the due date of the financial statements, and if possible, disclose a reasonable estimate of such tax effects. ASU 2018-05 is effective immediately. ASU 2018-05 permits companies to use provisional amounts for certain income tax effects of the Tax Act during a one-year measurement period. The provisional accounting impacts for us may change in future reporting periods until the accounting analysis is finalized, which will occur no later than the first quarter of fiscal 2019.

In June 2018, the FASB issued Accounting Standards Update No. 2018-07, “Improvements to Nonemployee Share-Based Payment Accounting" (ASU 2018-07), to simplify the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. This ASU is effective for public entities for fiscal years beginning after December 15, 2018, with early adoption permitted. Prior to the adoption of ASU 2018-07, stock-based compensation awarded to non-employees was subject to revaluation over its vesting terms. Subsequent to the adoption of ASU 2018-07, non-employee share-based payment awards are measured on the date of grant, similar to share-based payment awards granted to employees. We currently have not adopted this ASU as we are assessing its effect.

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Derivative Financial Instruments

6 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Note 4. Derivative Financial Instruments

We account for derivative financial instruments in accordance with ASC 815-40, “Derivative and Hedging - Contracts in Entity’s Own Equity” (“ASC 815-40”). Instruments that do not have fixed settlement provisions are deemed to be derivative instruments.

On July 17, 2017, we entered into an agreement in principle with Carmelit 9 Nehassim Ltd (“Carmelit”) for the sale of original issue discount convertible notes (the “Carmelit Notes”). Also, the holder is entitled to receive 75,000 shares of our common stock subject to approval by our shareholders. We accounted for the obligation to issue Carmelit 75,000 shares as a derivative under ASC 815 because shareholder approval is not within our control and failure to obtain the approval would trigger net-cash settlement. Therefore and because shareholder approval has not been obtained to date, we classified the obligation as a derivative liability with an offset to debt discount on the debt in our consolidated financial statements, recorded at fair value and subject to mark to market until the shares are issued upon shareholder approval. We recorded the derivative liability of $207,750 at inception based on the closing price of our shares on that date. As of June 30, 2018, the fair value of these shares was $14,250 based on the closing price of our shares and we recorded the change in fair value of $28,500 for the six months ended June 30, 2018.

On October 27, 2017, we entered into an agreement with a consultant providing for the issuance of 50,000 shares to the consultant as partial consideration for the performance of investor relations services. We accounted for the obligation to issue the shares as a derivative because the issuance was subject to Immune Board approval, which was not obtained as of December 31, 2017. We recorded a derivative liability of $40,500 at inception based on the closing price of our shares on that date. Following receipt of board approval, in March 2018, we issued 50,000 shares to the consultant and extinguished the derivative liability. The fair value of these shares was $19,000 based on the closing price of our shares and we recorded the change in fair value of $9,500 for the six months ended June 30, 2018.

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Fair Value Measurements

6 Months Ended

Jun. 30, 2018

Disclosure Text Block [Abstract]

Fair Value, Measurement Inputs, Disclosure [Text Block]

Note 5. Fair Value Measurements

Financial Instruments and Fair Value 

We account for financial instruments in accordance with ASC 820, “Fair Value Measurements and Disclosures”. ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).  The three levels of the fair value hierarchy under ASC 820 are described below: 

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;  

Level 2 - Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; and  

Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. 

The financial instruments recorded in our consolidated balance sheets consist primarily of cash, notes payable and accounts payable. The carrying amounts of our cash and accounts payable approximate fair value due to their short-term nature. The fair value of our debt approximates its carrying value of approximately $6.6 million. We had no other financial liabilities or assets that were measured at fair value as of June 30, 2018.  

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Intangible Assets

6 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets Disclosure [Text Block]

Note 6. Intangible Assets

Our intangible assets consist of licenses and patents relating to our bertilimumab and oncology programs and were determined by management to have useful lives ranging between seven and fifteen years. We amortize these intangible assets on a straight-line basis.

On June 15, 2017, we entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Meda Pharma SARL, a Mylan N.V. company (“Meda”) to repurchase assets relating to Ceplene (histamine dihydrochloride) including the right to commercialize Ceplene in Europe and to register and commercialize Ceplene in certain other countries, for a fixed consideration of $5.0 million payable in installments over a three-year period and additional contingent payments of $3.0 million which consists of $1.5 million due in year 4 upon the initial achievement of $12.0 million in revenue and $1.5 million due in year 5 upon the initial achievement of $15.0 million in revenue. We sold certain of these Ceplene-related assets to Meda in 2012. The assets acquired from Meda include rights to marketing authorizations, trademarks, patents, and other intellectual property related to Ceplene and its use.

In addition, on June 15, 2017, substantially contemporaneous with the entry into the Asset Purchase Agreement, we entered into a Standby Financing Agreement (the “Standby Financing Agreement”) with Daniel Kazado (the “Standby Financer”) a member of our board of directors and a beneficial owner of our capital stock. See Note 13 for a further description of the Standby Financing Agreement. Currently, we are contemplating the sale or other disposition of Cytovia and/or its assets, pursuant to which we intend to include the $5.0 million financial obligations contemplated by the Asset Purchase Agreement as part of such sale or other disposition on a basis and on terms that are acceptable to our board of directors and, if attainable, without recourse to us. We intend to maintain the regulatory status of Ceplene and our oncology assets while we pursue a strategic transaction, however, management and our board of directors will make decisions in the best interest of its shareholders as this process progresses.

We treated the acquisition as an asset acquisition in accordance with ASC 805, “Business Combinations”. We recorded the purchase price for the underlying patents as intangible assets and recorded the present value of the future payments due under the Asset Purchase Agreement of $4.2 million as a corresponding liability. The present value of future payments due under the Asset Purchase Agreement was determined by using our then current borrowing rate of 15% as the relevant discount rate for present value calculations. As of June 30, 2018, the amount due to Meda on a present value basis, classified as current and long term notes payable is $3.6 million and $0.9 million, respectively. The estimated useful life of these intangible assets is seven years.

As of June 30, 2018, we evaluated our intangible assets for human antibodies and anti-ferritin antibodies because of events that occurred during the quarter, which indicate that the carrying amount may no longer be recoverable. Based on this evaluation (level 3 in the fair value hierarchy), these intangible assets have no value and were fully impaired. As of June 30, 2018, we recorded an impairment of intangible assets of $653,000.

The value of our amortizable intangible assets including gross asset value and carrying value is summarized below ($ in thousands):

	Bertilimumab ‎iCo			NanomAbs ‎Yissum			Human ‎Antibodies ‎Kadouche			Anti-ferritin ‎Antibody ‎MabLife			Ceplene ‎Acquisition ‎Intangibles			Total
Balance as of December 31, 2017	$	1,419		$	383		$	381		$	318		$	3,976		$	6,477
Amortization		(84	)		(24	)		(23	)		(23	)		(307	)		(461	)
Impairment		-			-			(358	)		(295	)		-			(653	)
Balance, June 30, 2018	$	1,335		$	359		$	-		$	-		$	3,669		$	5,363
Gross asset value	$	2,509		$	694		$	-		$	-		$	4,310		$	7,513
Accumulated Amortization		(1,174	)		(335	)		-			-			(641	)		(2,150	)
Balance, June 30, 2018	$	1,335		$	359		$	-		$	-		$	3,669		$	5,363

Amortization expense amounted to $461,000 and $153,000 for the six months ended June 30, 2018 and 2017, respectively.

Estimated amortization expense for each of the five succeeding years, based upon intangible assets at June 30, 2018 is as follows ($ in thousands):

Period Ending June 30,	Amount
2019	$	829
2020		829
2021		829
2022		829
2023		829
Thereafter		1,218
Total	$	5,363

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Accrued Expenses

6 Months Ended

Jun. 30, 2018

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

Note 7. Accrued Expenses

Accrued expenses consist of the following ($ in thousands): 

	June 30,		December 31,
	2018		2017
Professional fees	$	179	$	284
Consulting fees		918		832
License fees		240		421
Dividends		308		216
Salaries and employee benefits		63		105
Other		192		262
Total	$	1,900	$	2,120

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Notes and Loan Payable

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Note 8. Notes and Loan Payable

We are party to loan agreements as follows ($ in thousands):

	June 30,		December 31,
	2018		2017
Mablife Notes Payable (1)	$	-	$	394
Asset Acquisition Payable, net of discount of $510 (2)		4,490		4,359
May 2018 Convertible Notes, net of discount of $649 (3)		3,244		-
Total notes and loans payable	$	7,734	$	4,753
Notes and loans payable, net of debt discount, current portion	$	6,864	$	3,296
Notes and loans payable, noncurrent portion		870		1,457
Total notes and loans payable, net of discount	$	7,734	$	4,753

Repayments under the Company’s existing debt agreements consist of the following ($ in thousands):

Period Ending June 30,	Amount
2019	$	7,893
2020		1,000
Total	$	8,893

MabLife Notes Payable (1)

In March 2012, we acquired from MabLife SAS (“MabLife”) through an assignment agreement, all rights, titles and interests in and to the patent rights, technology and deliverables related to the anti-Ferritin mAb, AMB8LK, including its nucleotide and protein sequences and its ability to recognize human acid and basic ferritins. The consideration was as follows: (i) $0.6 million payable in six annual installments (one of such installments being an upfront payment made upon execution of the agreement), and (ii) royalties of 0.6% of net sales of any product containing AMB8LK or the manufacture, use, sale, offering or importation of which would infringe on the patent rights with respect to AMB8LK. In February 2014, the parties revised the payment arrangement for the purchase of the original assignment rights to provide that the remaining payments of $0.1 million per year would be due each year in 2016 and 2017. We did not make those payments on a timely basis. 

In February 2014, we acquired from MabLife, through an assignment agreement, all rights, titles and interests in and to the patent rights, technology and deliverables related to the use of anti-ferritin monoclonal antibodies in the treatment of some cancers, nucleotide and protein sequences of an antibody directed against an epitope common to human acidic and basic ferritins, monoclonal antibodies or antibody-like molecules comprising these sequences. As full consideration for the secondary patent rights, we agreed to pay a total of $150,000 of which $15,000 and $25,000 was paid in 2014 and 2013, respectively, and $25,000 would be paid on the second through fourth anniversary of the agreement and an additional $35,000 on the fifth anniversary of the agreement. We did not make those payments on a timely basis. 

During the first quarter of 2015, MabLife informed us that it had filed for bankruptcy. On May 30, 2017, we received a summons from the bankruptcy court-liquidator to appear before the commercial court of Evry, France on September 19, 2017. In December 2017, we reached an agreement with the bankruptcy court-liquidator to settle all amounts due to Mablife for a payment of approximately $205,000. We paid the settlement amount in January 2018 and received confirmation by the commercial court on May 28, 2018. Based on this approved settlement, we wrote off the remaining $181,000 of debt to gain on extinguishment of debt in the three months ended June 30, 2018.

For the six months ended June 30, 2018 and 2017, interest expense was $0.

Asset Acquisition Payable (2)

In conjunction with the Asset Purchase Agreement with Meda described in Note 6, we agreed to pay a fixed consideration of $5.0 million, payable in installments over a three-year period as follows: (i) $1.5 million on the earlier of: (1) the successful transfer to us of all of the marketing authorizations for the product or (2) the date which is six months after the Completion Date (as defined in the Asset Purchase Agreement); (ii) $1.5 million on the first anniversary of the Completion Date; (iii) $1.0 million on the second anniversary of the Completion Date; and (iv) $1.0 million on the third anniversary of the Completion Date. We recorded current and long-term debt of $3.0 million and $1.4 million, respectively, representing the amount due to Meda calculated on a present value basis. For the six months ended June 30, 2018, interest expense was $130,000.

We are currently in default under the Asset Purchase Agreement. If not cured, we bear significant risk to our business plan regarding Ceplene, including the loss of such rights. Under the Asset Purchase Agreement, we were obligated to make payments to Meda of $1,500,000 (the “First Initial Consideration”) no later than December 15, 2017 and $1,500,000 on June 15, 2018. Under that agreement, we had a 30-day grace period to make the payment of the First Initial Consideration or agree to a payment plan with Meda. On January 31, 2018, Meda delivered to us a default notice, demanding payment of the First Initial Consideration no later than February 15, 2018. We have yet to make any payments to Meda. Accordingly, Meda could terminate the Asset Purchase Agreement and cause us to forfeit the European rights to Ceplene without consideration to us and cancel our further obligations under the agreement except the First Initial Consideration would remain due and payable. If such action were to occur, we would need to either agree to a new license with Meda or renegotiate terms of a purchase from Meda of the European rights to Ceplene. There can be no guarantee that that we would be able to come to terms with Meda. Loss of the European rights to Ceplene would impair our ability to execute our business plan with respect to our oncology related assets and have a negative effect on our financial condition.

May 2018 Convertible Notes (3)

On May 14, 2018, we entered into a securities purchase agreement (the “May 2018 Purchase Agreement”) with certain institutional investors for the sale of $2,781,000 in aggregate principal amount of original issue discount convertible notes with net proceeds of $2,007,000 (the “May 2018 Convertible Notes”) which was consummated on May 18, 2018. The May 2018 Convertible Notes included a 20% original issue discount of $556,000, an 8% placement agent fee of $178,000 and other placement agent expenses of $40,000. In addition, the placement agent received 474,667 warrants with an exercise price of $0.47 per share and are exercisable as of November 18, 2018. We calculated the fair value of these warrants as $91,000 using the Black-Scholes model and recorded the fair value as debt discount with an offset to additional paid-in capital. Original issue discount and debt issuance costs was $865,000 and is being amortized over six months.

The May 2018 Convertible Notes are convertible at any time at a conversion price of $0.375 per share, subject to adjustment upon an event of default or significant corporate transaction, provided that unless shareholder approval is obtained, the maximum amount of shares of our common stock that may be issued upon conversion is 6,397,456 shares of common stock (or 19.99% of the issued and outstanding shares of common stock on the closing date). The conversion price is not subject to adjustment for future equity issuances at prices below the then prevailing conversion price and we are under no obligation to obtain shareholder approval in connection with the offering.

The May 2018 Convertible Notes are due and payable upon the earlier of (a) November 18, 2018 and (b) the closing by of one or more subsequent financings with gross proceeds equal to at least $3,000,000 in the aggregate. The holders of the May 2018 Convertible Notes

have the option to extend the maturity date of the notes through February 18, 2019. The May 2018 Convertible Notes represent senior indebtedness of the Company.

The May 2018 Convertible Notes are immediately due at the Mandatory Default Amount, which is 140% of the outstanding principal amount of the note, plus all accrued interest and unpaid interest, and all other amounts, costs, expenses and liquidated damages, due if our common stock shall not be eligible for listing or quotation for trading on NASDAQ and shall not be eligible to resume listing or quotation for trading thereon within five trading days. Additionally, interest on the May 2018 Convertible Notes would accrue daily at an interest rate of 1.5% per month on the then outstanding principal amount. Also, the holder may to elect to convert all or any portion of the remaining principal amount into shares of common stock at a price per share equal to the lowest daily VWAP for the 15 days prior to conversion but in no event, at a conversion price below par value.

On June 4, 2018, we received a notice from the Staff of Nasdaq LLC indicating that, based upon our continued non-compliance with the minimum $1.00 bid price requirement for continued listing on NASDAQ, as set forth in the Rule as of May 30, 2018, the Staff had determined to delist our securities from NASDAQ unless we timely requested a hearing before the Panel. We timely appealed the delisting notice and appeared in front of the Panel on July 19, 2018. The Panel issued a decision on July 24, 2018 and affirmed the Staff’s decision to delist our common stock from NASDAQ, with suspension of trading effective at the open of business on July 26, 2018. The suspension of trading on NASDAQ triggered a default on the May 2018 Convertible Notes. Accordingly, as of June 30, 2018, we recorded the Mandatory Default Amount of $1.1 million as liquidated damages, which represents an additional 40% of principal but did not record an embedded derivative related to the lowest VWAP for the 15 days prior to conversion as this amount was immaterial to the consolidated financial statements.

Upon the issuance of the May 2018 Convertible Notes on May 18, 2018, the conversion price for the Series E Convertible Preferred Stock and the exercise price of warrants issued with the Series E Convertible Preferred Stock (“Series E Warrants”) were adjusted to $0.30. On July 26, 2018, upon the suspension of trading on NASDAQ, the conversion price for the Series E Convertible Preferred Stock and the exercise price of warrants issued with the Series E Convertible Preferred Stock were adjusted to $0.20. Based on the above down round triggers, we recorded a deemed dividend of $5,599,000, based on the change in fair value, in our consolidated statement of operations for the three and six months ended June 30, 2018, of which $5,175,000 was related to the Series E Convertible Preferred Stock and $424,000 was related to the Series E Warrants.

For the three and six months ended June 30, 2018, interest expense was $216,000, related to the amortization of original issue discount and debt issuance costs, for the May 2018 Convertible Notes and liquidated damages was $1,112,000 related to the Mandatory Default for the May 2018 Convertible Notes.

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Income Taxes

6 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Note 9. Income Taxes

The Company has recognized a deferred tax liability of $4.1 million as of June 30, 2018 and December 31, 2017 related to the purchase of the AmiKet IPR&D. This deferred tax liability was recorded to account for the book vs. tax basis difference related to the IPR&D intangible asset, which was recorded in connection with the merger with Epicept Ltd. This deferred tax liability was excluded from sources of future taxable income, as the timing of its reversal cannot be predicted due to the indefinite life of this IPR&D. Accordingly, this deferred tax liability cannot be used to offset the valuation allowance. 

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred tax assets relate primarily to its net operating loss carryforwards and other balance sheet basis differences. In accordance with ASC 740, “Income Taxes, ” the Company recorded a valuation allowance to fully offset the gross deferred tax asset, because it is not more likely than not that the Company will realize future benefits associated with these deferred tax assets at June 30, 2018 and December 31, 2017.

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Stockholders' Equity

6 Months Ended

Jun. 30, 2018

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Note 10. Stockholders’ Equity

(a) Stock options and stock award activity 

The following table illustrates the common stock options granted during the six months ended June 30, 2018: 

Title	Grant ‎date	No. of ‎options		Weighted ‎average ‎exercise ‎price		Weighted ‎average ‎grant date ‎fair value		Vesting ‎terms	Assumptions used in Black-Scholes ‎option pricing model
Consultants	January - June 2018		15,000	$	0.34	$	0.29	Immediately	Volatility	114 -118	%
									Risk free interest rate	2.22 -2.82	%
									Expected term, in years	6
									Dividend yield	0.00	%
Management,	January - June 2018		57,000	$	0.25	$	0.22	2 years	Volatility	118	%
Directors and									Risk free interest rate	2.96	%
Employees									Expected term, in years	6
									Dividend yield	0.00	%

The following table illustrates the common stock options granted during the six months ended June 30, 2017:

Title	Grant ‎date	No. of ‎options		Weighted ‎average ‎exercise ‎price		Weighted ‎average ‎grant date ‎fair value		Vesting ‎terms	Assumptions used in Black-Scholes ‎option pricing model
Management,	January - June 2017		161,500	$	3.80	$	3.40	1-3 years	Volatility	109-115 %
Directors and									Risk free interest rate	2.22-2.53 %
Employees									Expected term, in years	6-10
									Dividend yield	0.00	%

The following table illustrates the stock awards during the six months ended June 30, 2018.

Title	Grant date	No. of ‎stock ‎awards		Weighted ‎average ‎grant date ‎fair value		Vesting ‎terms
Consultants	January - June 2018		100,000	$	0.38	Immediately

The fair value of stock awards was determined using the share price on the date of grant.

There were no stock awards during the six months ended June 30, 2017.

The following table summarizes information about stock option activity for the six months ended June 30, 2018:

	Options
	No. of ‎options			Weighted ‎average ‎exercise ‎price		Exercise price ‎range	Weighted ‎average ‎grant date ‎fair value		Aggregate ‎Intrinsic ‎Value (in ‎thousands)
Outstanding at December 31, 2017		519,014		$	9.80	$0.80 - $80.00	$	9.40	$	-
Granted		72,000		$	0.27	$0.25-$0.34	$	0.23	$	-
Forfeited/cancelled		(15,417	)	$	15.78	$3.40-$80.00	$	11.96		-
Outstanding at June 30, 2018		575,597		$	8.40	$0.25 - $61.00	$	8.20	$	-
Exercisable at June 30, 2018		395,847		$	11.60	$0.34 - $61.00	$	11.40	$	-

As of June 30, 2018, unamortized stock-based compensation for stock options was $0.2 million, with a weighted-average recognition period of approximately 1.5 years.

(b) Warrants

The following table illustrates warrants granted during the six months ended June 30, 2018:

Title	Grant date	No. of ‎warrants		Weighted ‎average ‎exercise ‎price		Weighted ‎average ‎grant date ‎fair value		Vesting ‎terms	Assumptions used in Black-Scholes ‎option pricing model
Investors	January - June 2018		474,667	$	0.47	$	0.19	Six months	Volatility	118	%
									Risk free interest rate	2.90	%
									Expected term, in years	5
									Dividend yield	0.00	%

The following table illustrates warrants granted during the six months ended June 30, 2017:

Title	Grant date	No. of ‎warrants		Weighted ‎average ‎exercise ‎price		Weighted ‎average ‎grant date ‎fair value		Vesting ‎terms	Assumptions used in Black-Scholes ‎option pricing model
Investors	January - June 2017		52,910	$	10.00	$	3.80	Immediately	Volatility	109	%
									Risk free interest rate	1.89	%
									Expected term, in years	5
									Dividend yield	0.00	%
Noteholders	January - June 2017		83,333	$	4.00	$	2.16	Immediately	Volatility	105	%
									Risk free interest rate	1.91	%
									Expected term, in years	5
									Dividend yield	0.00	%

The following table summarizes information about warrants outstanding at June 30, 2018:

	Number of ‎Warrants		Weighted ‎Average ‎Exercise ‎Price		Exercise ‎price range
Warrants outstanding at December 31, 2017		18,695,677	$	3.00		$0.86-$200.00
Warrants issued		474,667		0.47	$	0.47
Warrants expired		-		-		-
Outstanding and exercisable at June 30, 2018		19,170,344	$	2.90		$0.47-$200.00

The 83,333 warrants issued with the April 2017 Convertible Notes were valued using the Monte Carlo model, which is a pricing model that incorporates all of the required inputs of a Black-Scholes model and Monte Carlo simulation process that capture additional features of the warrant related to its fair value estimate, but are outside of the Black-Scholes model. The warrants contain a provision whereby if the Company completes a transaction with an effective price per share lower than the exercise price of the warrants then the exercise price shall be reduced and the number of warrant shares issuable shall be increased such that the aggregate exercise price payable after taking into account the decrease in the exercise price, shall be equal to the aggregate exercise price prior to such adjustment. The allocated fair value of the warrant of $180,000 is the mean of the present value of the future cash flows resulting from the Monte Carlo simulation process. The fair value of $180,000 was calculated using the Monte Carlo model and the allocated value of $180,000 was recorded as additional paid-in capital.

Stock-based compensation expense for stock options and awards and warrants for the three months ended June 30, 2018 and 2017 was $40,000 and $(97,000), respectively, which has not been tax-effected due to the recording of a full valuation allowance against net deferred tax assets. Stock-based compensation expense for stock options and awards and warrants for the six months ended June 30, 2018 and 2017 was $122,000 and $165,000, respectively, which has not been tax-effected due to the recording of a full valuation allowance against net deferred tax assets.

(c) Series E Convertible Preferred Stock 

For the six months ended June 30, 2018, 7,699 shares of Series E Convertible Preferred Stock were converted into 14,634,268 shares of our common stock. For the six months ended June 30, 2018, we recorded dividends of approximately $251,000.

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Loss Per Share

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 11. Loss Per Share

Basic and diluted loss per share is computed by dividing loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted weighted average shares outstanding for the six months ended June 30, 2018 and 2017 excludes shares underlying stock options, warrants, convertible notes and convertible preferred because the effects would be anti-dilutive. Accordingly, basic and diluted loss per share is the same. Such excluded shares are summarized as follows:

	Three month period				Six month period
	ended June 30,				ended June 30,
	2018		2017		2018		2017
Common stock options		575,597		490,541		575,597		490,541
Shares issuable upon conversion of Series E Preferred Stock (not including dividends)		16,171,200		-		16,171,200		-
Shares potentially issuable upon conversion of May 2018 convertible notes (assuming $0.375 price)		7,416,667		-		7,416,667		-
Shares potentially issuable upon conversion of April 2017 convertible notes (assuming $1.00 floor price)		-		305,000		-		305,000
Shares potentially issuable upon conversion of May 2017 convertible notes (assuming $1.00 floor price)		-		2,344,354		-		2,344,354
Warrants		19,170,344		715,413		19,170,344		715,413
Total shares excluded from calculation		43,333,808		3,855,308		43,333,808		3,855,308

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Note 12. Commitments and Contingencies 

(a) Leases

Effective May 1, 2017, we relocated our headquarters to 550 Sylvan Avenue, Englewood Cliffs, New Jersey under a lease agreement. Lease expense is $2,950 per month. The lease may be terminated upon two months’ written notice to the landlord. Cytovia occupies shared office space on a month-to-month basis at 12 E 49th Street, New York, New York through August 31, 2018. Rent expense is approximately $3,500 per month. Immune Ltd. occupies shared office space on a month-to-month basis in Tel-Aviv and Jerusalem, Israel. Combined rent expense is approximately $2,900 per month.

In February 2018, we entered into a lease agreement for our new headquarters at One Bridge Plaza, Fort Lee, New Jersey which will commence upon the completion of work by the landlord for a term of seventy-five months with the first three months’ rent abated. We expect this to occur in the third quarter of 2018. Annual fixed base rent for the first year is $74,000, the second year is $102,000, the third year is $105,000, the fourth year is $108,000, the fifth year is $111,000, the sixth year is $115,000 and the final three months is $29,000.

We recorded rent expense of $53,000 and $364,000 for the six months ended June 30, 2018 and 2017, respectively.

(b) Licensing Agreements

We are a party to several research and licensing agreements, including iCo, BNS, Yissum, Dalhousie and Shire Biochem, which may require us to make payments to the other party upon the attaining certain milestones or as royalties as defined in the agreements.

(c) Litigation 

Immune Pharmaceuticals Inc. was the defendant in litigation involving a dispute with the plaintiffs, Kenton L. Crowley and John A. Flores. The complaint alleges breach of contract, breach of covenant of good faith and fair dealing, fraud and rescission of contract with respect to the development of a topical cream containing ketamine and butamben, known as EpiCept NP-2. A summary judgment in Immune’s favor was granted in January 2012 and the plaintiffs filed an appeal in the United States Court of Appeals for the Ninth Circuit in September 2012. A hearing on the motion occurred in November 2013. In May 2014, the court scheduled the trial in November 2014 and a mandatory settlement conference in July 2014. In July 2014, the parties failed to reach a settlement at the mandatory settlement conference. The case was tried by a jury, which rendered a decision on March 23, 2015, in favor of us on all causes of action.

In April 2015, the plaintiffs filed a motion for a new trial, which was heard by the Court on June 8, 2015. In October 2015, the court denied the plaintiff’s motion for a new trial. On October 9, 2015, the plaintiffs filed a notice of appeal to the United States Court of Appeals for the Ninth Circuit. On February 13, 2018, the Appellate Court affirmed the district court’s judgment in favor us. 

During the six months ended June 30, 2018 and 2017, we incurred no legal costs in connection with this litigation matter.

On May 9, 2018, we received a complaint against us, Immune Pharmaceuticals, Ltd., our former CEO and Board Member, Daniel Teper and our former CFO, Serge Goldner, for approximately $2.8 million that was filed in the Tel Aviv District Court based on an agreement with our subsidiary, from 2011, relating to a loan of $260,000 which was repaid in full in 2011. The plaintiff claimed that the damages were based on certain warrants to purchase shares of our common stock, to participate in a future public offering or merger of the Company, with certain discounted terms and cash damages that it did not receive. In October 2014, we received a written demand from the plaintiff for damages and the parties discussed a settlement of this matter; however, until receipt of the complaint, we had not heard from the plaintiff since 2015. At this very early stage, we are unable to assess the validity or merits of the claim. We will review the claims and intend to vigorously defend against this action.

From time to time, we are involved in legal proceedings arising in the ordinary course of business. We believe there is no other litigation pending that could have, individually or in the aggregate, a material adverse effect on its results of operations or financial condition.  

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Related Party Transactions

6 Months Ended

Jun. 30, 2018

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

Note 13. Related Party Transactions

Dr. Teper, our former CEO and former member of our Board, advanced cash to us of approximately $0.2 million, which remains owed as of June 30, 2018. This amount has been reflected in advances from related parties in our consolidated balance sheets.

As of June 30, 2018, there is approximately $0.1 million owed to our directors and management for directors’ fees and expense reimbursements.

On June 15, 2017, substantially contemporaneous with the entry into the Asset Purchase Agreement (see Note 8), we entered into a Standby Financing Agreement (the “Standby Financing Agreement”) with Daniel Kazado (the “Standby Financer”), a member of our board of directors and a beneficial owner of our capital stock. Currently, we are contemplating the sale or other disposition of Cytovia and/or its assets, pursuant to which we intend to include the $5.0 million financial obligations contemplated by the Asset Purchase Agreement as part of such sale or other disposition on a basis and on terms that are acceptable to our board of directors and, if attainable, without recourse to us. The Standby Financing Agreement remains in effect in order to support the financial obligations of the Company to pay the fixed consideration installments, in the aggregate amount of $5,000,000, due under and in accordance with the terms of the Asset Purchase Agreement. In the event that we cannot effectuate the sale or disposition of Cytovia or its assets on terms reasonably acceptable to us and in a timeline necessary to satisfy the financial obligations of the Asset Purchase Agreement (including, without limitation, that such funding be on a basis that is without recourse to us), then, pursuant to the terms of the Standby Financing Agreement, the Standby Financer shall lend us or Cytovia (as determined in the discretion of our board of directors) an amount in immediately available funds equal to the fixed consideration installment payment then due and payable under the Asset Purchase Agreement (the “Standby Commitment”). The loan made by the Standby Financer in respect of such fixed payment shall be evidenced by a promissory note in an aggregate principal amount equal to the amount of funds lent by the Standby Financer. The Standby Commitment shall expire on the earliest of (a) satisfaction in full by the Standby Financer of his obligations under the Standby Financing Agreement, (b) Cytovia having obtained funding on terms reasonably acceptable to us and (c) the Company having been fully discharged of and released from all liability of all of its obligations under the Asset Purchase Agreement.

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Pint Licensing Agreement

6 Months Ended

Jun. 30, 2018

Pint Licensing Agreement [Abstract]

Pint Licensing Agreement [Text Block]

Note 14. Pint Licensing Agreement

On July 10, 2017, Cytovia entered into an exclusive licensing agreement (the “Licensing Agreement”) with Pint Pharma International S.A. ("Pint"), a specialty pharmaceutical company focused on Latin America and other markets, for the marketing, commercialization and distribution of Ceplene throughout Latin America (the “Territory”, defined as Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, French Guiana, British Guiana, Suriname, Guatemala, Haiti, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Uruguay and Venezuela) through Pint and one or more of its affiliates. Pursuant to the Licensing Agreement, Pint will also pay Cytovia (i) 35% of net sales in the territory (ii) a milestone payment of $0.5 million when net sales of Ceplene in the Territory first reach $10.0 million in any calendar year and (iii) a milestone payment of $1.25 million when net sales of Ceplene in the Territory first reach $25.0 million in any calendar year. Cytovia further granted Pint and its affiliates certain sub-licensing rights to Ceplene, and a right of first refusal on any new products of Cytovia within the Territory during the term of the Licensing Agreement.

With regard to any regulatory approvals and filings related to the commercialization of Ceplene within the Territory, Pint shall be the applicant, holder of such regulatory approvals and will be responsible for the content of such regulatory submissions, as well as all costs and expenses related to, among other items delineated in the Licensing Agreement, the fees, filings, compliance, registration and maintenance of such required regulatory approval matters. Cytovia shall be responsible for providing (or if in the control of a third party, to ensure such third party provides) all appropriate documentation, samples and other information in support of Pint in connection with its regulatory submissions, compliance and maintenance matters in the Territory concerning the Ceplene products.

Additionally, in connection with the Licensing Agreement, the parties thereto agreed that Pint Gmbh, an affiliate of Pint, will separately enter into an investment agreement upon satisfaction of the condition that the commercialization of the Ceplene and the Combination Therapy has been met (defined to mean when Ceplene is commercialized by Pint together with a new product in the Territory, pursuant to which, Pint Gmbh will make to an investment of $4.0 million into Cytovia in exchange for an equity interest in Cytovia.. In July 2018, a global pharmaceutical and services company announced that it acquired the ex-United States rights to the drug other than Ceplene comprising the Combination Therapy. Accordingly, the condition for the investment from Pint can no longer be satisfied. 

We are currently contemplating the sale, disposition or other strategic transaction involving Cytovia and/or its assets. This process is in its early stages and, therefore, it is too soon to definitively state how the Licensing Agreement will be impacted or addressed, or if a sale or other disposition will be consummated.

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Subsequent Events

6 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Note 15. Subsequent Events

We have evaluated events and transactions subsequent to June 30, 2018 and through the date these consolidated financial statements were included in this Form 10-Q and filed with the SEC.

On June 4, 2018, we received a notice from the Staff of the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq LLC”) indicating that, based upon our continued non-compliance with the minimum $1.00 bid price requirement for continued listing on The Nasdaq Capital Market (“NASDAQ”), as set forth in Nasdaq Listing Rule 5550(a)(2) (the “Rule”) as of May 30, 2018, and notwithstanding our compliance with the quantitative criteria necessary to obtain a second 180-day period within which to evidence compliance with the Rule, as set forth in Nasdaq Listing Rule 5810(c)(3)(A), the Staff had determined to delist our securities from NASDAQ unless we timely requested a hearing before the Nasdaq Hearings Panel (the “Panel”). We timely appealed the delisting notice and appeared in front of the Panel on July 19, 2018. The Panel issued a decision on July 24, 2018 and affirmed the Staff’s decision to delist our common stock from NASDAQ, with suspension of trading to become effective at the open of business on July 26, 2018. The Panel indicated that NASDAQ will complete the delisting process by filing a Form 25 Notification of Delisting with the Securities and Exchange Commission, after all applicable appeals periods have lapsed. In accordance with NASDAQ’s Listing Rules, we have decided to appeal the delisting determination. Any such appeal would not stay the suspension of trading in our securities on NASDAQ. There can be no guarantee as to the outcome of any appeal.

On July 26, 2018, our shares began trading on the OTCQB Market ("OTCQB"), which is operated by OTC Market Groups Inc., under the symbol “IMNP.”

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Presentation And Principles Of Consolidation [Policy Text Block]

Basis of Presentation and Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of Immune and its subsidiaries: Immune Pharmaceuticals Ltd. (“Immune Ltd.”), Immune Pharmaceuticals USA Corp., Maxim Pharmaceuticals, Inc., Cytovia, Inc. and Immune Oncology Pharmaceuticals Inc. All material inter-company transactions and balances have been eliminated in consolidation. 

The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and instructions to Form 10-Q and do not include all disclosures necessary for a complete presentation of financial position, results of operations, and cash flows in conformity with U.S. GAAP. These financial statements should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2017 filed on April 2, 2018. The results of operations for the three and six months ended June 30, 2018 and 2017 are not necessarily indicative of the results that may be expected for the entire fiscal year or for any other interim period. In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all material adjustments, including normal and recurring accruals, necessary to present fairly the Company's consolidated financial position as of June 30, 2018, the results of operations for the three and six months ended June 30, 2018 and 2017 and cash flows for the six months ended June 30, 2018 and 2017. 

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

In preparing consolidated financial statements in conformity with U.S. GAAP, management is required 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 and expenses during the reported periods. Significant estimates include impairment of long lived assets (including intangible assets and In-Process R&D (“IPR&D”)), amortization period of intangible assets, fair value of stock-based compensation, fair value of warrants and derivative liabilities, and valuation of deferred tax assets and liabilities. Actual results could differ from those estimates.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

We consider investments with original maturities of three months or less to be cash equivalents. Restricted cash primarily represents cash not available to us for immediate and general use. We maintain cash accounts with certain major financial institutions in the United States and Israel. Our cash on deposit may exceed United States federally insured limits at certain times during the year.

Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]

Intangible Assets

We account for the purchases of intangible assets in accordance with the provisions of Accounting Standards Classification (“ASC”) 350, Intangibles. We recognize intangible assets based on their acquisition cost. Intangible assets determined to have indefinite lives are not amortized, but rather tested for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying amount may no longer be recoverable. If any of our intangible assets are considered to be impaired, the amount of impairment to be recognized is the excess of the carrying amount of the assets over its fair value. Intangible assets with definitive lives are reviewed for impairment only if indicators exist in accordance with ASC 360, Property, Plant and Equipment, and are amortized or depreciated over the shorter of their estimated useful lives or the statutory or contractual term, and in the case of patents, on a straight-line basis.  

We perform an analysis annually to determine whether an impairment of intangible assets has occurred. As of June 30, 2018, we evaluated our intangible assets for human antibodies and anti-ferritin antibodies, because of events that occurred during the quarter, which indicate that the carrying amount may no longer be recoverable. Based on this evaluation, these intangible assets have no value and were fully impaired. Additionally, we evaluated the AmiKet IPR&D as of December 31, 2017 for impairment. There was no impairment as of December 31, 2017. See In-Process Research and Development below for a further discussion regarding the valuation of the AmiKet IPR&D.

In Process Research and Development, Policy [Policy Text Block]

In-Process Research and Development

IPR&D represents the estimated fair value assigned to R&D projects acquired in a purchased business combination that have not been completed at the date of acquisition and which have no alternative future use.  IPR&D assets acquired in a business combination are capitalized as indefinite-lived intangible assets. These assets remain indefinite-lived until the completion or abandonment of the associated R&D efforts. During the period prior to completion or abandonment, these acquired indefinite-lived assets are not amortized but are tested for impairment annually, or more frequently, if events or changes in circumstances indicate that the asset might be impaired.

We recorded an asset, IPR&D, with an initial book value of $27.5 million, related to the acquisition of AmiKet in August 2013 as part of the merger with Epicept. We completed an impairment analysis of the IPR&D as of December 31, 2016 and concluded that the following factors indicate that the IPR&D asset was impaired: a decision by management to delay indefinitely any further development of AmiKet; the failure to sell or license AmiKet to a third party; and the significant reduction in our market capitalization. For the year ended December 31, 2016, we recorded an impairment charge of $12.5 million in our consolidated statement of operations, which represents the excess of the IPR&D asset’s carrying value over its estimated fair value. The estimated fair value of the IPR&D asset as of December 31, 2016 of $15 million was based upon the value ascribed to AmiKet in an arm’s length agreement, which we negotiated with an unrelated third party.

The nano-encapsulation technology that we utilize in our NanoCyclo product candidate is applicable to AmiKet and we are considering developing Amiket Nano as a next generation, improved formulation of AmiKet with significant new patent protection. We are determining the optimal path forward for this program.

Research and Development Expense, Policy [Policy Text Block]

Research and Development

R&D expenses consist primarily of payroll and related costs for our drug development and scientific personnel, clinical trials costs, manufacturing costs, and costs of outsourced R&D services. R&D costs are expensed as incurred. 

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Translation into United States dollars

The United States dollar is our functional currency. We conduct certain transactions in foreign currencies, particularly, the Israeli Shekel and the Euro, which are recorded at the exchange rate as of the transaction date. All exchange gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar currencies are nominal and reflected as non-operating income or expense in the statements of operations, as they arise.

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Stock-based Compensation 

We recognize compensation expense for all equity-based payments. Stock based compensation issued to employees is accounted for under ASC 718, Compensation - Share Compensation (“ASC 718”). We utilize the Black-Scholes valuation method to recognize compensation expense over the vesting period. The Black-Scholes valuation model requires the use of certain assumptions as inputs, including the expected life, volatility, risk-free interest rate and anticipated forfeiture of the stock options. We utilize the short cut method per the provisions of ASC 718 to calculate the expected life of the options. We base the risk-free interest rate on the rates paid on securities issued by the United States Treasury with a term approximating the expected life of the options. We estimate expected stock price volatility for our common stock by taking the average historical price volatility for industry peers combined with our historical data based on daily price observations. Estimates of pre-vesting option forfeitures are based on our experience. We adjust our estimate of forfeitures over the requisite service period based on the extent to which actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized through a cumulative catch-up adjustment in the period of change and impacts the amount of compensation expense to be recognized in future periods. 

We account for stock-based transactions with non-employees based upon the fair value of the equity instruments issued, in accordance with ASC 505-50, Equity-Based Payments to Non-Employees. Significant factors that affect the expense related to equity-based payments to non-employees include the estimated fair market value of the common stock underlying the stock options and the estimated volatility of such fair market value. The value of non-employee options is re-measured every quarter until performance is complete. Income or expense is recognized during the vesting terms. Accounting for equity-based payments to non-employees requires fair value estimates of the equity instrument grant, which we estimate based upon the value of our common stock at the date of grant.

Intangible Assets, Finite-Lived, Policy [Policy Text Block]

Patents

We charge external patent costs, such as filing fees and associated attorney fees and costs associated with maintaining and defending our patents subsequent to their issuance, to expense as and when incurred.  

Clinical Trial Accruals [Policy Text Block]

Clinical Trial Accruals

We outsource the conduct of our pre-clinical and clinical trials to third party contract research organizations (CROs) and clinical investigators. Our clinical supplies are manufactured by third party contract manufacturing organizations (CMOs). Invoicing from these third parties may be monthly based upon services performed or periodically based upon milestones achieved. We accrue these expenses based upon our assessment of the status of each clinical trial and the work completed, and upon information obtained from the CROs and CMOs. Our estimates are dependent upon the timeliness and accuracy of data provided by the CROs and CMOs regarding the status and cost of the studies and may not match the actual services performed by the organizations. Discrepancies could result in adjustments to our research and development expenses recorded in future periods. We have not had any significant adjustments to date.

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Issued Accounting Standards

From time to time, new accounting standards are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial position or results of operations upon adoption.

New accounting standards which have been adopted

In January 2016, the FASB issued Accounting Standards Update No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). ASU 2016-01 changes accounting for equity investments, financial liabilities under the fair value option, and presentation and disclosure requirements for financial instruments. ASU 2016-01 does not apply to equity investments in consolidated subsidiaries or those accounted for under the equity method of accounting. In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. Equity investments with readily determinable fair values will be measured at fair value with changes in fair value recognized in net income. Companies have the option to either measure equity investments without readily determinable fair values at fair value or at cost adjusted for changes in observable prices minus impairment. The ASU enhances the reporting model for financial instruments, which includes amendments to address aspects of recognition, measurement, presentation and disclosure. ASU 2016-01 was effective for us beginning in the first quarter of 2018. Adoption of ASU 2016-01 did not have a material effect on our consolidated financial statements as we do not hold any publicly traded equity investments.

In August 2016, the FASB issued Accounting Standards Update No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" (“ASU 2016-15”). ASU 2016-15 clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows where diversity in practice exists. ASU 2016-15 was effective for us in our first quarter of fiscal 2018. We did not have any changes to the presentation of our Consolidated Statement of Cash Flows upon adoption of the standard. 

In October 2016, the FASB issued Accounting Standards Update No. 2016-16, "Intra-Entity Transfers of Assets Other Than Inventory” (“ASU 2016-16”). ASU 2016-16 requires the income tax consequences of intra-entity transfers of assets other than inventory to be recognized as current period income tax expense or benefit and removes the requirement to defer and amortize the consolidated tax consequences of intra-entity transfers. ASU 2016-16 was effective for us in our first quarter of fiscal 2018. Adoption of ASU 2016-16 did not have a material effect on our consolidated financial statements as we did not have any intra-entity transfers of assets.

In November 2016, the FASB issued Accounting Standards Update No. 2016-18, “Statement of Cash Flows (Topic 230) Restricted Cash” (“ASU 2016-18”). The amendments of ASU No. 2016-18 were issued to address the diversity in classification and presentation of changes in restricted cash and restricted cash equivalents on the statement of cash flows which is currently not addressed under Topic 230. The ASU requires an entity to include amounts generally described as restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning of period and end of period total amounts on the statement of cash flows. ASU 2016-18 was effective for us in our first quarter of fiscal 2018. Adoption of ASU 2016-18 resulted in reclassification of restricted cash in the consolidated statements of cash flows for the six months ended June 30, 2017.

New accounting standards which have not yet been adopted

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, "Leases (Topic 842)" (“ASU 2016-02”). ASU 2016-02 provides accounting guidance for both lessee and lessor accounting models. Among other things, lessees will recognize a right-of-use asset and a lease liability for leases with a duration of greater than one year. For income statement purposes, ASU 2016-02 will require leases to be classified as either an operating or finance lease. Operating leases will result in straight-line expense while finance leases will result in a front-loaded expense pattern. The new standard will be effective for us on January 1, 2019. We expect the implementation of this standard to have an impact on our consolidated financial statements and related disclosures as we expect to have aggregate future minimum lease payments under future non-cancelable leased office space.

In July 2018, the FASB issued Accounting Standards Update 2018-11 “Leases (Topic 842) Targeted Improvements” which provides entities with an alternative transition method for adopting the new lease standard. Entities can elect to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings. Consequently, comparative periods will continue to be accounted for in accordance with the current lease standard (Topic 840) and the disclosures will be in accordance with ASC 840. We are assessing this option in conjunction with its analysis of ASU 2016-02.

In August 2017, the FASB issued Accounting Standards Update No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). ASU 2017-12 provides guidance for improving and more closely aligning a company’s financial reporting of its hedging relationships with the objective of a company’s risk management activities. Among other provisions, the new standard (1) eliminates the separate measurement and reporting of hedge ineffectiveness and (2) permits an entity to recognize in earnings the initial value of an excluded component under a systematic and rational method over the life of the derivative instrument. The new standard will be effective for us on January 1, 2019. We do not expect the adoption of ASU 2017-12 to have a material effect on our consolidated financial statements as we do not anticipate engaging in any hedging activities. 

In March 2018, the FASB Issued Accounting Standards Update No. 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 ("ASU 2018-05"). ASU 2018-05 was issued to incorporate into Topic 740 recent SEC guidance related to the income tax accounting implications of the Tax Cut and Jobs Act (the "Tax Act"). The SEC issued Staff Accounting Bulletin No. 118 ("SAB 118") to address concerns about reporting entities’ ability to timely comply with the accounting requirements to recognize all of the effects of the Tax Act in the period of enactment. SAB 118 permits companies to disclose that some or all of the income tax effects from the Tax Act are incomplete by the due date of the financial statements, and if possible, disclose a reasonable estimate of such tax effects. ASU 2018-05 is effective immediately. ASU 2018-05 permits companies to use provisional amounts for certain income tax effects of the Tax Act during a one-year measurement period. The provisional accounting impacts for us may change in future reporting periods until the accounting analysis is finalized, which will occur no later than the first quarter of fiscal 2019.

In June 2018, the FASB issued Accounting Standards Update No. 2018-07, “Improvements to Nonemployee Share-Based Payment Accounting" (ASU 2018-07), to simplify the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. This ASU is effective for public entities for fiscal years beginning after December 15, 2018, with early adoption permitted. Prior to the adoption of ASU 2018-07, stock-based compensation awarded to non-employees was subject to revaluation over its vesting terms. Subsequent to the adoption of ASU 2018-07, non-employee share-based payment awards are measured on the date of grant, similar to share-based payment awards granted to employees. We currently have not adopted this ASU as we are assessing its effect.

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Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets [Table Text Block]

The value of our amortizable intangible assets including gross asset value and carrying value is summarized below ($ in thousands):

	Bertilimumab ‎iCo			NanomAbs ‎Yissum			Human ‎Antibodies ‎Kadouche			Anti-ferritin ‎Antibody ‎MabLife			Ceplene ‎Acquisition ‎Intangibles			Total
Balance as of December 31, 2017	$	1,419		$	383		$	381		$	318		$	3,976		$	6,477
Amortization		(84	)		(24	)		(23	)		(23	)		(307	)		(461	)
Impairment		-			-			(358	)		(295	)		-			(653	)
Balance, June 30, 2018	$	1,335		$	359		$	-		$	-		$	3,669		$	5,363
Gross asset value	$	2,509		$	694		$	-		$	-		$	4,310		$	7,513
Accumulated Amortization		(1,174	)		(335	)		-			-			(641	)		(2,150	)
Balance, June 30, 2018	$	1,335		$	359		$	-		$	-		$	3,669		$	5,363

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Estimated amortization expense for each of the five succeeding years, based upon intangible assets at June 30, 2018 is as follows ($ in thousands):

Period Ending June 30,	Amount
2019	$	829
2020		829
2021		829
2022		829
2023		829
Thereafter		1,218
Total	$	5,363

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Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2018

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities [Table Text Block]

Accrued expenses consist of the following ($ in thousands): 

	June 30,		December 31,
	2018		2017
Professional fees	$	179	$	284
Consulting fees		918		832
License fees		240		421
Dividends		308		216
Salaries and employee benefits		63		105
Other		192		262
Total	$	1,900	$	2,120

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Notes and Loan Payable (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

We are party to loan agreements as follows ($ in thousands):

	June 30,		December 31,
	2018		2017
Mablife Notes Payable (1)	$	-	$	394
Asset Acquisition Payable, net of discount of $510 (2)		4,490		4,359
May 2018 Convertible Notes, net of discount of $649 (3)		3,244		-
Total notes and loans payable	$	7,734	$	4,753
Notes and loans payable, net of debt discount, current portion	$	6,864	$	3,296
Notes and loans payable, noncurrent portion		870		1,457
Total notes and loans payable, net of discount	$	7,734	$	4,753

Schedule of Maturities of Long-term Debt [Table Text Block]

Repayments under the Company’s existing debt agreements consist of the following ($ in thousands):

Period Ending June 30,	Amount
2019	$	7,893
2020		1,000
Total	$	8,893

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Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2018

Stockholders' Equity Note [Abstract]

Share-based Compensation, Stock Options, Activity [Table Text Block]

The following table illustrates the common stock options granted during the six months ended June 30, 2018: 

Title	Grant ‎date	No. of ‎options		Weighted ‎average ‎exercise ‎price		Weighted ‎average ‎grant date ‎fair value		Vesting ‎terms	Assumptions used in Black-Scholes ‎option pricing model
Consultants	January - June 2018		15,000	$	0.34	$	0.29	Immediately	Volatility	114 -118	%
									Risk free interest rate	2.22 -2.82	%
									Expected term, in years	6
									Dividend yield	0.00	%
Management,	January - June 2018		57,000	$	0.25	$	0.22	2 years	Volatility	118	%
Directors and									Risk free interest rate	2.96	%
Employees									Expected term, in years	6
									Dividend yield	0.00	%

The following table illustrates the common stock options granted during the six months ended June 30, 2017:

Title	Grant ‎date	No. of ‎options		Weighted ‎average ‎exercise ‎price		Weighted ‎average ‎grant date ‎fair value		Vesting ‎terms	Assumptions used in Black-Scholes ‎option pricing model
Management,	January - June 2017		161,500	$	3.80	$	3.40	1-3 years	Volatility	109-115 %
Directors and									Risk free interest rate	2.22-2.53 %
Employees									Expected term, in years	6-10
									Dividend yield	0.00	%

Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]

The following table illustrates the stock awards during the six months ended June 30, 2018.

Title	Grant date	No. of ‎stock ‎awards		Weighted ‎average ‎grant date ‎fair value		Vesting ‎terms
Consultants	January - June 2018		100,000	$	0.38	Immediately

Share-based Compensation, Activity [Table Text Block]

The following table summarizes information about stock option activity for the six months ended June 30, 2018:

	Options
	No. of ‎options			Weighted ‎average ‎exercise ‎price		Exercise price ‎range	Weighted ‎average ‎grant date ‎fair value		Aggregate ‎Intrinsic ‎Value (in ‎thousands)
Outstanding at December 31, 2017		519,014		$	9.80	$0.80 - $80.00	$	9.40	$	-
Granted		72,000		$	0.27	$0.25-$0.34	$	0.23	$	-
Forfeited/cancelled		(15,417	)	$	15.78	$3.40-$80.00	$	11.96		-
Outstanding at June 30, 2018		575,597		$	8.40	$0.25 - $61.00	$	8.20	$	-
Exercisable at June 30, 2018		395,847		$	11.60	$0.34 - $61.00	$	11.40	$	-

Schedule Of Stock holders Equity Note Warrants Or Rights Granted [Table Text Block]

The following table illustrates warrants granted during the six months ended June 30, 2018:

Title	Grant date	No. of ‎warrants		Weighted ‎average ‎exercise ‎price		Weighted ‎average ‎grant date ‎fair value		Vesting ‎terms	Assumptions used in Black-Scholes ‎option pricing model
Investors	January - June 2018		474,667	$	0.47	$	0.19	Six months	Volatility	118	%
									Risk free interest rate	2.90	%
									Expected term, in years	5
									Dividend yield	0.00	%

The following table illustrates warrants granted during the six months ended June 30, 2017:

Title	Grant date	No. of ‎warrants		Weighted ‎average ‎exercise ‎price		Weighted ‎average ‎grant date ‎fair value		Vesting ‎terms	Assumptions used in Black-Scholes ‎option pricing model
Investors	January - June 2017		52,910	$	10.00	$	3.80	Immediately	Volatility	109	%
									Risk free interest rate	1.89	%
									Expected term, in years	5
									Dividend yield	0.00	%
Noteholders	January - June 2017		83,333	$	4.00	$	2.16	Immediately	Volatility	105	%
									Risk free interest rate	1.91	%
									Expected term, in years	5
									Dividend yield	0.00	%

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

The following table summarizes information about warrants outstanding at June 30, 2018:

	Number of ‎Warrants		Weighted ‎Average ‎Exercise ‎Price		Exercise ‎price range
Warrants outstanding at December 31, 2017		18,695,677	$	3.00		$0.86-$200.00
Warrants issued		474,667		0.47	$	0.47
Warrants expired		-		-		-
Outstanding and exercisable at June 30, 2018		19,170,344	$	2.90		$0.47-$200.00

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Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

Such excluded shares are summarized as follows:

	Three month period				Six month period
	ended June 30,				ended June 30,
	2018		2017		2018		2017
Common stock options		575,597		490,541		575,597		490,541
Shares issuable upon conversion of Series E Preferred Stock (not including dividends)		16,171,200		-		16,171,200		-
Shares potentially issuable upon conversion of May 2018 convertible notes (assuming $0.375 price)		7,416,667		-		7,416,667		-
Shares potentially issuable upon conversion of April 2017 convertible notes (assuming $1.00 floor price)		-		305,000		-		305,000
Shares potentially issuable upon conversion of May 2017 convertible notes (assuming $1.00 floor price)		-		2,344,354		-		2,344,354
Warrants		19,170,344		715,413		19,170,344		715,413
Total shares excluded from calculation		43,333,808		3,855,308		43,333,808		3,855,308

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Description of Business (Details Textual)	Jun. 30, 2018 $ / shares
Disclosure Text Block [Abstract]
Minimum Bid Price	$ 1.00

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Going Concern (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Going Concern Uncertainty Financial Condition And Managements Plans [Line Items]
Working Capital Deficit	$ 10,900		$ 10,900
Retained Earnings (Accumulated Deficit)	(122,637)		(122,637)		$ (113,536)
Net Income (Loss) Attributable to Parent	(4,717)	$ (4,936)	(9,101)	$ (8,689)
Net Cash Provided by (Used in) Operating Activities			(6,849)	$ (4,453)
Cash	$ 1,500		$ 1,500

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Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2013	Dec. 31, 2016	Jun. 30, 2018	Dec. 31, 2017
Significant Accounting Policies [Line Items]
Impairment Of In-process Research and Development Expenses		$ 12,500
Finite-lived Intangible Assets Acquired	$ 27,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill		$ 15,000	$ 15,000	$ 15,000

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Derivative Financial Instruments (Details Textual)	1 Months Ended		6 Months Ended
	Oct. 27, 2017 USD ($)	Jul. 17, 2017 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Apr. 30, 2017 USD ($)
Derivative Financial Instruments [Line Items]
Derivative Liability					$ 180,000
2017 Derivative Liabilities [Member]
Derivative Financial Instruments [Line Items]
Derivative Liability	$ 40,500
Debt Instrument, Convertible, Number of Equity Instruments	50,000
Debt Instrument, Fair Value Disclosure			$ 19,000	$ 50,000
Changes in Fair Value Debt Instruments			9,500
Carmelit Notes [Member]
Derivative Financial Instruments [Line Items]
Derivative Liability		$ 207,750
Debt Instrument, Convertible, Number of Equity Instruments		75,000
Debt Instrument, Fair Value Disclosure			14,250
Changes in Fair Value Debt Instruments			$ 28,500

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Fair Value Measurements (Details Textual) $ in Millions	Jun. 30, 2018 USD ($)
Long-term Debt, Gross	$ 6.6

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Intangible Assets (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Intangible Assets [Line Items]
Balance			$ 6,477,000
Amortization			(461,000)	$ (153,000)
Impairment	$ (653,000)	$ 0	(653,000)	$ 0
Balance	5,363,000		5,363,000
Gross asset value	7,513,000		7,513,000
Accumulated Amortization	(2,150,000)		(2,150,000)
Balance	5,363,000		5,363,000
Bertilimumab iCo [Member]
Intangible Assets [Line Items]
Balance			1,419,000
Amortization			(84,000)
Impairment			0
Balance	1,335,000		1,335,000
Gross asset value	2,509,000		2,509,000
Accumulated Amortization	(1,174,000)		(1,174,000)
Balance	1,335,000		1,335,000
NanomAbs Yissum [Member]
Intangible Assets [Line Items]
Balance			383,000
Amortization			(24,000)
Impairment			0
Balance	359,000		359,000
Gross asset value	694,000		694,000
Accumulated Amortization	(335,000)		(335,000)
Balance	359,000		359,000
Human Antibodies Kadouche [Member]
Intangible Assets [Line Items]
Balance			381,000
Amortization			(23,000)
Impairment			(358,000)
Balance	0		0
Gross asset value	0		0
Accumulated Amortization	0		0
Balance	0		0
Anti-ferritin Antibody Mablife [Member]
Intangible Assets [Line Items]
Balance			318,000
Amortization			(23,000)
Impairment			(295,000)
Balance	0		0
Gross asset value	0		0
Accumulated Amortization	0		0
Balance	0		0
Ceplene Acquisition Intangibles [Member]
Intangible Assets [Line Items]
Balance			3,976,000
Amortization			(307,000)
Impairment			0
Balance	3,669,000		3,669,000
Gross asset value	4,310,000		4,310,000
Accumulated Amortization	(641,000)		(641,000)
Balance	$ 3,669,000		$ 3,669,000

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Intangible Assets (Details 1) $ in Thousands	Jun. 30, 2018 USD ($)
Intangible Assets [Line Items]
2019	$ 829
2020	829
2021	829
2022	829
2023	829
Thereafter	1,218
Total	$ 5,363

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Intangible Assets (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 15, 2017
Intangible Assets [Line Items]
Amortization of Intangible Assets			$ 461,000	$ 153,000
Additional Fixed Consideration Payable					$ 3,000,000
Additional Fixed Consideration Payable Due in Year Four					1,500,000
Initial Achievement of Revenue in Year Four					12,000,000
Additional Fixed Consideration Payable Due in Year Five					1,500,000
Initial Achievement of Revenue in Year Five					15,000,000
Financial Obligations Contemplated by Asset Purchase Agreement					5,000,000
Impairment of Intangible Assets (Excluding Goodwill)	$ 653,000	$ 0	653,000	$ 0
Meda Pharma SARL [Member]
Intangible Assets [Line Items]
Fixed Consideration Payable in Installments over Three Year Period					5,000,000
Present Value of Future Payments Due, Patents					$ 4,200,000
Debt Instrument, Interest Rate, Stated Percentage					15.00%
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt	3,600,000		3,600,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	$ 900,000		$ 900,000

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Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Accrued Expenses [Line Items]
Professional fees	$ 179	$ 284
Consulting fees	918	832
License fees	240	421
Dividends	308	216
Salaries and employee benefits	63	105
Other	192	262
Total	$ 1,900	$ 2,120

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Notes and Loan Payable (Details) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Notes and Loans Payable [Line Items]
Total notes and loans payable		$ 7,734	$ 4,753
Notes and loans payable, net of debt discount, current portion		6,864	3,296
Notes and loans payable, noncurrent portion		870	1,457
Total notes and loans payable, net of discount		7,734	4,753
Mablife Notes Payable [Member]
Notes and Loans Payable [Line Items]
Total notes and loans payable	[1]	0	394
Total notes and loans payable, net of discount	[1]	0	394
Asset Acquisition Payable [Member]
Notes and Loans Payable [Line Items]
Total notes and loans payable	[2]	4,490	4,359
Total notes and loans payable, net of discount	[2]	4,490	4,359
Convertible Notes [Member]
Notes and Loans Payable [Line Items]
Total notes and loans payable	[3]	3,244	0
Total notes and loans payable, net of discount	[3]	$ 3,244	$ 0

[1] In March 2012, we acquired from MabLife SAS (“MabLife”) through an assignment agreement, all rights, titles and interests in and to the patent rights, technology and deliverables related to the anti-Ferritin mAb, AMB8LK, including its nucleotide and protein sequences and its ability to recognize human acid and basic ferritins. The consideration was as follows: (i) $0.6 million payable in six annual installments (one of such installments being an upfront payment made upon execution of the agreement), and (ii) royalties of 0.6% of net sales of any product containing AMB8LK or the manufacture, use, sale, offering or importation of which would infringe on the patent rights with respect to AMB8LK. In February 2014, the parties revised the payment arrangement for the purchase of the original assignment rights to provide that the remaining payments of $0.1 million per year would be due each year in 2016 and 2017. We did not make those payments on a timely basis. In February 2014, we acquired from MabLife, through an assignment agreement, all rights, titles and interests in and to the patent rights, technology and deliverables related to the use of anti-ferritin monoclonal antibodies in the treatment of some cancers, nucleotide and protein sequences of an antibody directed against an epitope common to human acidic and basic ferritins, monoclonal antibodies or antibody-like molecules comprising these sequences. As full consideration for the secondary patent rights, we agreed to pay a total of $150,000 of which $15,000 and $25,000 was paid in 2014 and 2013, respectively, and $25,000 would be paid on the second through fourth anniversary of the agreement and an additional $35,000 on the fifth anniversary of the agreement. We did not make those payments on a timely basis. During the first quarter of 2015, MabLife informed us that it had filed for bankruptcy. On May 30, 2017, we received a summons from the bankruptcy court-liquidator to appear before the commercial court of Evry, France on September 19, 2017. In December 2017, we reached an agreement with the bankruptcy court-liquidator to settle all amounts due to Mablife for a payment of approximately $205,000. We paid the settlement amount in January 2018 and received confirmation by the commercial court on May 28, 2018. Based on this approved settlement, we wrote off the remaining $181,000 of debt to gain on extinguishment of debt in the three months ended June 30, 2018. For the six months ended June 30, 2018 and 2017, interest expense was $0.

[2] In conjunction with the Asset Purchase Agreement with Meda described in Note 6, we agreed to pay a fixed consideration of $5.0 million, payable in installments over a three-year period as follows: (i) $1.5 million on the earlier of: (1) the successful transfer to us of all of the marketing authorizations for the product or (2) the date which is six months after the Completion Date (as defined in the Asset Purchase Agreement); (ii) $1.5 million on the first anniversary of the Completion Date; (iii) $1.0 million on the second anniversary of the Completion Date; and (iv) $1.0 million on the third anniversary of the Completion Date. We recorded current and long-term debt of $3.0 million and $1.4 million, respectively, representing the amount due to Meda calculated on a present value basis. For the six months ended June 30, 2018, interest expense was $65,000. We are currently in default under the Asset Purchase Agreement. If not cured, we bear significant risk to our business plan regarding Ceplene, including the loss of such rights. Under the Asset Purchase Agreement, we were obligated to make a payment to Meda of $1,500,000 (the “First Initial Consideration”) no later than December 15, 2017. Under that agreement, we had a 30-day grace period to make the payment or agree to a payment plan with Meda. On January 31, 2018, Meda delivered to us a default notice, demanding payment of the First Initial Consideration no later than February 15, 2018. We have yet to make this payment. Accordingly, Meda could terminate the Asset Purchase Agreement and cause us to forfeit the European rights to Ceplene without consideration to us and cancel our further obligations under the agreement except the First Initial Consideration would remain due and payable. If such action were to occur, we would need to either agree to a new license with Meda or renegotiate terms of a purchase from Meda of the European rights to Ceplene. There can be no guarantee that that we would be able to come to terms with Meda. Loss of the European rights to Ceplene would impair our ability to execute our business plan with respect to our oncology related assets and have a negative effect on our financial condition.

[3] On May 14, 2018, we entered into a securities purchase agreement (the “May 2018 Purchase Agreement”) with certain institutional investors for the sale of $2,781,000 in aggregate principal amount of original issue discount convertible notes with net proceeds of $2,007,000 (the “May 2018 Convertible Notes”) which was consummated on May 18, 2018. The May 2018 Convertible Notes included a 20% original issue discount of $556,000, an 8% placement agent fee of $178,000 and other placement agent expenses of $40,000. In addition, the placement agent received 474,667 warrants with an exercise price of $0.47 per share and are exercisable as of November 18, 2018. We calculated the fair value of these warrants as $91,000 using the Monte Carlo model and recorded the fair value as debt discount with an offset to additional paid-in capital. Original issue discount and debt issuance costs was $865,000 and is being amortized over six months. Assuming that all of the May 2018 Convertible Notes are issued, the May 2018 Convertible Notes are convertible at any time at a conversion price of $0.375 per share, subject to adjustment upon an event of default or significant corporate transaction, provided that unless shareholder approval is obtained, the maximum amount of shares of our common stock that may be issued upon conversion is 6,397,456 shares of common stock (or 19.99% of the issued and outstanding shares of common stock on the closing date). The conversion price is not subject to adjustment for future equity issuances at prices below the then prevailing conversion price and we are under no obligation to obtain shareholder approval in connection with the offering. The May 2018 Convertible Notes are due and payable upon the earlier of (a) November 18, 2018 and (b) the closing by of one or more subsequent financings with gross proceeds equal to at least $3,000,000 in the aggregate. The holders of the May 2018 Convertible Notes have the option to extend the maturity date of the notes through February 18, 2019. The May 2018 Convertible Notes represent senior indebtedness of the Company. For the three and six months ended June 30, 2018, interest expense was $216,000 related to the amortization of original issue discount and debt issuance costs for the May 2018 Convertible Notes.

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Notes and Loan Payable (Details 1) $ in Thousands	Jun. 30, 2018 USD ($)
Period Ending December 31,
2019	$ 7,893
2020	1,000
Total	$ 8,893

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Notes and Loan Payable (Details Textual) - USD ($)			1 Months Ended							3 Months Ended		6 Months Ended
	May 14, 2018	Dec. 15, 2017	Jul. 26, 2018	Jun. 15, 2018	May 31, 2018	May 28, 2018	May 18, 2018	May 09, 2018	Dec. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 15, 2017	Dec. 31, 2016	Feb. 28, 2014	Mar. 31, 2012
Notes and Loans Payable [Line Items]
Loans Payable										$ 510,000		$ 510,000
Interest Expense										281,000	$ 2,142,000	346,000	$ 3,197,000
Loss Contingency, Damages Sought, Value								$ 2,800,000
Gain (Loss) on Extinguishment of Debt						$ 181,000				181,000	0	181,000	0
Proceeds From Convertible Notes Two												2,007,000	0
Warrants Not Settleable in Cash, Fair Value Disclosure	$ 91,000
Amortization of Debt Issuance Costs and Discounts					$ 865,000
Number of Warrant Issued	474,667
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.47
Liquidated Damages										$ 1,112,000	0	1,112,000	0
Proceeds from Notes Payable												$ 3,000,000
Minimum Bid Price										$ 1.00		$ 1.00
Mandatory Default Amount Percentage on Principal										40.00%		40.00%
Deemed Dividend										$ (5,599,000)	$ 0	$ (5,599,000)	0
Series E Warrants [Member]
Notes and Loans Payable [Line Items]
Warrant, Exercise Price, Decrease							$ 0.30
Deemed Dividend										424,000		424,000
Series E Preferred Stock [Member]
Notes and Loans Payable [Line Items]
Preferred Stock, Convertible, Conversion Price, Decrease							$ 0.30
Deemed Dividend										5,175,000		$ 5,175,000
Meda Pharma SARL [Member]
Notes and Loans Payable [Line Items]
Fixed Consideration Payable in Installments Over Three Year Period description												In conjunction with the Asset Purchase Agreement with Meda described in Note 6, we agreed to pay a fixed consideration of $5.0 million, payable in installments over a three-year period as follows: (i) $1.5 million on the earlier of: (1) the successful transfer to us of all of the marketing authorizations for the product or (2) the date which is six months after the Completion Date (as defined in the Asset Purchase Agreement); (ii) $1.5 million on the first anniversary of the Completion Date; (iii) $1.0 million on the second anniversary of the Completion Date; and (iv) $1.0 million on the third anniversary of the Completion Date.
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt										3,600,000		$ 3,600,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt										900,000		900,000
Payments for Asset Purchase Agreement Amount		$ 1,500,000		$ 1,500,000
Debt Instrument, Interest Rate, Stated Percentage														15.00%
Mablife Notes Payable [Member]
Notes and Loans Payable [Line Items]
Notes Payable															$ 100,000
Interest Expense												0	$ 0
Loss Contingency, Damages Sought, Value									$ 205,000
Asset Acquisition Payable [Member]
Notes and Loans Payable [Line Items]
Interest Expense												65,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt										3,000,000		3,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt										1,400,000		1,400,000
Debt Instrument, Unamortized Discount										649,000		649,000
Convertible Notes Two [Member]
Notes and Loans Payable [Line Items]
Debt Instrument, Face Amount	$ 2,781,000
Debt Instrument, Unamortized Discount	$ 556,000
Proceeds From Convertible Notes Two						$ 2,007,000
Debt Instrument Unamortized Discount Percentage	20.00%
Debt InstrumentPlacement Agent Fee Percentage					8.00%
Placement Agent Fee					$ 178,000
Other Placement Agent Fee					$ 40,000
Debt Instrument, Convertible, Conversion Price	$ 0.375
Debt Conversion Converted Instrument Maximum Shares to be Issued	6,397,456
Debt Instrument, Maturity Date, Description	The May 2018 Convertible Notes are due and payable upon the earlier of (a) November 18, 2018 and (b) the closing by of one or more subsequent financings with gross proceeds equal to at least $3,000,000 in the aggregate. The holders of the May 2018 Convertible Notes have the option to extend the maturity date of the notes through February 18, 2019. The May 2018 Convertible Notes represent senior indebtedness of the Company.
Interest Expense, Debt										$ 216,000		$ 216,000
Debt Instrument, Interest Rate, Stated Percentage					1.50%					19.99%		19.99%
Liquidated Damages										$ 1,112,000		$ 1,112,000
Debt Instrument Debt Default Percentage					140.00%
Mablife [Member]
Notes and Loans Payable [Line Items]
Loans Payable																	$ 600,000
Royalty Rate Percent of Net Sales																	0.60%
Purchase Obligation, Due in Fourth Year																$ 25,000
Purchase Obligation, Due in Fifth Year																35,000
Mablife [Member] | Secondary Patent Rights [Member]
Notes and Loans Payable [Line Items]
Purchase Obligation, Due in Second Year																15,000
Purchase Obligation, Due in Third Year																25,000
Purchase Obligation																$ 150,000
Subsequent Event [Member] | Series E Warrants [Member]
Notes and Loans Payable [Line Items]
Warrant, Exercise Price, Decrease			$ 0.20
Subsequent Event [Member] | Series E Preferred Stock [Member]
Notes and Loans Payable [Line Items]
Preferred Stock, Convertible, Conversion Price, Decrease			$ 0.20

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Income Taxes (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Income Taxes [Line Items]
Deferred Tax Liabilities, Net, Noncurrent	$ 4,142	$ 4,142

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Stockholders' Equity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Management, Directors and Employees [Member]
Stock Holder's Equity Options Granted [Line Items]
Options (in Shares)	57,000	161,500
Options, exercise price (in Dollars per share)	$ 0.25	$ 3.80
Options, share price at grant date fair value (in Dollars per share)	$ 0.22	$ 3.40
Vesting terms (in years)	2 years
Management, Directors and Employees [Member] | Measurement Input, Price Volatility [Member]
Stock Holder's Equity Options Granted [Line Items]
Fair Value Assumptions Rate	118.00%
Management, Directors and Employees [Member] | Measurement Input, Risk Free Interest Rate [Member]
Stock Holder's Equity Options Granted [Line Items]
Fair Value Assumptions Rate	2.96%
Management, Directors and Employees [Member] | Measurement Input, Expected Term [Member]
Stock Holder's Equity Options Granted [Line Items]
Expected term, in years	6 years
Management, Directors and Employees [Member] | Measurement Input, Expected Dividend Rate [Member]
Stock Holder's Equity Options Granted [Line Items]
Fair Value Assumptions Rate	0.00%	0.00%
Management, Directors and Employees [Member] | Minimum [Member]
Stock Holder's Equity Options Granted [Line Items]
Vesting terms (in years)		1 year
Management, Directors and Employees [Member] | Minimum [Member] | Measurement Input, Price Volatility [Member]
Stock Holder's Equity Options Granted [Line Items]
Fair Value Assumptions Rate		109.00%
Management, Directors and Employees [Member] | Minimum [Member] | Measurement Input, Risk Free Interest Rate [Member]
Stock Holder's Equity Options Granted [Line Items]
Fair Value Assumptions Rate		2.22%
Management, Directors and Employees [Member] | Minimum [Member] | Measurement Input, Expected Term [Member]
Stock Holder's Equity Options Granted [Line Items]
Expected term, in years		6 years
Management, Directors and Employees [Member] | Maximum [Member]
Stock Holder's Equity Options Granted [Line Items]
Vesting terms (in years)		3 years
Management, Directors and Employees [Member] | Maximum [Member] | Measurement Input, Price Volatility [Member]
Stock Holder's Equity Options Granted [Line Items]
Fair Value Assumptions Rate		115.00%
Management, Directors and Employees [Member] | Maximum [Member] | Measurement Input, Risk Free Interest Rate [Member]
Stock Holder's Equity Options Granted [Line Items]
Fair Value Assumptions Rate		2.53%
Management, Directors and Employees [Member] | Maximum [Member] | Measurement Input, Expected Term [Member]
Stock Holder's Equity Options Granted [Line Items]
Expected term, in years		10 years
Consultants [Member]
Stock Holder's Equity Options Granted [Line Items]
Options (in Shares)	15,000
Options, exercise price (in Dollars per share)	$ 0.34
Options, share price at grant date fair value (in Dollars per share)	$ 0.29
Vesting terms	Immediately
Consultants [Member] | Measurement Input, Expected Term [Member]
Stock Holder's Equity Options Granted [Line Items]
Expected term, in years	6 years
Consultants [Member] | Measurement Input, Expected Dividend Rate [Member]
Stock Holder's Equity Options Granted [Line Items]
Fair Value Assumptions Rate	0.00%
Consultants [Member] | Minimum [Member] | Measurement Input, Price Volatility [Member]
Stock Holder's Equity Options Granted [Line Items]
Fair Value Assumptions Rate	114.00%
Consultants [Member] | Minimum [Member] | Measurement Input, Risk Free Interest Rate [Member]
Stock Holder's Equity Options Granted [Line Items]
Fair Value Assumptions Rate	2.22%
Consultants [Member] | Maximum [Member] | Measurement Input, Price Volatility [Member]
Stock Holder's Equity Options Granted [Line Items]
Fair Value Assumptions Rate	118.00%
Consultants [Member] | Maximum [Member] | Measurement Input, Risk Free Interest Rate [Member]
Stock Holder's Equity Options Granted [Line Items]
Fair Value Assumptions Rate	2.82%

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Stockholders' Equity (Details 1) - Consultants [Member]	6 Months Ended
	Jun. 30, 2018 $ / shares shares
Stockholders Equity Details Rsus Granted [Line Items]
No. of stock awards | shares | shares	100,000
Weighted average grant date fair value | $ / shares	$ 0.38
Vesting terms	Immediately

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Stockholders' Equity (Details 2) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2018 USD ($) $ / shares shares
Minimum [Member]
Stockholders Equity Details Rsu And Stock Option Activity [Line Items]
Options Outstanding, Exercise Price Range	$ 0.80
Options Granted, Exercise Price Range	0.25
Options Forfeited/cancelled, Exercise Price Range	3.40
Options Outstanding, Exercise Price Range	0.25
Options Exercisable, Exercise Price Range	0.34
Maximum [Member]
Stockholders Equity Details Rsu And Stock Option Activity [Line Items]
Options Outstanding, Exercise Price Range	80.00
Options Granted, Exercise Price Range	0.34
Options Forfeited/cancelled, Exercise Price Range	80.00
Options Outstanding, Exercise Price Range	61.00
Options Exercisable, Exercise Price Range	$ 61.00
Employee Stock Option [Member]
Stockholders Equity Details Rsu And Stock Option Activity [Line Items]
Options, Outstanding (in Shares) | shares	519,014
Options, Granted (in Shares) | shares	72,000
Options, Forfeited/cancelled (in Shares) | shares	(15,417)
Options, Outstanding (in Shares) | shares	575,597
Options, Exercisable (in shares) | shares	395,847
Options Outstanding, Weighted Average Fair Value	$ 9.80
Options Granted, Weighted Average Exrecise Price	0.27
Options Forfeited/cancelled, Weighted Average Exercise Price	15.78
Options Outstanding, Weighted Average Fair Value	8.40
Options Exercisable, weighted average exercise price	11.60
Options Outstanding, Weighted Average Grant Date Fair Value	9.40
Options Granted, Weighted Average Grant Date Fair Value	0.23
Options Forfeited/cancelled, Weighted Average Grant Date Fair Value	11.96
Options outstanding, Weighted Average Grant Date Fair Value	8.20
Options Exercisable, Weighted Average Grant Date Fair Value	$ 11.40
Options Outstanding, Aggregate Intrinsic Value (in Dollars) | $	$ 0
Options Granted, Aggregate Intrinsic Value (in Dollars) | $	0
Options Forfeited/Expired, Aggregate Intrinsic Value (In Dollars) | $	0
Options Outstanding, Aggregate Intrinsic Value (in Dollars) | $	0
Options Exercisable, Aggregate Intrinsic Value (in Dollars) | $	$ 0

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Stockholders' Equity (Details 3) - $ / shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Investors [Member]
Warrants, Vesting terms	Immediately
Investors [Member] | Measurement Input, Expected Term [Member]
Warrants, Expected term, in years	6 years
Investors [Member] | Measurement Input, Expected Dividend Rate [Member]
Fair Value Assumptions Rate	0.00%
Investors [Member] | Warrant [Member]
Warrants (in shares)	474,667	52,910
Warrants, Weighted average exercise price	$ 0.47	$ 10.00
Warrants, Weighted average grant date fair value	$ 0.19	$ 3.80
Warrants, Vesting terms	Six months	Immediately
Investors [Member] | Warrant [Member] | Measurement Input, Price Volatility [Member]
Fair Value Assumptions Rate	118.00%	109.00%
Investors [Member] | Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member]
Fair Value Assumptions Rate	2.90%	1.89%
Investors [Member] | Warrant [Member] | Measurement Input, Expected Term [Member]
Warrants, Expected term, in years	5 years	5 years
Investors [Member] | Warrant [Member] | Measurement Input, Expected Dividend Rate [Member]
Fair Value Assumptions Rate	0.00%	0.00%
Noteholders [Member] | Warrant [Member]
Warrants (in shares)		83,333
Warrants, Weighted average exercise price		$ 4.00
Warrants, Weighted average grant date fair value		$ 2.16
Warrants, Vesting terms		Immediately
Noteholders [Member] | Warrant [Member] | Measurement Input, Price Volatility [Member]
Fair Value Assumptions Rate		105.00%
Noteholders [Member] | Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member]
Fair Value Assumptions Rate		1.91%
Noteholders [Member] | Warrant [Member] | Measurement Input, Expected Term [Member]
Warrants, Expected term, in years		5 years
Noteholders [Member] | Warrant [Member] | Measurement Input, Expected Dividend Rate [Member]
Fair Value Assumptions Rate		0.00%

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Stockholders' Equity (Details 4)	6 Months Ended
	Jun. 30, 2018 $ / shares shares
Class of Warrant or Right [Line Items]
Number of Warrants, Warrants outstanding (in Shares) | shares	18,695,677
Number of Warrants, Warrants issued (in Shares) | shares	474,667
Number of Warrants, Warrants expired (in Shares) | shares	0
Number of Warrants, Warrants outstanding and exercisable (in Shares) | shares	19,170,344
Weighted Average Exercise Price, Warrants outstanding (in dollars per shares)	$ 3.00
Weighted Average Exercise Price, Warrants issued (in dollars per shares)	0.47
Weighted Average Exercise Price, Warrants expired (in dollars per shares)	0
Weighted Average Exercise Price, Warrants outstanding and exercisable (in dollars per shares)	2.90
Exercise Price Range, Warrants issued (in dollars per shares)	0.47
Exercise Price Range, Warrants expired (in dollars per shares)	0
Maximum [Member]
Class of Warrant or Right [Line Items]
Exercise Price Range, Warrants outstanding (in dollars per shares)	200.00
Exercise Price Range, Warrants outstanding (in dollars per shares)	200.00
Minimum [Member]
Class of Warrant or Right [Line Items]
Exercise Price Range, Warrants outstanding (in dollars per shares)	0.86
Exercise Price Range, Warrants outstanding (in dollars per shares)	$ 0.47

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Stockholders' Equity (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Disclosure Of Compensation Related Costs Share based Payments [Line Items]
Allocated Share-based Compensation Expense		$ 40,000	$ (97,000)	$ 122,000	$ 165,000
Derivative Liability	$ 180,000
Fair Value Adjustment of Warrants	$ 180,000
Adjustments to Additional Paid in Capital, Warrant Issued				91,000
HlhwIv Llc [Member]
Disclosure Of Compensation Related Costs Share based Payments [Line Items]
Adjustments to Additional Paid in Capital, Warrant Issued						$ 180,000
Employee Stock Option [Member]
Disclosure Of Compensation Related Costs Share based Payments [Line Items]
Allocated Share-based Compensation Expense				$ 200,000
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period				1 year 6 months
Series E Convertible Preferred Stock [Member]
Disclosure Of Compensation Related Costs Share based Payments [Line Items]
Conversion of Stock, Shares Converted				7,699
Dividends				$ 251,000
Common Stock [Member]
Disclosure Of Compensation Related Costs Share based Payments [Line Items]
Conversion of Stock, Shares Issued				14,634,268
Adjustments to Additional Paid in Capital, Warrant Issued				$ 0
Warrant [Member]
Disclosure Of Compensation Related Costs Share based Payments [Line Items]
Class Of Warrant Or Right Issued	83,333

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Loss Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	43,333,808	3,855,308	43,333,808	3,855,308
Common Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	575,597	490,541	575,597	490,541
Shares issuable upon conversion of Series E Preferred Stock (not including dividends)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	16,171,200	0	16,171,200	0
Shares potentially issuable upon conversion of May 2018 convertible notes (assuming $0.375 price)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	7,416,667	0	7,416,667	0
Shares potentially issuable upon conversion of April 2017 convertible notes (assuming $1.00 floor price)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	305,000	0	305,000
Shares potentially issuable upon conversion of May 2017 convertible notes (assuming $1.00 floor price)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	2,344,354	0	2,344,354
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	19,170,344	715,413	19,170,344	715,413

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Loss Per Share (Details) (Parenthetical) - $ / shares	May 31, 2018	May 31, 2017	Apr. 30, 2017
Shares potentially issuable upon conversion of May 2018 convertible notes (assuming $0.375 price)
Debt Instrument, Convertible, Conversion Price	$ 0.375
Shares potentially issuable upon conversion of April 2017 convertible notes (assuming $1.00 floor price)
Debt Instrument Floor Price			$ 1.00
Shares potentially issuable upon conversion of May 2017 convertible notes (assuming $1.00 floor price)
Debt Instrument Floor Price		$ 1.00

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Commitments and Contingencies (Details Textual) - USD ($)		1 Months Ended	6 Months Ended		12 Months Ended
	May 01, 2017	May 09, 2018	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2011
Commitments and Contingencies [Line Items]
Operating Leases, Rent Expense			$ 53,000	$ 364,000
Loss Contingency, Damages Sought, Value		$ 2,800,000
Loss Contingency, Damages Paid, Value					$ 260,000
550 Sylvan Avenue, LLC [Member]
Commitments and Contingencies [Line Items]
Operating Leases, Rent Expense	$ 2,950
Cytovia Occupies Shared Office Space [Member]
Commitments and Contingencies [Line Items]
Operating Leases, Rent Expense	3,500
Immune Ltd Occupies Shared Office Space [Member]
Commitments and Contingencies [Line Items]
Operating Leases, Rent Expense	$ 2,900
One Bridge Plaza, Fort Lee, New Jersey [Member]
Commitments and Contingencies [Line Items]
Operating Leases, Future Minimum Payments Due, Next Twelve Months			74,000
Operating Leases, Future Minimum Payments, Due in Two Years			102,000
Operating Leases, Future Minimum Payments, Due in Three Years			105,000
Operating Leases, Future Minimum Payments, Due in Four Years			108,000
Operating Leases, Future Minimum Payments, Due in Five Years			111,000
Operating Leases Future Minimum Payments Due In Six Years			115,000
Operating Leases, Future Minimum Payments, Due Thereafter			$ 29,000

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Related Party Transactions (Details Textual) - USD ($)	1 Months Ended
	Jun. 15, 2017	Jun. 30, 2018
Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Notes Payable, Related Parties, Current		$ 200,000
Directors and Management [Member]
Related Party Transaction [Line Items]
Due to Employees, Current		$ 100,000
Daniel Kazado [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Average Outstanding Amount	$ 5,000,000
Cytovia [Member]
Related Party Transaction [Line Items]
Defined Benefit Plan, Benefit Obligation, Business Combination	$ 5,000,000

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Pint Licensing Agreement (Details Textual) - USD ($)
$ in Millions

6 Months Ended

Jul. 10, 2017

Jun. 30, 2018

Pint Licensing Agreement [Line Items]

Licensing Agreement Description

(i) 35% of net sales in the territory (ii) a milestone payment of $0.5 million when net sales of Ceplene in the Territory first reach $10.0 million in any calendar year and (iii) a milestone payment of $1.25 million when net sales of Ceplene in the Territory first reach $25.0 million in any calendar year.

Payments to Acquire Investments

$ 4.0

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Subsequent Events (Details Textual)	Jun. 30, 2018 $ / shares
Subsequent Event [Line Items]
Minimum Bid Price	$ 1.00