Summarized Quarterly Data

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Summarized Quarterly Data

11. Summarized Quarterly Data (Unaudited)

The following financial information reflects all adjustments, which include only normal recurring adjustments, which are, in the opinion of management, necessary for a fair statement of the financial results of the interim periods. Summarized quarterly data for the years ended December 31, 2015 and 2014 are as follows:

	For the Quarters Ended
	March 31,			June 30,			September 30,			December 31,
2015
Research and development expense	$	2,419,961		$	2,188,138		$	1,837,743		$	1,708,302
General and administrative expense	$	1,025,261		$	976,418		$	819,703		$	842,777
Net loss	$	(3,520,748	)	$	(3,241,163	)	$	(2,735,400	)	$	(2,624,152	)
Net loss per common share, basic and diluted (1)	$	(0.58	)	$	(0.52	)	$	(0.42	)	$	(0.37	)
Weighted average shares outstanding,   basic and diluted		6,103,783			6,212,803			6,494,845			7,123,163
2014
Research and development expense	$	1,852,116		$	2,874,977		$	3,088,373		$	2,176,388
General and administrative expense	$	1,070,479		$	616,888		$	732,800		$	738,012
Net loss	$	(2,955,484	)	$	(3,547,040	)	$	(3,825,354	)	$	(2,919,803	)
Net loss per common share, basic and diluted (1)	$	(0.49	)	$	(0.59	)	$	(0.63	)	$	(0.48	)
Weighted average shares outstanding,     basic and diluted		6,002,936			6,027,672			6,054,250			6,065,841

(1) Net loss per share is computed independently for each of the quarters presented.  Therefore, the sum of the quarterly per-share calculations will not necessarily equal the annual per share calculation.