Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2013

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

Basis of presentation

The accompanying unaudited condensed consolidated balance sheet as of June 30, 2013, condensed consolidated statements of operations for the three and six month periods ended June 30, 2013 and 2012, the condensed consolidated statements of cash flows for the six month periods ended June 30, 2013 and 2012, and the cumulative period from inception (June 10, 2008) to June 30, 2013 of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting only of normal and recurring adjustments, considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimated. Additionally, operating results for the three and six months ended June 30, 2013 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2013. For further information, refer to the financial statements and footnotes included in the Company's Prospectus as filed with the Securities and Exchange Commission ("SEC") under Rule 424(b) of the Securities Act of 1933 on July 24, 2013.

Principles of Consolidation

The condensed consolidated financial statements include the accounts of Heat Biologics, Inc. and its subsidiaries, Heat Biologics I, Inc. ("Heat I") and Heat Biologics II, Inc ("Heat II"), Heat Biologics III, Inc ("Heat III"), Heat Biologics IV, Inc. ("Heat IV") and Heat Biologics GmbH. All significant intercompany accounts and transactions have been eliminated in consolidation. At December 31, 2012 and June 30, 2013 (unaudited), Heat held a 92.5% controlling interest in Heat I and accounts for its less than 100% interest in the condensed consolidated financial statements in accordance with U.S. GAAP. Accordingly, the Company presents non-controlling interests as a component of stockholders' equity (deficit) on its condensed consolidated balance sheets and reports non-controlling interest net income (loss) under the heading "net income (loss) - non-controlling interest" in the condensed consolidated statements of operations. In June 2012, the Company sold its entire 92.5% interest in Heat II. The operations of Heat II through June 25, 2012, including fiscal year 2012 and 2011, and inception to date, are presented in the accompanying condensed consolidated statements of operations as a loss from discontinued operations.