0001493152-17-009023.txt : 20170814 0001493152-17-009023.hdr.sgml : 20170814 20170811210858 ACCESSION NUMBER: 0001493152-17-009023 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 52 CONFORMED PERIOD OF REPORT: 20170630 FILED AS OF DATE: 20170814 DATE AS OF CHANGE: 20170811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Marina Biotech, Inc. CENTRAL INDEX KEY: 0000737207 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 112658569 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-13789 FILM NUMBER: 171026614 BUSINESS ADDRESS: STREET 1: 17870 CASTLETON STREET STREET 2: SUITE 250 CITY: CITY OF INDUSTRY STATE: CA ZIP: 91748 BUSINESS PHONE: 4259083600 MAIL ADDRESS: STREET 1: 17870 CASTLETON STREET STREET 2: SUITE 250 CITY: CITY OF INDUSTRY STATE: CA ZIP: 91748 FORMER COMPANY: FORMER CONFORMED NAME: MDRNA, Inc. DATE OF NAME CHANGE: 20080610 FORMER COMPANY: FORMER CONFORMED NAME: NASTECH PHARMACEUTICAL CO INC DATE OF NAME CHANGE: 19920703 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended: June 30, 2017

 

or

 

[  ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _____________ to _____________.

 

Commission File Number: 000-13789

 

MARINA BIOTECH, INC.

(Exact name of registrant as specified in its charter)

 

Delaware   11-2658569
(State or other jurisdiction of   (IRS Employer
incorporation or organization)   Identification No.)

 

17870 Castleton Street, Suite 250

City of Industry, California

  91748
(Address of principal executive offices)   (Zip Code)

 

(626) 964-5788

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [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 (§ 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, or a small reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer [  ] Accelerated filer [  ]
       
Non-accelerated filer [  ] (Do not check if a smaller reporting company) 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 7(a)(2)(B) of the Securities 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 11, 2017, there were 9,837,930 shares of registrant’s common stock outstanding.

 

 

 

   
  

 

MARINA BIOTECH, INC.

FORM 10-Q

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2017

 

TABLE OF CONTENTS

 

    Page
     
PART I - FINANCIAL INFORMATION  
     
ITEM 1 Financial Statements (unaudited) 3
     
  Condensed Consolidated Balance Sheets as of June 30, 2017 and December 31, 2016 3
     
  Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2017 and 2016 4
     
 

Condensed Consolidated Statement of Changes in Stockholders’ Equity as of June 30, 2017 and December 31, 2016

5
     
  Condensed Consolidated Statements of Cash Flows for the Three and Six Months Ended June 30, 2017 and 2016 6
     
  Notes to Condensed Consolidated Financial Statements 7
     
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 24
     
ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 37
     
ITEM 4. Controls and Procedures 37
     
PART II - OTHER INFORMATION 38
     
ITEM 1A. Risk Factors 38
     
ITEM 6. Exhibits 38
     
SIGNATURES 39

 

Items 1, 2, 3, 4 and 5 have not been included as they are not applicable.

 

 2 
  

 

PART I – FINANCIAL INFORMATION

 

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

MARINA BIOTECH, INC.

Condensed Consolidated Balance Sheets

 

   June 30, 2017   December 31, 2016 
   (Unaudited)     
ASSETS          
           
Current assets          
Cash  $263,913   $105,347 
Prepaid expenses and other assets   138,355    211,133 
Total current assets   402,268    316,480 
           
Intangible assets, net   2,727,273    2,311,877 
Goodwill   3,502,829    3,558,076 
    6,230,102    5,869,953 
           
Total assets  $6,632,370   $6,186,433 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
           
Current liabilities          
Accounts payable  $938,365   $663,261 
Accrued expenses   1,019,476    1,393,521 
Due to related party   277,132    83,166 
Notes payable   437,823    435,998 
Notes payable to related parties   80,410    - 
Convertible notes payable   401,283    - 
Convertible notes payable to related parties   552,714    250,000 
Fair value of liabilities for price adjustable warrants   255,510    141,723 

Derivative liability

   195,943    - 
Total current liabilities   4,158,656    2,967,669 
           
Commitments and contingencies (Note 8)          
           
Stockholders’ equity          
Preferred stock, $0.01 par value; 100,000 shares authorized          
           
Series C convertible preferred stock, $0.01 par value; $5,100 liquidation preference; 1,200 shares authorized; 1,020 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively   -    - 
           
Series D convertible preferred stock, $0.01 par value; $300 liquidation preference; 220 shares authorized; 60 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively   -    - 
           
Common stock, $0.006 par value; 180,000,000 shares authorized, 9,837,859 and 8,977,138 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively   59,028    53,863 
Additional paid-in capital   6,836,339    5,115,983 

Deferred compensation

   (216,600)   - 
Accumulated deficit   (4,205,053)   (1,951,082)
           
Total stockholders’ equity   2,473,714    3,218,764 
           
Total liabilities and stockholders’ equity  $6,632,370   $6,186,433 

 

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

 

 3 
  

 

MARINA BIOTECH, INC.

Condensed Consolidated Statements of Operations

(Unaudited)

 

 

    For the Three Months Ended June 30,     For the Six Months Ended June 30,  
    2017     2016     2017     2016  
                         
Revenue                                
                                 
License and other revenues   $ -     $ -     $ -     $ -  
                                 
Operating expenses                                
                                 
Personnel expenses     319,079       71,328       626,001       155,310  
Research and development     141,686       52,249       215,117       57,227  
Amortization     106,226       -       204,604       -  
General and administrative     381,923       4,863       870,445       30,094  
Total operating expenses     948,914       128,440       1,916,167       242,631  
                                 
Loss from operations     (948,914 )     (128,440 )     (1,916,167 )     (242,631 )
                                 
Other income (expense)                                
                                 
Interest expense     (15,621 )     -       (27,274 )     -  
Change in fair value liability of warrants     (10,715 )     -       (113,787 )     -  
Change in fair value of derivative liability     (195,943 )     -       (195,943 )     -  
      (222,279 )     -       (337,004 )     -  
                                 
Loss before provision for income taxes     (1,171,193 )     (128,440 )     (2,253,171 )     (242,631 )
                                 
Provision for income taxes     -       800       800       800  
                                 
Net loss   $ (1,171,193 )   $ (129,240 )   $ (2,253,971 )   $ (243,431 )
                                 
Net loss per share – basic and diluted   $ (0.12 )   $ (0.03 )   $ (0.24 )   $ (0.06 )
                                 
Weighted average shares outstanding – basic and diluted     9,733,078       4,227,641       9,567,998       4,063,820  

 

 

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

 

 4 
  

 

MARINA BIOTECH, INC.

Condensed Consolidated Statements of Changes in STOCKHOLDERS’ Equity

(Unaudited)

 

                Additional                    
    Common Stock     Paid-in     Deferred     Accumulated        
    Number     Par Value     Capital     Compensation     Deficit     Total  
                                     
Balance, December 31, 2016     8,977,138     $ 53,863     $ 5,115,983     $       $ (1,951,082 )   $ 3,218,764  
                                                 
Sale of common stock to related party     86,207       517       249,483                   250,000  
                                                 
Common stock issued for services     30,000       180       53,820                   54,000  
                                                 
Common stock issued for accounts payable     622,296       3,734       972,980                   976,714  
                                                 
Return of common stock for note receivable     (8,725 )     (52 )     (31,352 )                 (31,404 )
                                                 
Restricted stock issued to officers     70,000       420       245,580       (216,600 )           29,400  
                                                 
Stock option compensation                 59,568                   59,568  
                                                 
Conversion of warrants to common stock     60,944       366       170,277                   170,643  
                                                 
Effects of rounding due to reverse split     (1 )                             -  
                                                 
Net loss                               (2,253,971 )     (2,253,971 )
Balance, June 30, 2017     9,837,859     $ 59,028.00     $ 6,836,339     $ (216,600 )   $ (4,205,053 )   $ 2,473,714  

 

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

 

 5 
  

 

MARINA BIOTECH, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

    For the Six Months Ended June 30,  
    2017     2016  
             
Cash Flows Used in Operating Activities:                
                 
Net loss   $ (2,253,971 )   $ (243,431 )
Adjustments to reconcile net loss to net cash used in operating activities:                
Share based compensation     88,968       -  
Common shares issued for third party services     54,000       -  
Warrants issued for services     -       36,470  
Amortization     204,604       -  
Fair value liabilities for price adjustable warrants     113,787       -  
Change in fair value of derivative liability     195,943       -  
Changes in operating assets and liabilities:                
Prepaid expenses and other assets     41,374       (479 )
Accounts payable     330,351       25,531  
Accrued expenses     298,491       (23,503 )
Due to related party     193,966       (54,150 )
                 
Net Cash used in operating activities     (732,487 )     (259,562 )
                 
Cash Flows Used in Investing Activities:                
                 
Purchase of intangible asset     (300,000 )     -  
                 
Net cash used in investing activities     (300,000 )     -  
                 
Cash Flows from Financing Activities:                
                 
Proceeds from sales of common stock to related party     250,000       -  
Proceed from notes payable, related party     80,410          
Proceed from convertible notes     400,000       -  
Proceed from convertible notes, related parties     290,000       -  
Proceeds from conversion of warrants to common stock     170,643       -  
                 
Net cash provided by financing activities     1,191,053       -  
                 
Increase (decrease) in cash     158,566       (259,562 )
                 
Cash – Beginning of Period     105,347       261,848  
Cash - End of Period   $ 263,913     $ 2,286  
                 
Supplementary Cash Flow Information:                
    $ -     $ -  
Income taxes paid   $ 800     $ -  
                 
Non-cash Investing and Financing Activities:                
Issuance of warrants for services   $ -     $ 36,470  
Common stock issued for accounts payable   $ 976,714     $ -  
Return of common stock for notes receivable   $ 31,404     $ -  
Adjustment to goodwill   $ 55,247     $ -  

 

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

 

 6 
  

 

MARINA BIOTECH, INC.

Notes to Condensed Consolidated Financial Statements

FOR THE THREE and six MONTHS ENDED june 30, 2017

(Unaudited)

 

Note 1 – Nature of Operations, Basis of Presentation and Significant Accounting Policies

 

Reverse Stock Split

 

On August 1, 2017, we filed a Certificate of Amendment of our Amended and Restated Certificate of Incorporation to effect a one-for-ten reverse split of our issued and outstanding shares of common stock. Our common stock commenced trading on the OTCQB tier of the OTC Markets on a split-adjusted basis on Thursday, August 3, 2017. Unless indicated otherwise, all share and per share information included in these financial statements give effect to the reverse split.

 

Reverse Merger with IThenaPharma

 

On November 15, 2016, Marina Biotech, Inc. and subsidiaries (“we”, “us”) entered into, and consummated the transactions contemplated by, an Agreement and Plan of Merger between and among IThenaPharma Inc., a Delaware corporation (“IThena”), IThena Acquisition Corporation, a Delaware corporation and wholly-owned subsidiary of Marina (“Merger Sub”), and Vuong Trieu as the IThena representative (the “Merger Agreement”), pursuant to which IThena merged into Merger Sub (the “Merger”). Upon completion of the Merger and subject to the applicable provisions of the Merger Agreement, Merger Sub has ceased to exist and IThena continues as the surviving corporation of the Merger and as a wholly-owned subsidiary of Marina. As consideration for the Merger, Marina issued to the former shareholders of IThena 58,392,828 shares of the Company’s common stock (5,839,283 shares after adjustment for the Company’s 1 for 10 reverse stock split in August 2017), representing approximately 65% of the issued and outstanding shares of Marina’s common stock following the completion of the Merger. Outstanding warrants to purchase 30,000 shares of common stock of IThena were converted into warrants to purchase common stock of Marina. In addition, Marina appointed Vuong Trieu, the president of IThena, as the Chairman of the Board of Directors of Marina, effective November 15, 2016. Dr. Trieu, in his capacity as the IThena representative, later appointed Philippe P. Calais, Ph.D., as a member of the Board of Directors of Marina effective December 8, 2016, pursuant to the rights granted to the former shareholders of IThena in the Merger Agreement.

 

As the former shareholders of IThena control greater than 50% of the Company subsequent to the Merger, for accounting purposes, the Merger was treated as a “reverse acquisition” and IThena is considered the accounting acquirer. Accordingly, IThena’s historical results of operations replace Marina’s historical results of operations for all periods prior to the Merger, and for all periods following the Merger, the results of operations of both companies are included. IThena accounted for the acquisition of Marina under the purchase accounting method following completion.

 

The purchase price of approximately $3.7 million represents the consideration in the reverse merger transaction and is calculated based on the number of shares of common stock of the combined company that Marina stockholders owned as of the closing of the transaction and the fair value of assets and liabilities assumed by IThena.

 

The number of shares of common stock Marina issued to IThena stockholders is calculated pursuant to the terms of the Merger Agreement based on Marina common stock outstanding as of November 15, 2016, as follows (retroactively adjusted for the 1 for 10 reverse stock split in August 2017):

 

Shares of Marina common stock outstanding as of November 15, 2016   3,137,855 
Divided by the percentage of Marina ownership of combined company   35%
Adjusted total shares of common stock of combined company   8,977,138 
Multiplied by the assumed percentage of IThena ownership of combined company   65%
Shares of Marina common stock issued to IThena upon closing of transaction   5,839,283 

 

The application of the acquisition method of accounting is dependent upon certain valuations and other studies that have yet to be completed. The purchase price allocation will remain preliminary until IThena management determines the fair values of assets acquired and liabilities assumed. The final determination of the purchase price allocation is anticipated to be completed as soon as practicable after completion of the transaction and will be based on the fair values of the assets acquired and liabilities assumed as of the transaction closing date. The final amounts allocated to assets acquired and liabilities assumed could differ significantly from the amounts presented.

 

 7 
  

 

The purchase price as of June 30, 2017 has been allocated based on a preliminary estimate of the fair value of assets acquired and liabilities assumed:

 

Assets and Liabilities Acquired:    
Cash  $5,867 
Net current liabilities assumed (excluding cash)   (1,871,725)
Identifiable intangible assets   2,361,066 
Debt   (326,037)
Net assets acquired   

169,171

 
Goodwill   3,502,829 
Purchase price  $3,672,000 

 

The above estimated purchase allocation and goodwill valuation reflects changes in fair value determinations of $55,246 for the six months ended June 30, 2017 and approximately $1,238,000 since the Merger date.

 

In connection with the Merger, Marina entered into a License Agreement with Autotelic LLC, a stockholder of IThena and an entity in which Dr. Trieu serves as Chief Executive Officer, pursuant to which (A) Marina licensed to Autotelic LLC certain patent rights, data and technology relating to Familial Adenomatous Polyposis and nasal insulin, for human therapeutics other than for oncology-related therapies and indications, and (B) Autotelic LLC licensed to Marina certain patent rights, data and know-how relating to IT-102 and IT-103, in connection with individualized therapy of pain using a non-steroidal anti-inflammatory drug and an anti-hypertensive without inducing intolerable edema, and treatment of certain aspects of proliferative disease, but not including rights to IT-102/IT-103 for Therapeutic Drug Monitoring (“TDM”) guided dosing for all indications using an Autotelic Inc. TDM Device. We also granted a right of first refusal to Autotelic LLC with respect to any license by us of the rights licensed by or to us under the License Agreement in any cancer indication outside of gastrointestinal cancers.

 

On November 15, 2016, simultaneously with the Merger, Autotelic Inc., a related party, acquired a technology asset (IT-101) from IThena, and IThena’s investment of $479 in a foreign entity from the Company. In exchange for the asset, Autotelic Inc. agreed to cancel its stock purchase warrant agreements (see below), received all of IThena’s then cash balance as payment against the liabilities and agreed to assume the remaining debts and liabilities of IThena, including accounts payable of $71,560, accrued expenses of $11,470, due to related party of $5,375, other liabilities of $118,759, convertible note of $50,000, and accrued interest payable of $567. IThena recognized contributed capital of $257,252 in connection with this transaction.

 

In connection with the Merger, Marina entered into a Line Letter dated November 15, 2016 with Dr. Trieu, our Executive Chairman, for an unsecured line of credit to be used for current operating expenses in an amount not to exceed $540,000, of which all had been drawn at June 30, 2017 and $250,000 had been drawn at December 31, 2016. Dr. Trieu considered requests for advances under the Line Letter until April 30, 2017. Dr. Trieu has the right at any time for any reason in his sole and absolute discretion to terminate the line of credit available under the Line Letter or to reduce the maximum amount available thereunder without notice; provided, that Dr. Trieu agreed that he shall not demand the repayment of any advances that are made under the Line Letter prior to the earlier of: (i) May 15, 2017; and (ii) the date on which (x) we make a general assignment for the benefit of our creditors, (y) we apply for or consent to the appointment of a receiver, a custodian, a trustee or liquidator of all or a substantial part of our assets or (z) we cease operations. Dr. Trieu has advanced an aggregate of $540,000 under the Line Letter.  Advances made under the Line Letter bear interest at the rate of five percent (5%) per annum, are evidenced by the Demand Promissory Note issued by us to Dr. Trieu, and are due and payable upon demand by Dr. Trieu.

 

Dr. Trieu has the right, exercisable by delivery of written notice thereof (the “Election Notice”), to either: (i) receive repayment for the entire unpaid principal amount advanced under the Line Letter and the accrued and unpaid interest thereon on the date of the delivery of the Election Notice (the “Outstanding Balance”) or (ii) convert the Outstanding Balance into such number of shares of our common stock as is equal to the quotient obtained by dividing (x) the Outstanding Balance by (y) $1.00 (such price, the “Conversion Price”); provided, that in no event shall the Conversion Price be lower than the lower of (x) $2.80 per share or (y) the lowest exercise price of any securities that have been issued by us in a capital raising transaction (and that would otherwise reduce the exercise price of any other outstanding warrants issued by us) during the period between November 15, 2016 and the date of the delivery of the Election Notice. No capital raising transactions have occurred through the date of this filing with securities at a price lower than $2.80 per share. The embedded conversion feature in the Line Letter qualified it as a derivative instrument since the number of shares issuable under the Line Letter is indeterminate based on guidance under ASC 815, Derivatives and Hedging. The conversion feature of this line letter has been characterized as a derivative liability during the three months ended June 30, 2017, to be re-measured at the end of every reporting period with the change in value reported in the statement of operations. The Company recorded a derivative liability of $195,943 for the fair value of this conversion feature as of June 30, 2017.

 

 8 
  

 

On April 4, 2017, the Company entered into a Line Letter with Autotelic Inc., a stockholder of IThenaPharma that became the holder of 525,535 shares of Marina common stock as a result of the Merger, and an entity of which Dr. Trieu serves as Chairman of the Board, for an unsecured line of credit in an amount not to exceed $500,000, to be used for current operating expenses. Autotelic Inc. will consider requests for advances under the Line Letter until September 1, 2017. Autotelic Inc. shall have the right at any time for any reason in its sole and absolute discretion to terminate the line of credit available under the Line Letter or to reduce the maximum amount available thereunder without notice; provided, that Autotelic Inc. agreed that it shall not demand the repayment of any advances that are made under the Line Letter prior to the earlier of: (i) October 4, 2017; and (ii) the date on which (x) we make a general assignment for the benefit of our creditors, (y) we apply for or consents to the appointment of a receiver, a custodian, a trustee or liquidator of all or a substantial part of our assets or (z) we cease operations. Advances made under the Line Letter shall bear interest at the rate of five percent (5%) per annum, shall be evidenced by the Demand Promissory Note issued to Autotelic Inc., and shall be due and payable upon demand by Autotelic, Inc.

 

The balance under the line was $80,410 as of June 30, 2017 and is included in convertible notes to related parties on the accompanying balance sheet.

 

Further, we entered into a Master Services Agreement (“MSA”) with Autotelic Inc., a stockholder of IThena, pursuant to which Autotelic Inc. agreed to provide certain business functions and services from time to time during regular business hours at our request. See Note 3 for specific terms of the MSA.

 

On November 15, 2016, Marina agreed to issue to Novosom Verwaltungs GmbH (“Novosom”) .15 million shares of common stock upon the closing of the Merger in consideration of Novosom’s agreement that the consummation of the Merger would not constitute a “Liquidity Event” under that certain Asset Purchase Agreement dated as of July 27, 2010 between and among Marina, Novosom and Steffen Panzner, Ph.D., and thus that no additional consideration under such agreement would be due to Novosom as a result of the consummation of the Merger.

 

In July 2016, Marina pledged to issue common stock valued at approximately $15,000 to Novosom for the portion due under our July 2010 Asset Purchase Agreement with Novosom, related to Marina’s license agreement with an undisclosed licensee that grants such licensee rights to use Marina’s technology and intellectual property to develop and commercialize products combining certain molecules with Marina’s liposomal delivery technology known as NOV582. In November 2016, we issued 11,905 shares with a value of approximately $15,000 to Novosom as the equity component owed under our July 2016 license agreement. 

 

Common Stock Offering

 

On June 26, 2017, the Company filed a Form S-1 Registration Statement with the SEC, with amendments on July 27, 2017 and August 3, 2017, to allow the Company to offer directly to selected investors 2,058,823 units (adjusted to reflect the 1 for 10 reverse split of our common stock), with each unit consisting of (i) one share of our common stock, par value $0.006 per share and (ii) a warrant to purchase 0.5 shares of our common stock, at an assumed offering price of $3.40 per unit, which was the closing price of our common stock on July 20, 2017. The warrants will be immediately exercisable at an exercise price that is not less than the offering price per unit in this offering, and will expire on the fifth anniversary of the issuance date. This Registration Statement was not yet effective as of this filing date.

 

 9 
  

 

Business Operations

 

IThenaPharma, Inc.

 

IThena is a developer of personalized therapies for combined pain/hypertension through its proprietary Fixed Dose Combination (“FDC”) technology and point of care TDM. Through the combination of these technologies, IThenaPharma is looking to deliver therapies with improved compliance and personalized dosing. IThena’s lead products are the celecoxib FDCs which include IT-102 and IT-103, fixed dose combinations of celecoxib and lisinopril and celecoxib and olmesartan, respectively. IT-102 and IT-103 are being developed as celecoxib without the drug induced edema associated with celecoxib alone. IT-102 and IT-103 are being developed initially for combined arthritis / hypertension and subsequently for treatment of pain, or cancer, or other indications requiring high doses of celecoxib.

 

Marina Biotech, Inc

 

Marina Biotech is a fully integrated, commercial stage biopharmaceutical company delivering proprietary drug therapeutics for significant unmet medical needs in the U.S., Europe and additional international markets. Our portfolio of products currently focuses on fixed dose combinations (“FDC”) in hypertension, arthritis, pain and oncology allowing for innovative solutions to such unmet medical needs. Our approach is meant to reduce clinical risk and accelerate time to market by shortening the clinical development program through leveraging what is already known or can be learned in our proprietary Patient Level Database.

 

We currently have one commercial and three clinical development programs underway: (i) Prestalia®, a single-pill fixed dose combination of perindopril, an angiotensin-converting-enzyme (“ACE”) inhibitor and amlodipine, a calcium channel blocker, which has been approved by the U.S. Food and Drug Administration (“FDA”) and is actively marketed in the U.S.; (ii) our next generation celecoxib program drug candidates for the treatment of acute and chronic pain, IT-102 and IT-103, each of which is an FDC of celecoxib, a COX-2 selective nonsteroidal anti-inflammatory drug (“NSAID”) and either lisinopril (IT-102) or olmesartan (IT-103) – both Lisinopril and olmesartan are antihypertension drugs; (iii) CEQ508, an oral delivery of small interfering RNA (“siRNA”) against beta-catenin, combined with IT-102 to suppress polyps in the precancerous syndrome and orphan indication Familial Adenomatous Polyposis (“FAP”); and (iv) CEQ508 combined with IT-103 to treat Colorectal Cancer.

 

Summary of Significant Accounting Policies

 

Basis of Presentation

 

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) for complete financial statements. The accompanying unaudited financial information should be read in conjunction with the audited consolidated financial statements, including the notes thereto, as of and for the year ended December 31, 2016, included in our 2016 Annual Report on Form 10-K filed with the SEC. The information furnished in this report reflects all adjustments (consisting of normal recurring adjustments), which are, in the opinion of management, necessary for a fair presentation of our financial position, results of operations and cash flows for each period presented. The results of operations for the six months ended June 30, 2017 are not necessarily indicative of the results for the year ending December 31, 2017 or for any future period.

 

Principles of Consolidation

 

The consolidated financial statements include the accounts of IThenaPharma Inc. and Marina Biotech, Inc. and the wholly-owned subsidiaries, Cequent, MDRNA, and Atossa, and eliminate any inter-company balances and transactions.

 

 10 
  

 

Going Concern and Management’s Liquidity Plans

 

The accompanying condensed consolidated financial statements have been prepared on the basis that we will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business. At June 30, 2017, we had an accumulated deficit of $4,205,053 and a negative working capital of $3,756,388. We anticipate that we will continue to incur operating losses as we execute our plan to raise additional funds and investigate strategic and business development initiatives. In addition, we have had and will continue to have negative cash flows from operations. We have previously funded our losses primarily through the sale of common and preferred stock and warrants, the sale of notes, revenue provided from our license agreements and, to a lesser extent, equipment financing facilities and secured loans. In 2016 and 2015, we funded operations with a combination of the issuance of notes and preferred stock, and license-related revenues. At June 30, 2017, we had a cash balance of $263,913. Our operating activities consume the majority of our cash resources.

 

There is substantial doubt about our ability to continue as a going concern for one year from the issuance date of this Form 10-Q, which may affect our ability to obtain future financing or engage in strategic transactions, and may require us to curtail our operations. We cannot predict, with certainty, the outcome of our actions to generate liquidity, including the availability of additional debt financing, or whether such actions would generate the expected liquidity as currently planned.

 

Use of Estimates

 

The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Significant areas requiring the use of management estimates include valuation allowance for deferred income tax assets. Actual results could differ from such estimates under different assumptions or circumstances.

 

Fair Value of Financial Instruments

 

We consider the fair value of cash, accounts payable, due to related parties, notes payable, convertible notes payable and accrued liabilities not to be materially different from their carrying value. These financial instruments have short-term maturities. We follow authoritative guidance with respect to fair value reporting issued by the Financial Accounting Standards Board (“FASB”) for financial assets and liabilities, which defines fair value, provides guidance for measuring fair value and requires certain disclosures. The guidance does not apply to measurements related to share-based payments. The guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

 

Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
   
Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
   
Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.

 

Our cash is subject to fair value measurement and is determined by Level 1 inputs. We measure the liability for committed stock issuances with a fixed share number using Level 1 inputs. We measure the liability for price adjustable warrants and certain features embedded in notes, using the probability adjusted Black-Scholes option pricing model (“Black-Scholes”), which management has determined approximates values using more complex methods, using Level 3 inputs. The following tables summarize our liabilities measured at fair value on a recurring basis as of December 31, 2016 and June 30, 2017:

 

 11 
  

 

  

Balance at

December 31, 2016

   Level 1
Quoted
prices in
active markets for
identical assets
   Level 2
Significant
other
observable
inputs
   Level 3
Significant
unobservable inputs
 
Liabilities:                    
Fair value liability for price adjustable warrants  $141,723   $-   $-   $141,723 
Total liabilities at fair value  $141,723   $-   $-   $141,723 

 

   Balance at
June 30, 2017
   Level 1
Quoted
prices in
active markets for
identical assets
   Level 2
Significant
other
observable
inputs
  

Level 3
Significant
unobservable

inputs

 
Liabilities:                    
Fair value liability for price adjustable warrants  $255,510   $-   $-   $255,510 
Derivative liability   195,943    -    -    195,943 
Total liabilities at fair value  $451,453   $-   $-   $451,453 

 

The following presents activity of the fair value liability of price adjustable warrants determined by Level 3 inputs for the period ended June 30, 2017:

 

   Fair value
liability for
price adjustable
warrants
 
     
Balance at December 31, 2016  $141,723 
Fair value of warrants issued   - 
Exercise of warrants   - 
Change in fair value included in condensed consolidated statement of operations   113,787 
Balance at June 30, 2017  $255,510 

 

The fair value liability of price adjustable warrants for the six months ended June 30, 2017 was determined using the probability adjusted Black-Scholes option pricing model using exercise prices of $2.80 to $7.50, stock price of $2.80, volatility of 70% to 136%, contractual lives of 0.2 to 4.4 years, and risk-free rates of 0.62% to 1.93%.

 

The following presents activity of the derivative liability determined by Level 3 inputs for the period ended June 30, 2017:

 

  

Fair value
of derivtive

liability

 
     
Balance at December 31, 2016  $- 
Derivative on new loans   - 
Reduction due to debt conversions   - 
Change in fair value included in condensed consolidated statement of operations   195,943 
Balance at June 30, 2017  $195,943 

 

The fair value liability of derivative liability for the six months ended June 30, 2017 was determined using the binomial pricing model using exercise prices of $2.80, stock price of $3.80, volatility of 44%, contractual life of 63 days, and a risk-free rate of 1.03%.

 

Impairment of Long-Lived Assets

 

We review all of our long-lived assets for impairment indicators throughout the year and perform detailed testing whenever impairment indicators are present. In addition, we perform detailed impairment testing for indefinite-lived intangible assets at least annually at December 31. When necessary, we record charges for impairments. Specifically:

 

For finite-lived intangible assets, such as developed technology rights, and for other long-lived assets, we compare the undiscounted amount of the projected cash flows associated with the asset, or asset group, to the carrying amount. If the carrying amount is found to be greater, we record an impairment loss for the excess of book value over fair value. In addition, in all cases of an impairment review, we re-evaluate the remaining useful lives of the assets and modify them, as appropriate; and
   
For indefinite-lived intangible assets, such as acquired in-process R&D assets, each year and whenever impairment indicators are present, we determine the fair value of the asset and record an impairment loss for the excess of book value over fair value, if any.

 

 12 
  

 

Management determined that no impairment indicators were present and that no impairment charges were necessary as of June 30, 2017 or December 31, 2016.

 

Net Income (Loss) per Common Share

 

Basic net income (loss) per common share (after giving effect of the one for ten reverse stock split) is computed by dividing the net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share includes the effect of common stock equivalents (stock options, unvested restricted stock, and warrants) when, under either the treasury or if-converted method, such inclusion in the computation would be dilutive. Net income (loss) is adjusted for the dilutive effect of the change in fair value liability for price adjustable warrants, if applicable. The following number of shares have been excluded from diluted net income (loss) since such inclusion would be anti-dilutive:

 

    Six Months Ended June 30,  
    2017     2016  
             
Stock options outstanding     233,400       -  
Warrants     2,492,945       13,917  
Convertible Notes Payable     312,050       -  
Restricted common stock     70,000          
Total     3,108,395       13,917  

 

Subsequent Events

 

Except for the event(s) discussed in Note 9, there were no subsequent events that required recognition or disclosure. The Company evaluated subsequent events through the date the financial statements were issued and filed with the Securities and Exchange Commission.

 

Note 2 – Intangible Assets

 

As part of the Merger, the Company allocated $3,502,829 to goodwill. Additionally, a substantial portion of the assets acquired were allocated to identifiable intangible assets. The fair value of the identifiable intangible asset is determined primarily using the “income approach,” which requires a forecast of all the expected future cash flows.

 

Acquisition of Assets from Symplmed

 

On June 5, 2017, we entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Symplmed Pharmaceuticals LLC (“Symplmed”) pursuant to which we purchased from Symplmed, for aggregate consideration of approximately $620,000   (consisting of $300,000 in cash plus the assumption of certain liabilities of Symplmed in the amount of approximately $320,000), Symplmed’s assets relating to a single-pill fixed-dose combination of perindopril arginine and amlodipine besylate known as Prestalia, that has been approved by the FDA for the treatment of hypertension. In addition, as part of the transactions contemplated by the Purchase Agreement: (i) Symplmed agreed to transfer to us, not later than 150 days following the closing date, the New Drug Applications for the approval of Prestalia as a new drug by the FDA; and (ii) Symplmed assigned to us all of its rights and obligations under that certain Amended and Restated License and Commercialization Agreement by and between Symplmed and Les Laboratoires Servier (“Servier”) dated January 11, 2012, pursuant to which Symplmed has an exclusive license from Servier to manufacture, have manufactured, develop, promote, market, distribute and sell Prestalia in the U.S. (and its territories and possessions) in consideration of regulatory and sales-based milestone payments and royalty payments based on net sales.

 

 13 
  

 

Further, we entered into an offer letter with Erik Emerson, the President and Chief Executive Officer of Symplmed, pursuant to which we hired Mr. Emerson to serve as our Chief Commercial Officer, which appointment became effective on June 22, 2017. We also agreed in such offer letter to issue to Mr. Emerson 60,000 restricted shares of our common stock under our 2014 Long-Term Incentive Plan, with all of such shares to vest on the six (6) month anniversary of the date of grant.

 

In furtherance of the acquisition and commercialization of Prestalia, on July 21, 2017 we acquired from Symplmed and its wholly-owned subsidiary, Symplmed Technologies, LLC, certain of the intellectual property assets related to the patented technology platform known as DyrctAxess that offers enhanced efficiency, control and information to empower patients, physicians and manufacturers to help achieve optimal care.

 

The purchase price of $620,000 has been allocated based on a preliminary estimate of the fair value of the assets acquired and is included in intangible assets as of June 30, 2017, and is subject to change.

 

The following table summarizes the estimated fair value of the identifiable intangible asset acquired, their useful life, and method of amortization:

 

   Estimated
Fair Value
   Estimated
Useful Life
(Years)
   Annual
Amortization
Expense
 
Intangible asset from Merger  $2,361,066    6   $393,511 
Intangible asset - Prestalia   620,000    6    103,333 
Total  $2,981,066        $496,844 

 

The net intangible asset was $2,727,273, net of accumulated amortization of $253,793, as of June 30, 2017. Amortization expense was $204,604 and $0 for the six months ended June 30, 2017 and 2016, respectively.

 

Note 3 - Related Party Transactions

 

Due to Related Party

 

The Company and other related entities have a commonality of ownership and/or management control, and as a result, the reported operating results and /or financial position of the Company could significantly differ from what would have been obtained if such entities were autonomous.

 

The Company has a Master Services Agreement (“MSA”) with a related party, Autotelic Inc., effective January 1, 2015. Autotelic Inc. owns less than 10% of the Company. The MSA states that Autotelic Inc. will provide business functions and services to the Company and allows Autotelic Inc. to charge the Company for these expenses paid on its behalf. The MSA includes personnel costs allocated based on amount of time incurred and other services such as consultant fees, clinical studies, conferences and other operating expenses incurred on behalf of the Company. The MSA between Marina and Autotelic Inc. was effective on the reverse merger date of November 15, 2016.

 

During the period commencing January 1, 2015 (the “Effective Date”) and ending on the date that the Company has completed an equity offering of either common or preferred stock in which the gross proceeds therefrom are no less than $10,000,000 (the “Equity Financing Date”), the Company shall pay Autotelic the following compensation: cash in an amount equal to the actual labor cost (paid on a monthly basis), plus warrants for shares of the Company’s common stock with a strike price equal to the fair market value of the Company’s common stock at the time said warrants are issued. The Company shall also pay Autotelic for the services provided by third party contractors plus 20% mark up. The warrant price per share is calculated based on the Black-Scholes model.

 

After the Equity Financing Date, the Company shall pay Autotelic Inc. a cash amount equal to the actual labor cost plus 100% mark up of provided services and 20% mark up of provided services by third party contractors or material used in connection with the performance of the contracts, including but not limited to clinical trial, non-clinical trial, Contract Manufacturing Organizations (“CMO”), FDA regulatory process, Contract Research Organizations (“CRO”) and Chemistry and Manufacturing Controls (“CMC”).

 

 14 
  

 

In accordance with the MSA, Autotelic Inc. billed the Company for personnel and service expenses Autotelic Inc. incurred on behalf of the Company. Personnel cost charged by Autotelic Inc. were $243,944 and $77,655 for the six months ended on June 30, 2017 and 2016, respectively. For the six months ended June 30, 2017 and 2016, Autotelic Inc. billed a total of $317,044 and $162,765, including personnel costs (above), respectively. The unpaid balance of $277,132 is recorded as due to related party in the accompanying balance as of June 30, 2017. The Company agreed to issue warrants at a future date for the remaining balance due of $291,735, which is included in accrued expenses as of June 30, 2017.

 

Convertible Notes Payable

 

In July 2016, IThena issued convertible promissory notes with an aggregate principal balance of $50,000 to related-party investors. Borrowings under each of these convertible notes bore interest at 3% per annum and these notes mature on June 30, 2018. Upon the completion of certain funding events, IThena had the right to convert the outstanding principal amount of these notes into shares of the IThena’s common stock. The notes were assumed by Autotelic Inc. on November 15, 2016 as part of its acquisition of the technology asset (IT-101).

 

Convertible Notes Payable, Dr. Trieu

 

In connection with the Merger, Marina entered into the Line Letter dated November 15, 2016 with Dr. Trieu, our Executive Chairman, for an unsecured line of credit in an amount not to exceed $540,000, to be used for current operating expenses, as described in Note 1 above. Dr. Trieu has advanced the full $540,000 under the Line Letter as of June 30, 2017. Accrued interest on the Line Letter was $12,714 as of June 30, 2017 and is included in convertible notes payable to related parties on the accompanying balance sheets.

 

Line Letter with Autotelic Inc.

 

On April 4, 2017, the Company entered into a Line Letter with Autotelic Inc., a stockholder of IThenaPharma that became the holder of 5,255,354 shares of Marina common stock as a result of the Merger, and an entity of which Dr. Trieu serves as Chairman of the Board, for an unsecured line of credit in an amount not to exceed $500,000, to be used for current operating expenses. Autotelic Inc. will consider requests for advances under the Line Letter until September 1, 2017. Autotelic Inc. shall have the right at any time for any reason in its sole and absolute discretion to terminate the line of credit available under the Line Letter or to reduce the maximum amount available thereunder without notice; provided, that Autotelic Inc. agreed that it shall not demand the repayment of any advances that are made under the Line Letter prior to the earlier of: (i) October 4, 2017; and (ii) the date on which (x) we make a general assignment for the benefit of our creditors, (y) we apply for or consents to the appointment of a receiver, a custodian, a trustee or liquidator of all or a substantial part of our assets or (z) we cease operations. Advances made under the Line Letter shall bear interest at the rate of five percent (5%) per annum, shall be evidenced by the Demand Promissory Note issued to Autotelic Inc., and shall be due and payable upon demand by Autotelic, Inc.

 

The balance under the line was $80,410 as of June 30, 2017 and is included in notes to related parties on the accompanying balance sheet.

 

Note 4 – Notes Payable

 

Note Purchase Agreement and Amendment

 

On June 20, 2016, Marina entered into a Note Purchase Agreement (the “Purchase Agreement”) with certain investors (the “Purchasers”), pursuant to which Marina issued to the Purchasers unsecured promissory notes in the aggregate principal amount of $300,000 (the “Notes”). Interest shall accrue on the unpaid principal balance of the Notes at the rate of 12% per annum beginning on September 20, 2016. The Notes were due and payable on June 20, 2017, provided, that, upon the closing of a financing transaction that occurs while the Notes are outstanding, each Purchaser shall have the right to either: (i) accelerate the maturity date of the Note held by such Purchaser or (ii) convert the entire outstanding principal balance under the Note held by such Purchaser and accrued interest thereon into Marina’s securities that are issued and sold at the closing of such financing transaction.

 

As of June 30, 2017, the accrued interest expense on the Notes amounted to $28,300, with a total balance of principal and interest of $328,300.

 

Subsequent to June 30, 2017, this Purchase Agreement was amended (see Note 9 – Subsequent Events).

 

 15 
  

 

Note Payable – Service Provider

 

On December 28, 2016, we entered into an Agreement and Promissory Note with a law firm for past services performed totaling $121,523. The note calls for monthly payments of $6,000 per month, beginning with an initial payment on March 31, 2017. The note is unsecured and non-interest bearing. The note will be considered paid in full if the Company pays $100,000 by December 31, 2017. The balance due on the note was $109,523 as of June 30, 2017.

 

Bridge Note Financing

 

On June 1, 2017, we issued convertible promissory notes (the “Notes”) in the aggregate principal amount of $400,000 to 10 investors pursuant to a Note Purchase Agreement (the “Note Purchase Agreement”) that we entered into with such investors. The Notes bear interest at a rate of five percent (5%) per annum and are due and payable at any time on or after the earlier of (i) June 1, 2018 and (ii) the occurrence of an event of default (as defined in the Note Purchase Agreement).

 

Upon written notice delivered to us by the holders of a majority in interest of the aggregate principal amount of Notes that are outstanding at the time of such calculation (the “Majority Holders”) not more than five (5) days following the maturity date of the Notes, the Majority Holders shall have the right, but not the obligation, on behalf of themselves and all other holders of Notes, upon written notice delivered to us, to elect to convert the entire unpaid principal amount of all, but not less than all, of the Notes and the accrued and unpaid interest thereon into such number of shares of our common stock as is equal to, with respect to each Note: (x) the entire unpaid principal amount of such Note and the accrued and unpaid interest thereon on the date of the delivery of such notice by (y) $3.50.

 

As of June 30, 2017, the accrued interest expense on the Notes amounted to $1,283, with a total balance of principal and interest of $401,283.

 

Note 5 – Stockholders’ Equity

 

Preferred Stock

 

Marina designated 1,000 shares as Series B Preferred Stock (“Series B Preferred”) and 90,000 shares as Series A Junior Participating Preferred Stock (“Series A Preferred”). No shares of Series B Preferred or Series A Preferred are outstanding. In March 2014, Marina designated 1,200 shares as Series C Convertible Preferred Stock (“Series C Preferred”). In August 2015, Marina designated 220 shares as Series D Convertible Preferred Stock (“Series D Preferred”).

 

In August 2015, Marina entered into a Securities Purchase Agreement with certain investors pursuant to which Marina sold 220 shares of Series D Preferred, and warrants to purchase up to .344 million shares of Marina’s common stock at an initial exercise price of $4.00 per share before August 2021, for an aggregate purchase price of $1.1 million. Marina incurred $0.01 million of stock issuance costs in conjunction with the Series D Preferred, which were netted against the proceeds. The warrants issued in connection with Series D Preferred contain an exercise price protection provision whereby the exercise price per share to purchase common stock covered by these warrants is subject to reduction in the event of certain dilutive stock issuances at any time within two years of the issuance date, but not to be reduced below $2.80 per share. Any such adjustment will not result in the issuance of any additional shares of Marina’s common stock. Each share of Series D Preferred has a stated value of $5,000 per share and is convertible into shares of common stock at a conversion price of $4.00 per share. The Series D Preferred is initially convertible into an aggregate of 275,000 shares of Marina’s common stock, subject to certain limitations and adjustments, has a 5% stated dividend rate, is not redeemable and has voting rights on an as-converted basis.

 

 16 
  

 

To account for the issuance of the Series D Preferred and warrants, Marina first assessed the terms of the warrants and determined that, due to the exercise price protection provision, they should be recorded as derivative liabilities. Marina determined the fair value of the warrants on the issuance date and recorded a liability and a discount of $0.6 million on the Series D Preferred resulting from the allocation of proceeds to the warrants. Marina then determined the effective conversion price of the Series D Preferred which resulted in a beneficial conversion feature of $0.7 million. The beneficial conversion feature was recorded as both a debit and a credit to additional paid-in capital and as a deemed dividend on the Series D Preferred in determining net income applicable to common stock holders in the consolidated statements of operations.

 

Each share of Series C Preferred has a stated value of $5,000 per share and is convertible into shares of common stock at a conversion price of $7.50 per share. In June 2015, an investor converted 90 shares of Series C Preferred into 60,000 shares of common stock with a value of $5.40 per share. In November 2015, an investor converted an additional 90 shares of Series C Preferred into 60,000 shares of common stock with a value of $3.10 per share. Also in November 2015, an investor converted 50 shares of Series D Preferred into 62,500 shares of common stock with a value of $2.80 per share.

 

In February 2016, an investor converted 110 shares of Series D Preferred into 137,500 shares of common stock with a value of $1.50 per share.

 

Common Stock

 

Holders of our common stock are entitled to one vote for each share held of record on all matters submitted to a vote of the holders of our common stock. Subject to the rights of the holders of any class of our capital stock having any preference or priority over our common stock, the holders of our common stock are entitled to receive dividends that are declared by our board of directors out of legally available funds. In the event of our liquidation, dissolution or winding-up, the holders of common stock are entitled to share ratably in our net assets remaining after payment of liabilities, subject to prior rights of preferred stock, if any, then outstanding. Our common stock has no preemptive rights, conversion rights, redemption rights or sinking fund provisions, and there are no dividends in arrears or default. All shares of our common stock have equal distribution, liquidation and voting rights, and have no preferences or exchange rights. Our common stock currently trades on the OTCQB tier of the OTC Markets.

 

Reverse Stock Split

 

On August 1, 2017, we filed a Certificate of Amendment of our Amended and Restated Certificate of Incorporation to effect a one-for-ten reverse split of our issued and outstanding shares of common stock. Our common stock commenced trading on the OTCQB tier of the OTC Markets on a split-adjusted basis on Thursday, August 3, 2017. There will be no change to the authorized shares of our common stock as a result of the reverse split. No fractional shares shall be issued in connection with the reverse split; any fraction of a share of common stock that would otherwise have resulted from the reverse split shall be rounded up to the nearest whole share of common stock. Unless indicated otherwise, all share and per share information included in these financial statements give effect to the reverse split.

 

Stock Issuances

 

In February 2017, we entered into two privately negotiated transactions pursuant to which we issued an aggregate of 615,368 shares of our common stock for an effective price per share of $2.90 to settle aggregate liability of approximately $948,000, which is reflected in accrued expenses as of December 31, 2016.

 

In February 2017, we issued 30,000 shares of our common stock with a fair value of $1.80 per share to a consultant providing investment advisory services.

 

In February 2017, we issued 10,000 restricted shares of our common stock with a fair value of $1.40 per share to our CEO for services.

 

 17 
  

 

On February 6, 2017, we entered into a Stock Purchase Agreement with LipoMedics, a related party, pursuant to which we issued to LipoMedics an aggregate of 86,207 shares of our common stock for a total purchase price of $250,000.

 

On March 31, 2017, we entered into a Settlement Agreement, whereby a note receivable for $45,000 was settled with a cash payment by the note holder to the Company of $14,049, the surrender of 6,000 warrants, and the surrender of 8,725 shares of common stock held by the noteholder, which were cancelled effective March 31, 2017.

 

On April 13, 2017, the Company entered into a Compromise and Release Agreement to settle $36,047 due to a service provider for $15,957 in cash and $20,090 of the Company’s common stock at $2.90 per share (for a total issuance of 6,928 shares). The Company issued 6,928 shares to the service provider in May 2017.

 

On May 21, 2017, the holders of warrants to purchase 60,944 shares of our common stock at an exercise price of $2.80 per share exercised such warrants, yielding aggregate gross proceeds to us of $170,643.

 

We entered into an offer letter with Erik Emerson, the President and Chief Executive Officer of Symplmed, pursuant to which we hired Mr. Emerson to serve as our Chief Commercial Officer, which appointment became effective on June 22, 2017. We also agreed in such offer letter to issue to Mr. Emerson 60,000 restricted shares of our common stock under our 2014 Long-Term Incentive Plan, with all of such shares to vest on the six (6) month anniversary of the date of grant. These shares were issued in June 2017.

 

Warrants

 

As of June 30, 2017, there were 2,492,945 warrants outstanding, with a weighted average exercise price of $4.40 per share, and annual expirations as follows:

 

Expiring in 2017  - 
Expiring in 2018   11,383 
Expiring in 2019   600,000 
Expiring in 2020   1,189,079 
Expiring in 2021   343,750 
Expiring thereafter   348,733 
    

2,492,945

 

 

On May 21, 2017, the holders of warrants to purchase 60,944 shares of our common stock at an exercise price of $2.80 per share exercised such warrants, yielding aggregate gross proceeds to us of $170,643.

 

A total of 149,111 warrants expired in May 2017.

 

Note 6 — Stock Incentive Plans

 

Stock Options

 

Stock option activity was as follows:

 

   Options Outstanding 
   Shares   Weighted
Average
Exercise Price
 
Outstanding, December 31, 2016   168,811   $36.80 
Options granted   64,600    1.70 
Options expired   (11)   5,264.00 
Outstanding, June 30, 2017   233,400    26.90 
Exercisable, June 30, 2017   193,100   $32.10 

 

 18 
  

 

The following table summarizes additional information on Marina’s stock options outstanding at June 30, 2017:

 

      Options Outstanding     Options Exercisable  

Range of

Exercise
Prices

    Number
Outstanding
    Weighted-
Average
Remaining
Contractual
Life (Years)
    Weighted
Average
Exercise
Price
    Number
Exercisable
    Weighted
Average
Exercise Price
 
$ 0.10       14,000       4.38     $ 1.00       14,000     $ 1.00  
$ 0.17 - .018       64,600       4.55       1.70       24,300       1.70  
$ 0.26 - 0.82       48,400       2.99       4.60       48,400       4.60  
$ 1.07 - $2.20       102,150       5.99       10.70       102,150       10.70  
$ 47.60 - $87.60       2,100       .95       676.00       2,100       676.00  
$ 127.60 - $207.60       2,150       .95       1,583.00       2,150       1,583.00  
  Totals       233,400       4.78     $ 26.90       193,100     $ 3.21  

 

Weighted-Average Exercisable Remaining Contractual Life (Years) 4.83

 

In January 2017, the Company granted a total of 48,600 stock options to directors and officers for services. One-half of the options vest immediately and one-half of the options vest on the one year anniversary of the grant date. The options have an exercise price of $1.70 and a five-year term.

 

In February 2017, the Company granted a total of 16,000 stock options to key employees for services. The options vest on the one-year anniversary of the grant date, have an exercise price of $1.80, and have a five-year term.

 

At June 30, 2017, we had $36,573 of total unrecognized compensation expense related to unvested stock options. Total expense related to stock options was $59,568 for the six months ended June 30, 2017.

 

At June 30, 2017, the intrinsic value of options outstanding or exercisable was $201,100 as there were 101,800 options outstanding with an exercise price less than $2.80, the per share closing market price of our common stock at that date.

 

Note 7 — Intellectual Property and Collaborative Agreements

 

Novosom Agreements

 

In July 2010, Marina entered into an agreement pursuant to which Marina acquired intellectual property for Novosom’s SMARTICLES-based liposomal delivery system. In February 2016, Marina issued Novosom .021 million shares of common stock valued at $0.06 million as additional consideration under such agreement.

 

In March 2016, Marina entered into a license agreement covering certain of Marina’s platforms for the delivery of an undisclosed genome editing technology. Under the terms of the agreement, Marina received an upfront license fee of $0.25 million and could receive up to $40 million in success-based milestones. In April 2016, Marina issued Novosom 0.047 million shares of common stock valued at $0.075 million for amounts due under this agreement.

 

In July 2016, Marina entered into a license agreement with an undisclosed licensee that grants such licensee rights to use Marina’s technology and intellectual property to develop and commercialize products combining certain molecules with Marina’s liposomal delivery technology known as NOV582. Under the terms of this agreement, the licensee agreed to pay to us an upfront license fee in the amount of $0.35 million (to be paid in installments through the end of 2017), along with milestone payments on a per-licensed-product basis and royalty payments in the low single digit percentages. As of September 30, 2016, Marina had received $0.05 million per the terms of this license agreement. In November 2016, we issued 0.012 million shares with a value of $0.015 million to Novosom as the equity component owed under Marina’s July 2016 license agreement.

 

 19 
  

 

Arrangements with LipoMedics

 

On February 6, 2017, we entered into a License Agreement (the “License Agreement”) with LipoMedics, Inc., a related party (“LipoMedics”), pursuant to which, among other things, we provided to LipoMedics a license to our SMARTICLES platform for further development of Lipomedics’s proprietary phospholipid nanoparticles that can deliver protein, small molecule drugs, and peptides. These are not currently being developed at Marina Biotech and Marina Biotech has no IP around these products. On the same date, we also entered into a Stock Purchase Agreement with LipoMedics pursuant to which we issued to LipoMedics an aggregate of 86,207 shares of our common stock for a total purchase price of $250,000.

 

Under the terms of the License Agreement, we could receive up to $90 million in success-based milestones based on commercial sales of licensed products. In addition, if LipoMedics determines to pursue further development and commercialization of products under the License Agreement, LipoMedics agreed, in connection therewith, to purchase shares of our common stock for an aggregate purchase price of $500,000, with the purchase price for each share of common stock being the greater of $2.90 or the volume weighted average price of our common stock for the thirty (30) trading days immediately preceding the date on which LipoMedics notifies us that it intends to pursue further development or commercialization of a licensed product.

 

If LipoMedics breaches the License Agreement, we shall have the right to terminate the License Agreement effective sixty (60) days following delivery of written notice to LipoMedics specifying the breach, if LipoMedics fails to cure such material breach within such sixty (60) day period. LipoMedics may terminate the License Agreement by giving thirty (30) days’ prior written notice to us.

 

Vuong Trieu, Ph.D., our Executive Chairman, is the Chairman of the Board and Chief Operating Officer of LipoMedics.

 

In consideration Lipomedics agreed to the following fee schedule: 1) Evaluations License Fee. Simultaneous with the execution and delivery of the License Agreement, Lipomedics shall enter into a Stock Purchase Agreement in form and substance reasonably acceptable to Marina and Lipomedics, pursuant to which Marina will sell to Lipomedics shares of the common stock of Marina for an aggregate purchase price of $250,000, with the purchase price for each share of Marina common stock being $2.90. 2) Commercial License Fee. Unless the License Agreement is earlier terminated, within thirty (30) days following Lipomedics’s delivery of an Evaluation Notice advising that it intends to pursue, or cause to be pursued, further development and commercialization of Licensed Products. 3) For up to and including three Licensed Products, Lipomedics shall pay to Marina a milestone (collectively the “Sales Milestones”) of Ten Million Dollars ($10,000,000) upon reaching Commercial Sales in the Territory in any given twelve month period equal to or greater than Five Hundred Million Dollars ($500,000,000) for a given Licensed Product and of Twenty Million Dollars ($20,000,000) upon reaching Commercial Sales in any given twelve month period equal to or greater than One Billion Dollars ($1,000,000,000) for such Licensed Product, such payments to be made within thirty (30) days following the month in which such Commercial Sale targets are met.

 

Note 8 – Commitments and Contingencies

 

Litigation

 

Because of the nature of the Company’s activities, the Company is subject to claims and/or threatened legal actions, which arise out of the normal course of business. Management is currently not aware of any pending lawsuits.

 

 20 
  

 

Note 9 - Subsequent Events

 

Amendment of Notes and Warrants

 

On July 3, 2017, we entered into an amendment agreement (the “Amendment Agreement”) with respect to those certain promissory notes in the aggregate principal amount of $300,000 (each a “Note” and collectively the “Notes”) that we issued to two accredited investors (the “Purchasers”) pursuant to that certain Note Purchase Agreement dated June 20, 2016 by and among us and the Purchasers (the “Purchase Agreement”), and those certain warrants to purchase up to an aggregate of 951,263 shares of our common stock that were originally issued pursuant to that certain Note and Warrant Purchase Agreement dated as of February 10, 2012 by and among Marina, MDRNA Research, Inc., Cequent Pharmaceuticals, Inc. and the purchasers identified on the signature pages thereto (as amended from time to time), that are currently held by the Purchasers, and that were amended concurrently with the Purchase Agreement to, among other things, extend the price protection with respect to dilutive offerings afforded thereunder to June 19, 2017 (such warrants, as so amended, the “Amended Prior Warrants”).

 

Pursuant to the Amendment Agreement, among other things:

 

  (i) the maturity date of the Notes was extended from June 20, 2017 to December 31, 2017;
     
  (ii) the Purchasers agreed, upon the closing of any financing transaction yielding aggregate gross proceeds to us of not less than $3 million that occurs while the Notes are outstanding (including the financing transaction contemplated by the registration statement of which this prospectus forms a part (any such financing transaction, the “Qualifying Financing Transaction”)), to convert the outstanding principal balance and any accrued interest thereon into the securities of our company to be issued and sold at the closing of the Qualifying Financing Transaction at the most favorable price and terms at which our securities are sold to investors in the Qualifying Financing Transaction;
     
  (iii) the parties agreed to extend the price protection with respect to the Amended Prior Warrants resulting from dilutive issuances until the expiration of the term of the Amended Prior Warrants (currently February 10, 2020); provided, that such protection shall not apply to the Qualifying Financing Transaction;
     
  (iv) we agreed to issue to the Purchasers, on a pro rata basis, such number of our securities as are being issued to investors in the Qualifying Financing Transaction as have an aggregate purchase price equal to $375,000 (such securities, the “Consideration Securities”);
     
  (v) the Purchasers agreed to waive any claim that the exercise price of the Amended Prior Warrants should be reduced to an amount less than $2.80 as a result of any issuance of securities that occurred while the Amended Prior Warrants were outstanding and prior to the date of the Amendment Agreement;
     
  (vi) the Purchasers agreed that they shall not, for a period of 90 days after the closing of the Qualifying Financing Transaction, sell any Consideration Securities (or any securities issuable upon exercise or conversion of the Consideration Securities) without the prior written consent of the placement agent with respect to such financing transaction;
     
  (vii) the Purchasers agreed to certain trading limitations with respect to Consideration Securities (or shares of common stock issuable upon exercise or conversion of the Consideration Securities) beginning ninety (90) days following the closing of the Qualifying Financing Transaction. and
     
  (viii) each Purchaser agreed that, prior to one year before the termination date of the Prior Amended Warrants, such Purchaser shall not exercise any of the Prior Amended Warrants at such time as such Purchaser holds any Consideration Securities (or any securities issued upon the exercise or conversion of any Consideration Securities).

 

 21 
  

 

Arrangements with Oncotelic Inc.

 

On July 17, 2017, we entered into a License Agreement (the “License Agreement”) with Oncotelic, Inc. (“Oncotelic”) pursuant to which, among other things, we provided to Oncotelic a license to our SMARTICLES platform for the delivery of antisense DNA therapeutics, as well as a license to our conformationally restricted nucleotide (“CRN”) technology with respect to TGF-Beta. Under the terms of the License Agreement, Oncotelic also agreed to purchase 49,019 shares of our common stock for an aggregate purchase price of $250,000 ($5.10 per share), with such purchase and sale to be made pursuant to a Stock Purchase Agreement to be entered into between us and Oncotelic within thirty (30) days following the date of the License Agreement.

 

Under the terms of the License Agreement, we could receive up to $90 million in success-based milestones based on commercial sales of licensed products. In addition, if Oncotelic determines to pursue further development and commercialization of products under the License Agreement, Oncotelic agreed, in connection therewith, to purchase shares of our common stock for an aggregate purchase price of $500,000, with the purchase price for each share of common stock being the greater of $5.10 or the volume weighted average price of our common stock for the thirty (30) trading days immediately preceding the date on which Oncotelic notifies us that it intends to pursue further development or commercialization of a licensed product.

 

If Oncotelic breaches the License Agreement, we shall have the right to terminate the License Agreement effective sixty (60) days following delivery of written notice to Oncotelic specifying the breach, if Oncotelic fails to cure such material breach within such sixty (60) day period. Oncotelic may terminate the License Agreement by giving thirty (30) days’ prior written notice to us.

 

Dr. Trieu, our Executive Chairman, is the principal stockholder and Chief Executive Officer of Oncotelic.

 

Sale of DiLA 2 Assets

 

On July 21, 2017, we entered into a binding term sheet with a third party purchaser (“Purchaser”) pursuant to which Purchaser will purchase from us the patents, know-how, agreements, records and certain other assets relating to our DiLA 2 delivery system. The consideration to be paid by Purchaser to us as a result of this transaction shall consist of: (i) an initial payment of $300,000 to be paid upon the closing of the asset sale; and (ii) an additional $1.2 million to be paid upon the first to occur of (x) a financing in which third party investors purchase equity and/or debt securities of Purchaser resulting in aggregate proceeds to Purchaser of not less than $15 million and (y) the twelve month anniversary of the closing.

 

The closing of the transaction is subject to the negotiation, execution and delivery of a definitive asset purchase agreement and Purchaser’s determination that its due diligence has been completed and has been found satisfactory, in Purchaser’s sole discretion.

 

In the term sheet, we agreed that we will negotiate exclusively with Purchaser with respect to the sale of the DiLA 2 assets for a period of ninety (90) days from the date of the term sheet.

 

Pursuant to the term sheet, at any time following the closing of the transaction and prior to the payment to us of the additional $1.2 million payment, Purchaser may elect to unwind the transaction by providing written notice to such effect to us. Within thirty (30) days of Purchaser’s issuance of such notice, Purchaser shall assign the DiLA 2 assets back to us.

 

We will retain an exclusive, fully paid and royalty free license to DiLA 2 outside of the field of gene editing as well as a the rights to license DiLA 2 outside of gene editing.

 

 22 
  

 

Asset Purchase Agreement

 

On July 21, 2017, Marina Biotech, Inc. (the “Company”) entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Symplmed Pharmaceuticals LLC (“Symplmed Pharma”) and its wholly-owned subsidiary Symplmed Technologies, LLC (“Symplmed Tech”, and together with Symplmed Pharma, each as “Seller” and together the “Sellers”) pursuant to which the Company purchased from the Sellers, for an aggregate purchase price of $75,000 in cash, certain specified assets of the Sellers relating to the Sellers’ patented technology platform known as DyrctAxess that offers enhanced efficiency, control and information to empower patients, physicians and manufacturers to help achieve optimal care. The parties entered into the Purchase Agreement in furtherance of the obligations of Symplmed Pharma pursuant to that certain Asset Purchase Agreement dated as of June 5, 2017 between the Company and Symplmed Pharma pursuant to which, among other things, the Company acquired the assets of Symplmed Pharma a single-pill fixed dose combination of perindopril arginine and amlodipine besylate known as Prestalia.

 

Erik Emerson, the Chief Commercial Officer of the Company, is the President and Chief Executive Officer of Symplmed Pharma.

 

 23 
  

 

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

 

Forward-Looking Statements

 

This report contains forward-looking statements. The following discussion should be read in conjunction with the financial statements and related notes contained in our Annual Report on Form 10-K, as filed with the Securities & Exchange Commission on March 31, 2017. Certain statements made in this discussion are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are projections in respect of future events or financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. Forward-looking statements made in a quarterly report on Form 10-Q may include statements about:

 

our ability to obtain additional and substantial funding for our company on an immediate basis, whether pursuant to a capital raising transaction arising from the sale of our securities, a strategic transaction or otherwise;
   
our ability to attract and/or maintain research, development, commercialization and manufacturing partners;
   
the ability of our company and/or a partner to successfully complete product research and development, including pre-clinical and clinical studies and commercialization;
   
the ability of our company and/or a partner to obtain required governmental approvals, including product and patent approvals;
   
the ability of our company and/or a partner to develop and commercialize products that can compete favorably with those of our competitors;
   
the timing of costs and expenses related to the research and development programs of our company and/or our partners;
   
the timing and recognition of revenue from milestone payments and other sources not related to product sales;
   
our ability to obtain suitable facilities in which to conduct our planned business operations on acceptable terms and on a timely basis;
   
our ability to satisfy our disclosure obligations under the Securities Exchange Act of 1934, as amended, and to maintain the registration of our common stock thereunder;
   
our ability to attract and retain qualified officers, employees and consultants as necessary; and
   
the costs associated with any product liability claims, patent prosecution, patent infringement lawsuits and other lawsuits.

 

These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled “Risk Factors” set forth in our Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the Securities & Exchange Commission on March 31, 2017, any of which may cause our company’s or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These risks may cause the Company’s or its industry’s actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements.

 

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity or performance. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of these forward-looking statements. The Company is under no duty to update any forward-looking statements after the date of this report to conform these statements to actual results.

 

As used in this quarterly report and unless otherwise indicated, the terms “we,” “us,” “our” or the “Company” refer to Marina Biotech, Inc., a Delaware corporation. Unless otherwise specified, all dollar amounts are expressed in United States dollars. Our common stock is currently listed on the OTC Market, OTCQB tier, under the symbol “MRNA”.

 

 24 
  

 

Corporate Overview

 

We are a fully integrated, commercial stage biopharmaceutical company delivering proprietary drug therapeutics for significant unmet medical needs in the U.S., Europe and additional international markets. Our portfolio of products currently focuses on fixed dose combinations (“FDC”) in hypertension, arthritis, pain and oncology allowing for innovative solutions to such unmet medical needs. Our approach is meant to reduce clinical risk and accelerate time to market by shortening the clinical development program through leveraging what is already known or can be learned in our proprietary Patient Level Database.

 

We currently have one commercial and three clinical development programs underway: (i) Prestalia®, a single-pill fixed dose combination of perindopril, an angiotensin-converting-enzyme (“ACE”) inhibitor and amlodipine, a calcium channel blocker, which has been approved by the U.S. Food and Drug Administration (“FDA”) and is actively marketed in the U.S.; (ii) our next generation celecoxib program drug candidates for the treatment of acute and chronic pain, IT-102 and IT-103, each of which is an FDC of celecoxib, a COX-2 selective nonsteroidal anti-inflammatory drug (“NSAID”) and either lisinopril (IT-102) or olmesartan (IT-103) – both Lisinopril and olmesartan are antihypertension drugs; (iii) CEQ508, an oral delivery of small interfering RNA (“siRNA”) against beta-catenin, combined with IT-102 to suppress polyps in the precancerous syndrome and orphan indication Familial Adenomatous Polyposis (“FAP”); and (iv) CEQ508 combined with IT-103 to treat Colorectal Cancer. Our current focus is primarily on the commercialization of Prestalia and the development of IT-102 and IT-103. We believe that by combining a COX-2 inhibitor with an antihypertensive in a single FDC oral tablet, IT-102 and IT-103 will each offer improved safety profiles as compared to currently available and previously marketed COX-2 inhibitors as well as address patients with chronic pain who are commonly taking antihypertension drugs concurrently. We further believe that the current opioid addiction epidemic in the U.S. has been driven in part by the withdrawal from the market of certain COX-2 inhibitors due to their associated risk of cardiovascular-related adverse events.

 

We intend to create value through the continued commercialization of our FDA-approved product, Prestalia, while moving our FDC development programs forward to further strengthen our commercial presence. We intend to retain ownership and control of all of our product candidates, but in the interest of accelerated growth and market penetration, we will also consider partnerships with pharmaceutical or biotechnology companies in order to reduce time to market and to balance development risks, both clinically and financially.

 

As our strategy is to be a fully integrated biopharmaceutical company, we will drive a primary corporate focus on revenue generation through our commercial assets, with a secondary focus on advancing our FDC pipeline to further enhance our commercial presence.

 

Vuong Trieu, Ph.D., the Executive Chairman, has significant experience in drug development and commercialization. Dr. Trieu currently serves as Chairman of the Board for the Autotelic consortium of companies including Oncotelic, Stocosil, LipoMedics and Autotelic Inc. Previously he was President and CEO of Igdrasol, a developer of second generation Abraxane, where he pioneered the regulatory pathway for approval of paclitaxel nanomedicine through a single bioequivalence trial against Abraxane. When Igdrasol merged with Sorrento Therapeutics, he became Chief Scientific Officer and a member of the Board of Directors. At Stocosil, he again pioneered the regulatory pathway for taking Olostar, a rosuvastatin/olmesartan FDC into the U.S. as an NDA using only Korean data. He has also been a member of the Board of Directors of Cenomed, a company focusing on CNS drug development. Before that he was Director of Pharmacology, Pharmacokinetics, and Biology at Abraxis Bioscience, where he led the development of albumin encapsulated therapeutics along with building high throughput platform for small molecules, mirRNA, kinases. The Autotelic consortium of companies include the highly successful exit at Igdrasol where it was acquired for up to $1.2 billion by NantPharma and the $10 million equity stake in LipoMedics by Fangsheng Pharmaceuticals Co. Ltd. Dr. Trieu obtained his doctorate in Microbiology/Molecular Biology from the University of Oklahoma.

 

 25 
  

 

Background and Corporate Developments

 

Merger with IThenaPharma

 

On November 15, 2016, Marina entered into an Agreement and Plan of Merger with IThenaPharma, Inc., a Delaware corporation (“IThena” or “IThenaPharma”), IThena Acquisition Corporation, a Delaware corporation and a wholly-owned subsidiary of IThena (“Merger Sub”), and Vuong Trieu, Ph.D. as the IThena Representative (the “Merger Agreement”), pursuant to which, among other things, Merger Sub merged with and into IThena, with IThena surviving as a wholly owned subsidiary of Marina (such transaction, the “Merger”). As a result of the Merger, the former holders of IThenaPharma common stock immediately prior to the completion of the Merger owned approximately 65% of the issued and outstanding shares of Marina common stock immediately following the completion of the Merger.

 

Marina was incorporated under the laws of the State of Delaware under the name Nastech Pharmaceutical Company on September 23, 1983, and IThena was incorporated under the laws of the State of Delaware on September 3, 2014. IThena is deemed to be the accounting acquirer in the Merger, and thus the historical financial statements of IThena are treated as the historical financial statements of our company and are reflected in our quarterly and annual reports for periods ending after the effective time of the Merger, or November 15, 2016. Accordingly, beginning with our Annual Report on Form 10-K for the fiscal year ended December 31, 2016, as filed with the Securities & Exchange Commission on March 31, 2017, we reported the results of IThena and Marina and their respective subsidiaries on a consolidated basis.

 

Prior to the Merger, Marina’s pipeline consisted of oligonucleotide-based therapeutics. That pipeline included CEQ508, a product in clinical development for the treatment of FAP, for which Marina received both Orphan Drug Designation (“ODD”) and Fast Track Designation (“FTD”) from the U.S. Food and Drug Administration (“FDA”), as well as preclinical programs for the treatment of Type 1 Myotonic Dystrophy (“DM1”) and DMD. The IThena pipeline of celecoxib FDCs is now incorporated into the combined company. We currently plan to develop IT-102/IT-103 – next generation celecoxib – together with CEQ508, as a therapeutic enhancer for therapies against FAP and CRC. We are also developing IT-102/IT-103 for the treatment of combined arthritis/hypertension and the treatment of pain requiring a high dose of celecoxib.

 

Prior to the completion of the Merger, Marina acquired/in-licensed and further developed nucleic acid chemistry and delivery-related technologies in order to establish a novel and differentiated drug discovery platform. We believe that this platform, which we now control, allows us to distinguish ourselves from others in the nucleic acid therapeutics area in that we are the only company capable of creating a wide variety of therapeutics targeting coding and non-coding RNA via multiple mechanisms of action such as RNA interference (“RNAi”), messenger RNA translational inhibition, exon skipping, microRNA (“miRNA”) replacement, miRNA inhibition, and steric blocking in order to modulate gene expression either up or down depending on the specific mechanism of action.

 

The breadth of our discovery platform allows us to offer to our partners the most appropriate nucleic acid-based therapeutic approach necessary to effectively modulate targets for a specific disease indication, many of which are considered “undruggable” by traditional methodologies. Each approach, i.e. siRNA, miRNA or single-strand oligonucleotide, has its advantages and disadvantages, and we can screen across multiple mechanisms of action to identify the most effective therapeutic. Our licensees, namely ProNAi Therapeutics, Inc. (“ProNAi”), Mirna Therapeutics, Inc. (“Mirna”) and MiNA Therapeutics, Ltd. (“MiNA”), are focused on oncology and have clinical programs in recurrent or refractory non-Hodgkin’s lymphoma and unresectable primary liver cancer or solid cancers with liver involvement.

 

We believe that we possess a unique industry-leading nucleic acid-based drug discovery platform, which is protected by a strong intellectual property position and validated through: (i) licensing agreements for our SMARTICLES delivery technology with Mirna, ProNAi and MiNA for unique nucleic acid payloads – microRNA mimics, DNA interference oligonucleotides and small-activating RNA, respectively; (ii) Mirna and ProNAi’s respective clinical experience with SMARTICLES; (iii) a licensing agreement with Novartis Institutes for Biomedical Research, Inc. (“Novartis”) for our CRN technology; (iv) a licensing agreement with Protiva Biotherapeutics, Inc. (“Arbutus”), a wholly-owned subsidiary of Arbutus Biopharma Corporation (formerly Tekmira Pharmaceuticals Corporation), for our Unlocked Nucleobase Analog (“UNA”) technology; (v) licensing agreements with two large international companies (i.e., Novartis and Monsanto company (“Monsanto”)) for certain chemistry and delivery technologies; and (vi) the FAP phase 1b/2a clinical trial with our TransKingdom RNA™ interference (“tkRNAi”) platform.

 

 26 
  

 

Following the Merger, we have reorganized the acquired Marina platform into a strong pipeline of preclinical and clinical drug candidates, which we believe will unlock their value. An example is the recent validation of the tkRNAi beta-catenin program against FAP following completion of our statistical analysis of our Phase I data showing the achievement of statistical significant proof of concept knockdown of beta-catenin without side effects. This tkRNAi platform is now being developed further for IBD and other disease indications, as well as therapeutic microbiome.

 

Subsequent to the Merger we executed on our strategy to become a commercial stage company with the acquisition of Prestalia from Symplmed. Specifically, and as described under “Acquisition of Assets from Symplmed” below, on June 6, 2017 we entered into an Asset Purchase Agreement with Symplmed for the purchase of Prestalia (perindopril amlodipine/amlodipine besylate). Prestalia is an FDA-approved and marketed anti-hypertensive drug. This is a FDC of perindopril arginine, which is an ace inhibitor, and amlodipine besylate, which is a calcium channel blocker (“CCB”), and is indicated as a first line therapy for hypertension control.

 

The acquisition of Prestalia transitions our company from a clinical stage company to a commercial organization. Prestalia was approved in January 2015 and has been marketed in select U.S. states since then by Symplmed. Prestalia sales saw solid growth through September of 2016, via new patient acquisition and strong patient retention. Due to funding circumstances, further sales promotion of Prestalia was ceased by end of calendar year 2016. In the near term our focus will be dedicated to re-acquiring prior Prestalia patients, with subsequent efforts dedicated to building a strong sales team to fully promote the product.

 

We believe that the Prestalia acquisition will not only make us a revenue-stage company, but also that the marketing, distribution and sales network that we will build will pave a strong foundation for the promotion and commercialization of our two other hypertension pipeline products – namely IT-102 and IT-103.

 

Autotelic LLC License Agreement

 

In connection with the Merger Agreement and the closing of the Merger, on November 15, 2016, Marina entered into a License Agreement with Autotelic LLC (the “License Agreement”), a stockholder of IThenaPharma that became the holder of 2,312,356 shares of Marina common stock as a result of the Merger, and an entity of which Dr. Trieu, our Executive Chairman, serves as Chief Executive Officer, pursuant to which (i) Marina licensed to Autotelic LLC certain patent rights, data and know-how relating to FAP and nasal insulin, for human therapeutics other than for oncology-related therapies and indications, and (ii) Autotelic LLC licensed to Marina certain patent rights, data and know-how relating to IT-102 and IT-103, in connection with individualized therapy for pain using a non-steroidal anti-inflammatory drug and an anti-hypertensive without inducing intolerable edema, and treatment of certain aspects of proliferative disease, but not including rights to IT-102/IT-103 for TDM guided dosing for all indications using an Autotelic LLC TDM Device. Marina also granted a right of first refusal to Autotelic LLC with respect to any license by Marina of the rights licensed by or to Marina under the License Agreement in any cancer indication outside of gastrointestinal cancers.

 

The License Agreement shall immediately terminate, all rights granted by a licensor under the License Agreement shall immediately revert forthwith to the applicable licensor, all benefits which have accrued under the License Agreement shall automatically be transferred to the applicable licensor, and all rights, title and interest in the licensed intellectual property shall immediately revert back to the applicable licensor if: (i) the applicable licensee makes a general assignment for the benefit of its creditors prior to the two (2) year anniversary of the date of the License Agreement; (ii) the applicable licensee applies for or consents to the appointment of a receiver, a custodian, a trustee or liquidator of all or a substantial part of its intellectual property prior to the two (2) year anniversary of the date of the License Agreement; (iii) prior to the two (2) year anniversary of the date of the License Agreement, and without the consent of the applicable licensor, the applicable licensee effects a Change of Control Transaction (as defined in the License Agreement); (iv) the applicable licensee ceases operations; or (v) the applicable licensee fails to take any material steps, as reasonably determined by the applicable licensor, to develop the licensed intellectual property prior to the one (1) year anniversary of the date of the License Agreement (each of the foregoing items (i) through (v), a “Termination Event”). Upon the occurrence of any Termination Event, the applicable licensee shall immediately discontinue all use of the licensed intellectual property.

 

 27 
  

 

Master Services Agreement

 

In connection with the Merger Agreement and the closing of the Merger, on November 15, 2016, Marina entered into a Master Services Agreement with Autotelic Inc. (“Autotelic”), a stockholder of IThenaPharma that became the holder of 525,535 shares of Marina common stock as a result of the Merger, and an entity of which Dr. Trieu serves as Chairman of the Board, pursuant to which Autotelic agreed to provide certain business functions and services from time to time during regular business hours at Marina’s request (the “Master Services Agreement”). The Master Services Agreement has a term of ten years, though either party can terminate it by giving to the other party ninety (90) days’ prior written notice of such termination (provided that the final day of the term shall be on the last day of the calendar month in which the noticed termination date falls). The resources available to Marina through Autotelic include, without limitation, regulatory, clinical, preclinical, manufacturing, formulation, legal, accounting and IT.

 

As partial consideration in connection with the Merger Agreement and the consideration for the services to be performed by Autotelic Inc. under the Master Services Agreement, during the period prior to the date on which we have completed an equity offering of either common or preferred stock in which the gross proceeds therefrom is no less than $10 million, we shall issue to Autotelic Inc. warrants to purchase shares of our common stock (the “MSA Warrants”), with the exercise price for such MSA Warrants being based on the closing price of our common stock at the time the MSA Warrants are issued; provided, that in no event shall such price be lower than the lower of (x) $2.80 per share or (y) the lowest exercise price of any warrants that have been issued by us in a capital raising transaction (and that would otherwise reduce the exercise price of any other outstanding warrants issued by us) during the period beginning on November 15, 2016 and ending on the date of the issuance of the applicable MSA Warrants. The number of shares of common stock for which the MSA Warrants are exercisable shall be equal to the quotient obtained by dividing the actual costs to Autotelic Inc, of providing the services under the Master Services Agreement by the exercise price for the MSA Warrants.

 

Line Letter with Dr. Trieu

 

In connection with the Merger, Marina entered into a line of credit dated November 15, 2016 with Dr. Trieu, our Executive Chairman, for an unsecured line of credit in an amount not to exceed $540,000, to be used for current operating expenses (“Line Letter”). Dr. Trieu will consider requests for advances under the Line Letter until April 30, 2017. As of June 30, 2017, Dr. Trieu has advanced an aggregate of $540,000 under the Line Letter. Advances made under the Line Letter bear interest at the rate of five percent (5%) per annum, are evidenced by a demand promissory note issued to Dr. Trieu, and are due and payable upon demand by Dr. Trieu.

 

Recent Developments During the Three Months Ended June 30, 2017

 

Reverse Stock Split

 

On August 1, 2017, we filed a Certificate of Amendment of our Amended and Restated Certificate of Incorporation to effect a one-for-ten reverse split of our issued and outstanding shares of common stock. Our common stock commenced trading on the OTCQB tier of the OTC Markets on a split-adjusted basis on Thursday, August 3, 2017. There will be no change to the authorized shares of our common stock as a result of the reverse split. No fractional shares shall be issued in connection with the reverse split; any fraction of a share of common stock that would otherwise have resulted from the reverse split shall be rounded up to the nearest whole share of common stock. Unless indicated otherwise, all share and per share information included in this report give effect to the reverse split.

 

Appointment of Executive Chairman

 

On June 30, 2017, we appointed Dr. Trieu to serve as Executive Chairman of our company, effective immediately. In such capacity, Dr. Trieu shall have the authority to act in a management capacity on behalf of our company.

 

 28 
  

 

Acquisition of Assets from Symplmed Pharmaceuticals LLC

 

On June 5, 2017, we entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Symplmed Pharmaceuticals LLC (“Symplmed”) pursuant to which we purchased from Symplmed, for aggregate consideration consisting of $300,000 in cash and the assumption of certain liabilities of Symplmed in the aggregate amount of approximately $320,000, Symplmed’s assets relating to the fixed-dose combination of perindopril arginine and amlodipine besylate known as prestalia (“Prestalia”), that has been approved by the FDA for the treatment of hypertension.

 

In addition, as part of the transactions contemplated by the Purchase Agreement: (i) Symplmed agreed to transfer to us, not later than 150 days following the closing date, the New Drug Applications for the approval of Prestalia as a new drug by the FDA; and (ii) Symplmed assigned to us all of its rights and obligations under that certain Amended and Restated License and Commercialization Agreement by and between Symplmed and Les Laboratoires Servier (“Servier”) dated January 11, 2012, pursuant to which Symplmed has an exclusive license from Servier to manufacture, have manufactured, develop, promote, market, distribute and sell Prestalia in the United States (and its territories and possessions) in consideration of regulatory and sales-based milestone payments and royalty payments based on net sales.

 

In furtherance of the acquisition and commercialization of Prestalia, on July 21, 2017 we acquired from Symplmed and its wholly-owned subsidiary, Symplmed Technologies, LLC, certain of the intellectual property assets related to the patented technology platform known as DyrctAxess that offers enhanced efficiency, control and information to empower patients, physicians and manufacturers to help achieve optimal care.

 

Employment Agreement with Erik Emerson

 

Further, in connection with the transactions contemplated on June 21 by the Purchase Agreement with Symplmed, we entered into an offer letter, as amended, (“Offer Letter”) with Erik Emerson, the President and Chief Executive Officer of Symplmed, pursuant to which we hired Mr. Emerson to serve as our Chief Commercial Officer, effective immediately. As compensation for his services as Chief Commercial Officer, the Company shall pay to Mr. Emerson an annual base salary of $150,000, and he will be entitled to receive a discretionary bonus as determined by our Board of Directors of the Company (the “Board”) in an amount up to 40% of his base salary, with the payment of such bonus to be based on the achievement of such milestones as shall be determined by the Board following good faith consultation with Mr. Emerson. It is anticipated the Mr. Emerson will devote approximately 50% of his business time to the performance of his duties for the Company. In connection with the Offer Letter, the Company issued to Mr. Emerson 60,000 restricted shares of its common stock under its 2014 Long-Term Incentive Plan, with all of such shares to vest on the six (6) month anniversary of the date of grant.

 

 29 
  

 

Line Letter with Autotelic Inc.

 

On April 4, 2017, we entered into a Line Letter with Autotelic Inc., a stockholder of IThenaPharma that became the holder of 525,535 shares of Marina common stock as a result of the Merger, and an entity of which Dr. Trieu serves as Chairman of the Board, for an unsecured line of credit in an amount not to exceed $500,000, to be used for current operating expenses. Autotelic Inc. will consider requests for advances under the Line Letter until September 1, 2017. Autotelic Inc. shall have the right at any time for any reason in its sole and absolute discretion to terminate the line of credit available under the Line Letter or to reduce the maximum amount available thereunder without notice; provided, that Autotelic Inc. agreed that it shall not demand the repayment of any advances that are made under the Line Letter prior to the earlier of: (i) October 4, 2017; and (ii) the date on which (x) we make a general assignment for the benefit of our creditors, (y) we apply for or consents to the appointment of a receiver, a custodian, a trustee or liquidator of all or a substantial part of our assets or (z) we cease operations. Advances made under the Line Letter shall bear interest at the rate of five percent (5%) per annum, shall be evidenced by the Demand Promissory Note issued to Autotelic Inc., and shall be due and payable upon demand by Autotelic Inc.

 

Arrangements with Oncotelic Inc.

 

On July 17, 2017, we entered into a License Agreement (the “License Agreement”) with Oncotelic, Inc. (“Oncotelic”) pursuant to which, among other things, we provided to Oncotelic a license to our SMARTICLES platform for the delivery of antisense DNA therapeutics, as well as a license to our conformationally restricted nucleotide (“CRN”) technology with respect to TGF-Beta. Under the terms of the License Agreement, Oncotelic also agreed to purchase 49,019 shares of our common stock for an aggregate purchase price of $250,000 ($5.10 per share), with such purchase and sale to be made pursuant to a Stock Purchase Agreement to be entered into between us and Oncotelic within thirty (30) days following the date of the License Agreement.

 

Under the terms of the License Agreement, we could receive up to $90 million in success-based milestones based on commercial sales of licensed products. In addition, if Oncotelic determines to pursue further development and commercialization of products under the License Agreement, Oncotelic agreed, in connection therewith, to purchase shares of our common stock for an aggregate purchase price of $500,000, with the purchase price for each share of common stock being the greater of $5.10 or the volume weighted average price of our common stock for the thirty (30) trading days immediately preceding the date on which Oncotelic notifies us that it intends to pursue further development or commercialization of a licensed product.

 

If Oncotelic breaches the License Agreement, we shall have the right to terminate the License Agreement effective sixty (60) days following delivery of written notice to Oncotelic specifying the breach, if Oncotelic fails to cure such material breach within such sixty (60) day period. Oncotelic may terminate the License Agreement by giving thirty (30) days’ prior written notice to us.

 

Dr. Trieu, our Executive Chairman, is the principal stockholder and Chief Executive Officer of Oncotelic.

 

Sale of DiLA 2 Assets

 

On July 21, 2017, we entered into a binding term sheet with a third-party purchaser (“Purchaser”) pursuant to which Purchaser will purchase from us the patents, know-how, agreements, records and certain other assets relating to our DiLA 2 delivery system. The consideration to be paid by Purchaser to us as a result of this transaction shall consist of: (i) an initial payment of $300,000 to be paid upon the closing of the asset sale; and (ii) an additional $1.2 million to be paid upon the first to occur of (x) a financing in which third party investors purchase equity and/or debt securities of Purchaser resulting in aggregate proceeds to Purchaser of not less than $15 million and (y) the twelve month anniversary of the closing.

 

The closing of the transaction is subject to the negotiation, execution and delivery of a definitive asset purchase agreement and Purchaser’s determination that its due diligence has been completed and has been found satisfactory, in Purchaser’s sole discretion.

 

In the term sheet, we agreed that we will negotiate exclusively with Purchaser with respect to the sale of the DiLA 2 assets for a period of ninety (90) days from the date of the term sheet.

 

 30 
  

 

Pursuant to the term sheet, at any time following the closing of the transaction and prior to the payment to us of the additional $1.2 million payment, Purchaser may elect to unwind the transaction by providing written notice to such effect to us. Within thirty (30) days of Purchaser’s issuance of such notice, Purchaser shall assign the DiLA 2 assets back to us.

 

We will retain an exclusive, fully paid and royalty free license to DiLA 2 outside of the field of gene editing as well as the rights to license DiLA 2 outside of gene editing.

 

Bridge Note Financing

 

On June 1, 2017, we issued convertible promissory notes (the “Notes”) in the aggregate principal amount of $400,000 to 10 investors pursuant to a Note Purchase Agreement (the “Note Purchase Agreement”) that we entered into with such investors. The Notes bear interest at a rate of five percent (5%) per annum and are due and payable at any time on or after the earlier of (i) June 1, 2018 and (ii) the occurrence of an event of default (as defined in the Note Purchase Agreement).

 

Upon written notice delivered to us by the holders of a majority in interest of the aggregate principal amount of Notes that are outstanding at the time of such calculation (the “Majority Holders”) not more than five (5) days following the maturity date of the Notes, the Majority Holders shall have the right, but not the obligation, on behalf of themselves and all other holders of Notes, upon written notice delivered to us, to elect to convert the entire unpaid principal amount of all, but not less than all, of the Notes and the accrued and unpaid interest thereon into such number of shares of our common stock as is equal to, with respect to each Note: (x) the entire unpaid principal amount of such Note and the accrued and unpaid interest thereon on the date of the delivery of such notice by (y) $3.50.

 

As of June 30, 2017, the accrued interest expense on the Notes amounted to $1,283, with a total balance of principal and interest of $401,283.

 

 31 
  

 

Results of Operations

 

Comparison of the Three Months Ended June 30, 2017 to the Three Months Ended June 30, 2016

 

Our loss before income taxes for the three months ended June 30, 2017 is summarized as follows in comparison to the three months ended June 30, 2016:

 

   Three Months Ended 
   June 30, 2017   June 30, 2016 
Revenues  $-   $- 
Personnel expenses   319,079    71,328 
Research and development   141,686    52,249 
Amortization   106,226    - 
General and administrative expenses   381,923    4,863 

Other expense, net

   222,279   - 
Loss before provision for income taxes  $(1,171,193)  $(128,440)

 

Revenues

 

We had no revenues in the three months ended June 30, 2017 or 2016. The majority of our licensing deals provide for clinical and regulatory milestones, so significant revenues could result from the existing licenses, but are uncertain as to timing or probability. We will have revenues when we generate commercial sale of Prestalia. We will continue to seek research and development collaborations as well as licensing transactions to fund business operations.

 

Expenses

 

Our expenses for the three months ended June 30, 2017 are summarized as follows in comparison to our expenses for the three months ended June 30, 2016:

 

Personnel Expenses

 

Personnel expenses consists primarily of costs related to the Master Services Agreement with Autotelic Inc., a stockholder of IThenaPharma, that became the holder of 525,535 shares of Marina common stock as a result of the Merger, and an entity of which Dr. Trieu serves as Chairman of the Board, pursuant to which Autotelic Inc. agreed to provide certain business functions and services from time to time during regular business hours at Marina’s request. We pay Autotelic Inc. for their services with both cash and through the issuance of warrants. Personnel expenses increased $247,751for the three months ended June 30, 2017, as compared to the three months ended June 30, 2016 due to increased use of Autotelic Inc.’s financial and legal services related to commercial asset acquisition activity.

 

Research and Development

 

Research and development (“R&D”) expense consists primarily of costs of sublicensing fees, clinical development and pre-clinical studies, consulting and other outside services, and other costs. R&D expense increased $89,437 primarily due to the use of additional R&D consulting from scientific personnel in evaluating scientific integration of the new asset with our existing pipeline during the three months ended June 30, 2017, as compared to the three months ended June 30, 2016.

 

Amortization Expense

 

Amortization expenses relates to amortization of intangible assets acquired in the November 15, 2016 merger and the asset purchase on June 5, 2017, with a combined estimated fair value of $2,981,066 amortized over their estimated useful lives of six years.

 

 32 
  

 

General and Administrative Expenses

 

   Three Months Ended 
   June 30, 2017   June 30, 2016 
Directors’ fees  $56,250   $- 
Accounting and audit fees   74,145    - 
Legal fees   118,197    - 
Insurance   30,600    - 
Other general and administrative expenses   102,731    4,863 
Total  $381,923   $4,863 

 

General and administrative (“G&A”) expense consists primarily of salaries and other personnel-related expenses to support our R&D activities, stock-based compensation for G&A personnel and non-employee members of our Board, professional fees, such as accounting and legal, and corporate insurance costs. G&A costs increased $372,197 primarily since the results of the three months ended June 30, 2017 include the operating expenses of Marina and IThena as a result of the November 15, 2017 merger, while the results for the three months ended June 30, 2016 include only the G&A expenses of IThena.

 

Other Income (Expense)

 

   Three Months Ended 
   June 30, 2017   June 30, 2016 
Interest expense  $(15,621)  $- 
Change in fair value liability of warrants   (10,715)   - 
Change in fair value of derivative liability   (195,943)   - 
Total other expense, net  $(222,279)  $- 

  

Total net other expense for the three months ended June 30, 2017 increased $222.279 compared to the three months ended June 30, 2016. The increase is primarily attributable to interest expense on notes payable acquired in the November 15, 2016 merger, and an increase in the estimated fair value of price adjustable warrants and derivative liability.

 

The fair value liabilities are revalued each balance sheet date utilizing probability-weighted Black-Scholes computations, with the decrease or increase in fair value being reported in the statement of operations as other income or expense, respectively.

 

Comparison of the Six Months Ended June 30, 2017 to the Six Months Ended June 30, 2016

 

Our loss before income taxes for the six months ended June 30, 2017 is summarized as follows in comparison to the six months ended June 30, 2016:

 

   Six months Ended 
   June 30, 2017   June 30, 2016 
Revenues  $-   $- 
Personnel expenses   626,001    155,310 
Research and development   215,117    57,227 
Amortization   204,604    - 
General and administrative expenses   870,445    30,094 

Other expense, net

   195,943   - 
Loss before provision for income taxes  $(2,253,171)  $(242,631)

 

Revenues

 

We had no in revenues in the six months ended June 30, 2017 or 2016. The majority of our licensing deals provide for clinical and regulatory milestones, so significant revenues could result from the existing licenses, but are uncertain as to timing or probability. We will have revenues when we generate commerical sale of Prestalia. We will continue to seek research and development collaborations as well as licensing transactions to fund business operations.

 

 33 
  

 

Expenses

 

Our expenses for the six months ended June 30, 2017 are summarized as follows in comparison to our expenses for the six months ended June 30, 2016:

 

Personnel Expenses

 

Personnel expenses consists primarily of costs related to the Master Services Agreement with Autotelic Inc., a stockholder of IThenaPharma, that became the holder of 525,535 shares of Marina common stock as a result of the Merger, and an entity of which Dr. Trieu serves as Chairman of the Board, pursuant to which Autotelic Inc. agreed to provide certain business functions and services from time to time during regular business hours at Marina’s request. We pay Autotelic Inc. for their services with both cash and through the issuance of warrants. Personnel expenses increased $470,691 for the six months ended June 30, 2107, as compared to the six months ended June 30, 2016 due to increased use of Autotelic Inc.’s financial and legal services related to commercial asset acquisition activity. Prior to the November 15, 2016 Merger, Autotelic’s services to the Company were primarily limited to accounting and finance.

 

Research and Development

 

Research and development (“R&D”) expense consists primarily of costs of sublicensing fees, clinical development and pre-clinical studies, consulting and other outside services, and other costs. R&D expense increased $157,890 primarily due to the use of additional R&D consulting from scientific personnel in evaluating scientific integration of the new asset with our existing pipeline during the six months ended June 30, 2017, as compared to the six months ended June 30, 2016.

 

Amortization Expense

 

Amortization expenses relates to amortization of intangible assets acquired in the November 15, 2016 merger and the asset purchase on June 5, 2017 with a combined estimated fair value of $2,981,066 amortized over their estimated useful lives of six years.

 

General and Administrative Expenses

 

   Six Months Ended 
   June 30, 2017   June 30, 2016 
Directors’ fees  $112,500   $- 
Accounting and audit fees   144,019    - 
Legal fees   363,005    - 
Insurance   60,700    - 
Other general and administrative expenses   190,221    30,094 
Total  $870,445   $30,094 

 

General and administrative (“G&A”) expense consists primarily of salaries and other personnel-related expenses to support our R&D activities, stock-based compensation for G&A personnel and non-employee members of our Board, professional fees, such as accounting and legal, and corporate insurance costs. G&A costs increased $840,351 primarily since the results of the six months ended June 30, 2017 include the operating expenses of Marina and IThena as a result of the November 15, 2017 merger, while the results for the six months ended June 30, 2016 include only the G&A expenses of IThena.

 

Other Income (Expense)

 

   Six Months Ended 
   June 30, 2017   June 30, 2016 
Interest expense  $(27,274)  $- 
Change in fair value liability of warrants   (113,787)   - 
Change in fair value of derivative liability   (195,943)   - 
Total other expense, net  $(337,004)  $- 

 

 34 
  

 

Total net other expense for the six months ended June 30, 2017 increased $141,061 compared to the six months ended June 30, 2016. The increase is primarily attributable to interest expense on notes payable acquired in the November 15, 2016 merger, and an increase in the estimated fair value of price adjustable warrants and the derivative liability.

 

The fair value liabilities are revalued each balance sheet date utilizing probability-weighted Black-Scholes computations, with the decrease or increase in fair value being reported in the statement of operations as other income or expense, respectively.

 

Liquidity & Capital Resources

 

Working Capital Deficiency

 

   June 30, 2017   December 31, 2016 
Current assets  $402,268   $316,480 
Current liabilities   (4,158,656)   (2,967,669)
Working capital deficiency  $(3,756,388)  $(2,651,189)

 

Current assets increased by $85,788, which was primarily attributable to an increase in cash of $158,566.

 

Current liabilities increased by $1,190,987, which was primarily attributable to an increase of accounts payable of $339,582 and an increase of $784,407 in convertible notes to related and unrelated parties. These increases are partially offset by the decrease of $374,046 in accrued expenses, which is primarily attributable to a reduction in approximately $947,000 in accrued legal fees through the issuance of 615,368 shares of the Company’s common stock during the six months ended June 30, 2017.

 

Cash Flows

 

   Six Months Ended 
   June 30, 2017   June 30, 2016 
         
Net cash used in operating activities  $(732,487)  $(259,562)
Net cash used in investing activities   (300,000)   - 
Net cash provided by financing activities   1,191,053    - 
Increase (decrease) in cash and cash equivalents  $158,566   $(259,562)

 

The increase in net cash used in operating activities for the six months ended June 30, 2017, compared to 2016, was mainly due to increased operating expenses as a result of the November 15, 2016 merger. Operating expenses for the six months ended June 30, 2017 includes the expenses of both Marina and IThena, while the operating expenses for the six months ended June 30, 2016 reflect only the operating expenses of IThena.

 

The Company used $300,000 of cash in investing activities for payments towards the June 5, 2017 Prestalia acquisition of the for the six months ended June 30, 2017 or 2016.

 

The $1,191,053 increase in net cash provided by financing activities for the six months ended June 30, 2017, compared to 2016, is attributable to proceeds of $250,000 from the sale of stock, $370,410 from additional borrowings on related party notes and convertible notes, $400,000 from the issuance of convertible notes, and $170,643 received from the conversion of warrants to common stock during the six months ended June 30, 2017.

 

 35 
  

 

We will need to raise additional operating capital in calendar year 2017 in order to maintain our operations and to realize our business plan. Without additional sources of cash and/or the deferral, reduction, or elimination of significant planned expenditures, we may not have the cash resources to continue as a going concern thereafter.

 

Going Concern

 

The condensed consolidated financial statements contained in this report have been prepared assuming that the Company will continue as a going concern. We have net losses for the period from inception through June 30, 2017 of approximately $4.2 million, as well as negative cash flows from operating activities. Management estimates that the cash balance as of June 30, 2017 of $263,913, along with the recent financings including $400,000 received from the issuance of convertible notes and the future sale of common stock, will allow the Company to continue its operations and activities through the balance of calendar 2017 without additional funding. However, presently, the Company does not have sufficient cash resources to meet its plans in the twelve months following the date of this report. These factors raise substantial doubt about our ability to continue as a going concern. Management is in the process of evaluating various financing alternatives for operations, as we will need to finance future research and development and operational activities and general and administrative expenses through fund raising in the public or private equity markets.

 

The interim condensed consolidated financial statements do not include any adjustments that may be necessary should the Company be unable to continue as a going concern. Our continuation as a going concern is dependent on our ability to obtain additional financing as may be required and ultimately to attain profitability. If we raise additional funds through the issuance of equity or equity-linked securities, the percentage ownership of current shareholders could be reduced, and such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective business endeavors or opportunities, which could significantly and materially restrict our future plans for developing our business and achieving commercial revenues. If we are unable to obtain the necessary capital when needed, we may have to cease operations.

 

During 2016 and 2017, we have funded our losses primarily through the sale of common stock and warrants, revenue provided from our license agreements and loans provided by Dr. Trieu pursuant to the Line Letter and, to a lesser extent, equipment financing facilities and secured loans. During the six months ended June 30, 2017, we raised $250,000 from the private placement of our equity securities, raised $400,000 from the issuance of convertible notes, received $170,643 from the conversion of warrants to common stock, and borrowed $370,410 under the Line Letters. In addition, in April 2017, we entered into an additional credit agreement with Autotelic Inc., pursuant to which Autotelic Inc. offered to the Company an unsecured line of credit in an amount not to exceed $500,000, to be used for current operating expenses of the Company.

 

Future Financing

 

We will require additional funds to implement our growth strategy for our business. As mentioned above, we raised additional capital to both supplement our commercialization, clinical developments and operational expenses. We may raise the additional funds required through equity financing, debt financing, or other sources, which may result in further dilution in the equity ownership of our shares. There can be no assurance that additional financing will be available when needed or, if available, that can be obtained on commercially reasonable terms. If we will not be able to obtain the additional financing on a timely basis as required, or generate significant material revenues from operations, we will not be able to meet our other obligations as they become due and will be forced to scale down or perhaps even cease our operations.

 

Off-Balance Sheet Arrangements

 

As of June 30, 2017, we did not have any off-balance sheet arrangements, as defined in Item 303(a)(4)(ii) of SEC Regulation S-K.

 

 36 
  

 

Critical Accounting Policies and Estimates

 

Our significant accounting policies are more fully described in the notes to our financial statements included herein for the period ended June 30, 2017 and in the notes to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2016.

 

Recently Adopted Accounting Pronouncements

 

Our recently adopted accounting pronouncements are more fully described in Note 1 to our financial statements included herein for the period ended June 30, 2017.

 

ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

ITEM 4 CONTROLS AND PROCEDURES

 

a) Disclosure Controls and Procedures. As of the end of the period covered by this Quarterly Report on Form 10-Q, we carried out an evaluation, under the supervision and with the participation of our senior management, including our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Management identified material weaknesses in internal control over financial reporting as described under the heading “Management Report on Internal Control” contained in Item 9A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2016 (the “2016 Form 10-K”), which have not been remediated, and therefore our principal executive officer and our principal financial officer concluded that, as of June 30, 2017, our disclosure controls and procedures were not effective.

 

(b) Internal Control Over Financial Reporting. Management has reported to the Board of Directors and the Audit Committee thereof material weaknesses described under the heading “Management Report on Internal Control” contained in Item 9A of the 2016 Form 10-K. The material weaknesses discussed therein have not been remediated. There have been no changes in our internal control over financial reporting or in other factors during the fiscal quarter ended June 30, 2017 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. To remediate the material weakness identified in our Form 10-K for the year ended December 31, 2016, we plan to hire additional experienced accounting and other personnel to assist with filings and financial record keeping, and to take additional steps to improve our financial reporting systems and enhance our existing policies, procedures and controls, as resources allow.

 

Because of its inherent limitations, internal controls over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

 

 37 
  

 

PART II – OTHER INFORMATION

 

ITEM 1A. RISK FACTORS

 

An investment in our common stock involves a number of very significant risks. You should carefully consider the risk factors included in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2016 (the “Annual Report”), as filed with the Securities & Exchange Commission on March 31, 2017, in addition to other information contained in those documents and reports that we have filed with the Securities & Exchange Commission pursuant to the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, since the date of the filing of the Annual Report, including, without limitation, this Quarterly Report on Form 10-Q, in evaluating the Company and its business before purchasing shares of our common stock. Our business, operating results and financial condition could be adversely affected due to any of those risks.

 

Item 6. Exhibits

 

Exhibit No.   Description
     
4.1   Form of Demand Promissory Note issued by the Registrant to Autotelic Inc. (filed as Exhibit 4.1 to our Current Report on Form 8-K filed on April 6, 2017, and incorporated herein by reference).
     
4.2   Form of Convertible Promissory Note of the Registrant issued to select investors during June 2017 (filed as Exhibit 4.1 to our Current Report on Form 8-K filed on June 17, 2017, and incorporated herein by reference).
     
10.1   Line Letter dated April 1, 2017 from Autotelic Inc. to the Registrant (filed as Exhibit 10.1 to our Current Report on Form 8-K filed on April 6, 2017, and incorporated herein by reference).
     
10.2   Asset Purchase Agreement dated June 5, 2017 by and between the Registrant and Symplmed Pharmaceuticals LLC (filed as Exhibit 10.1 to our Current Report on Form 8-K filed on June 7, 2017, and incorporated herein by reference).
     
10.3   Form of Note Purchase Agreement by and among the Registrant and the lenders named on the signature pages thereto (filed as Exhibit 10.2 to our Current Report on Form 8-K filed on June 7, 2017, an incorporated herein by reference).
     
10.4#   Employment Offer Letter dated June 5, 2017 between the Registrant and Erik Emerson (filed as Exhibit 10.1 to our Current Report on Form 8-K filed on June 28, 2017, and incorporated herein by reference).
     
10.5#   Amendment to Employment Offer Letter between the Registrant and Erik Emerson (filed as Exhibit 10.2 to our Current Report on Form 8-K filed on June 28, 2017, and incorporated herein by reference).
     
31.1*   Certification of our Principal Executive Officer and Principal Financial Officer pursuant to Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended.
     
32.1*   Certification of our Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as 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

 

# Indicates management contract or compensatory arrangement.

* Filed or furnished herewith.

 

 38 
  

 

SIGNATURES

 

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

 

  MARINA BIOTECH, INC.
   
Date: August 11, 2017 /s/ Joseph W. Ramelli
  Joseph W. Ramelli
  Chief Executive Officer
  (Principal Executive Officer, Principal Financial Officer
  and Principal Accounting Officer)

 

 39 
  

EX-31.1 2 ex31-1.htm

 

Exhibit 31.1

 

MARINA BIOTECH, INC.

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Joseph W. Ramelli, being the Chief Executive Officer of Marina Biotech, Inc., certify that:

 

1. I have reviewed this quarterly report on Form 10-Q for the quarter ended June 30, 2017 for Marina Biotech, 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. I am 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 my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me 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 my 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 my 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 that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. I have disclosed, based on my 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.

 

Dated: August 11, 2017 /s/ Joseph W. Ramelli
  Joseph W. Ramelli
  Chief Executive Officer
 

(Principal Executive Officer &

Principal Financial Officer)

  Marina Biotech, Inc.

 

   
  

 

EX-32.1 3 ex32-1.htm

 

Exhibit 32.1

 

MARINA BIOTECH, INC.

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Joseph W. Ramelli, the Chief Executive Officer of Marina Biotech, Inc. (“Marina Biotech”), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of Marina Biotech on Form 10-Q for the quarter ended June 30, 2017 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that information contained in the Quarterly Report on Form 10-Q fairly presents in all material respects the financial condition and results of operations of Marina Biotech.

 

Dated: August 11, 2017 /s/ Joseph W. Ramelli
  Joseph W. Ramelli
  Chief Executive Officer
 

(Principal Executive Officer &

Principal Financial Officer)

  Marina Biotech, Inc.

 

A signed original of this written statement required by Section 906 has been provided to Marina Biotech and will be retained by Marina Biotech and furnished to the Securities and Exchange Commission or its staff upon request.

 

This certification accompanies each periodic report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by Marina Biotech for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

 

   
  

EX-101.INS 4 mrna-20170630.xml XBRL INSTANCE FILE 0000737207 2017-01-01 2017-06-30 0000737207 2017-08-11 0000737207 2016-12-31 0000737207 2017-06-30 0000737207 2016-01-01 2016-06-30 0000737207 MRNA:SeriesCconvertiblePreferredStockMember 2016-12-31 0000737207 MRNA:SeriesCconvertiblePreferredStockMember 2017-06-30 0000737207 MRNA:SeriesDConvertiblePreferredStockMember 2016-12-31 0000737207 MRNA:SeriesDConvertiblePreferredStockMember 2017-06-30 0000737207 us-gaap:FairValueInputsLevel1Member 2016-12-31 0000737207 us-gaap:FairValueInputsLevel2Member 2016-12-31 0000737207 us-gaap:FairValueInputsLevel3Member 2016-12-31 0000737207 us-gaap:StockOptionMember 2017-01-01 2017-06-30 0000737207 us-gaap:WarrantMember 2017-01-01 2017-06-30 0000737207 us-gaap:ConvertibleNotesPayableMember 2017-01-01 2017-06-30 0000737207 us-gaap:StockOptionMember 2016-01-01 2016-06-30 0000737207 us-gaap:WarrantMember 2016-01-01 2016-06-30 0000737207 us-gaap:ConvertibleNotesPayableMember 2016-01-01 2016-06-30 0000737207 MRNA:LicenseAgreementMember 2016-09-30 0000737207 us-gaap:SeriesBPreferredStockMember 2017-06-30 0000737207 us-gaap:SeriesAPreferredStockMember 2017-06-30 0000737207 us-gaap:SeriesCPreferredStockMember 2014-06-30 0000737207 us-gaap:SeriesDPreferredStockMember 2015-08-31 0000737207 MRNA:SecuritiesPurchaseAgreementMember us-gaap:SeriesDPreferredStockMember 2015-08-30 2015-08-31 0000737207 MRNA:SecuritiesPurchaseAgreementMember us-gaap:SeriesDPreferredStockMember 2015-08-31 0000737207 us-gaap:SeriesCPreferredStockMember 2015-08-31 0000737207 us-gaap:InvestorMember us-gaap:SeriesCPreferredStockMember 2015-06-29 2015-06-30 0000737207 us-gaap:InvestorMember us-gaap:SeriesCPreferredStockMember 2015-11-29 2015-11-30 0000737207 us-gaap:InvestorMember us-gaap:SeriesCPreferredStockMember 2015-11-30 0000737207 us-gaap:InvestorMember us-gaap:SeriesDPreferredStockMember 2015-11-29 2015-11-30 0000737207 us-gaap:InvestorMember us-gaap:SeriesDPreferredStockMember 2016-02-01 2016-02-29 0000737207 2016-07-30 2016-07-31 0000737207 us-gaap:WarrantMember 2017-06-30 0000737207 MRNA:RangeOneMember 2017-06-30 0000737207 MRNA:RangeOneMember 2017-01-01 2017-06-30 0000737207 MRNA:RangeTwoMember 2017-06-30 0000737207 MRNA:RangeTwoMember 2017-01-01 2017-06-30 0000737207 MRNA:RangeThreeMember 2017-06-30 0000737207 MRNA:RangeThreeMember 2017-01-01 2017-06-30 0000737207 MRNA:RangeFourMember 2017-06-30 0000737207 MRNA:RangeFourMember 2017-01-01 2017-06-30 0000737207 MRNA:RangeFiveMember 2017-06-30 0000737207 MRNA:RangeFiveMember 2017-01-01 2017-06-30 0000737207 MRNA:RangeSixMember 2017-06-30 0000737207 MRNA:RangeSixMember 2017-01-01 2017-06-30 0000737207 2016-02-28 2016-02-29 0000737207 2016-04-29 2016-04-30 0000737207 us-gaap:WarrantMember us-gaap:MaximumMember 2017-01-01 2017-06-30 0000737207 2016-06-30 0000737207 us-gaap:CommonStockMember 2016-12-31 0000737207 us-gaap:AdditionalPaidInCapitalMember 2016-12-31 0000737207 us-gaap:RetainedEarningsMember 2016-12-31 0000737207 MRNA:IthenaPharmaIncMember 2016-11-15 0000737207 MRNA:IthenaPharmaIncMember 2016-11-14 2016-11-15 0000737207 MRNA:IthenaPharmaIncMember MRNA:RelatedPartyMember 2016-11-14 2016-11-15 0000737207 MRNA:IthenaPharmaIncMember MRNA:RelatedPartyMember 2016-11-15 0000737207 MRNA:LineLetterMember MRNA:ChairmanOfBoardMember 2016-11-15 0000737207 MRNA:LineLetterMember MRNA:ChairmanOfBoardMember 2016-12-31 0000737207 MRNA:LineLetterMember MRNA:TrieuMember 2016-11-14 2016-11-15 0000737207 MRNA:LineLetterMember MRNA:TrieuMember 2016-11-15 0000737207 MRNA:NovosomVerwaltungsGmbHMember MRNA:AssetPurchaseAgreementMember 2016-11-14 2016-11-15 0000737207 MRNA:NovosomVerwaltungsGmbHMember MRNA:LicenseAgreementMember 2016-11-01 2016-11-30 0000737207 MRNA:MergerAgreementMember 2016-11-15 0000737207 MRNA:MasterServicesAgreementMember 2017-06-30 0000737207 MRNA:MasterServicesAgreementMember 2017-01-01 2017-06-30 0000737207 MRNA:MasterServicesAgreementMember MRNA:RelatedPartyMember 2017-01-01 2017-06-30 0000737207 MRNA:AutotelicMember 2017-01-01 2017-06-30 0000737207 MRNA:AutotelicMember 2016-01-01 2016-06-30 0000737207 MRNA:IthenaPharmaIncMember us-gaap:InvestorMember 2016-07-31 0000737207 MRNA:AssetPurchaseAgreementMember 2016-06-20 0000737207 MRNA:AssetPurchaseAgreementMember 2016-06-19 2016-06-20 0000737207 MRNA:PromissoryNoteMember 2016-12-28 0000737207 MRNA:PromissoryNoteMember MRNA:DecemberThirtyOneTwoThousandSeventeenMember 2016-12-27 2016-12-28 0000737207 MRNA:LicenseAgreementMember 2016-11-05 2016-11-30 0000737207 us-gaap:WarrantMember us-gaap:MaximumMember 2017-06-30 0000737207 us-gaap:WarrantMember us-gaap:MinimumMember 2017-06-30 0000737207 us-gaap:WarrantMember us-gaap:MinimumMember 2017-01-01 2017-06-30 0000737207 us-gaap:CommonStockMember 2017-01-01 2017-06-30 0000737207 us-gaap:CommonStockMember 2017-06-30 0000737207 us-gaap:AdditionalPaidInCapitalMember 2017-01-01 2017-06-30 0000737207 us-gaap:AdditionalPaidInCapitalMember 2017-06-30 0000737207 us-gaap:RetainedEarningsMember 2017-01-01 2017-06-30 0000737207 us-gaap:RetainedEarningsMember 2017-06-30 0000737207 2015-12-31 0000737207 MRNA:IthenaPharmaIncMember MRNA:RelatedPartyMember 2017-06-30 0000737207 us-gaap:FairValueInputsLevel1Member 2017-06-30 0000737207 us-gaap:FairValueInputsLevel2Member 2017-06-30 0000737207 us-gaap:FairValueInputsLevel3Member 2017-06-30 0000737207 MRNA:LineLetterMember MRNA:TrieuMember 2017-01-01 2017-06-30 0000737207 MRNA:LineLetterMember MRNA:TrieuMember 2017-06-30 0000737207 MRNA:LineLetterMember MRNA:TrieuMember 2017-04-03 2017-04-04 0000737207 MRNA:LineLetterMember MRNA:TrieuMember 2017-04-04 0000737207 us-gaap:InvestorMember us-gaap:SeriesCPreferredStockMember 2015-06-30 0000737207 us-gaap:InvestorMember us-gaap:SeriesDPreferredStockMember 2015-11-30 0000737207 us-gaap:InvestorMember us-gaap:SeriesDPreferredStockMember 2016-02-29 0000737207 2017-02-01 2017-02-28 0000737207 MRNA:InvestmentAdvisoryMember 2017-02-01 2017-02-28 0000737207 MRNA:InvestmentAdvisoryMember 2017-02-28 0000737207 MRNA:CEOServicesMember us-gaap:RestrictedStockMember 2017-02-01 2017-02-28 0000737207 MRNA:CEOServicesMember us-gaap:RestrictedStockMember 2017-02-28 0000737207 MRNA:StockPurchaseAgreementMember MRNA:LipoMedicsMember 2017-02-05 2017-02-06 0000737207 MRNA:StockPurchaseAgreementMember 2017-03-30 2017-03-31 0000737207 MRNA:StockPurchaseAgreementMember 2017-03-31 0000737207 MRNA:DirectorAndOfficersMember 2017-01-02 0000737207 MRNA:DirectorAndOfficersMember 2016-12-25 2017-01-02 0000737207 MRNA:KeyEmployeesMember 2016-12-25 2017-01-02 0000737207 MRNA:KeyEmployeesMember 2017-02-28 0000737207 us-gaap:EmployeeStockOptionMember 2017-06-30 0000737207 MRNA:LicenseAgreementMember MRNA:LipoMedicsMember 2017-02-05 2017-02-06 0000737207 2017-04-01 2017-06-30 0000737207 2016-04-01 2016-06-30 0000737207 MRNA:IthenaPharmaIncMember us-gaap:InvestorMember 2016-07-01 2016-07-31 0000737207 MRNA:MergerMember 2017-06-30 0000737207 MRNA:PrestaliaMember 2017-06-30 0000737207 MRNA:MergerMember 2017-01-01 2017-06-30 0000737207 MRNA:PrestaliaMember 2017-01-01 2017-06-30 0000737207 us-gaap:LineOfCreditMember 2017-06-30 0000737207 2016-11-14 2016-11-15 0000737207 MRNA:AutotelicIncMember 2017-04-03 2017-04-04 0000737207 MRNA:AutotelicIncMember 2017-04-04 0000737207 MRNA:PurchaseAgreementMember MRNA:SymplmedPharmaceuticalsLLCMember 2017-06-04 2017-06-05 0000737207 MRNA:PurchaseAgreementMember MRNA:SymplmedPharmaceuticalsLLCMember 2017-06-05 0000737207 MRNA:ErikEmersonMember 2017-06-21 2017-06-22 0000737207 MRNA:PromissoryNoteMember 2017-03-30 2017-03-31 0000737207 MRNA:NotePurchaseAgreementMember MRNA:TenInvestorsMember 2017-06-02 0000737207 MRNA:NotesPayableMember 2017-06-30 0000737207 2017-04-13 0000737207 2017-04-12 2017-04-13 0000737207 2017-05-01 2017-05-31 0000737207 2017-05-21 0000737207 2017-05-20 2017-05-21 0000737207 2017-05-31 0000737207 us-gaap:SubsequentEventMember MRNA:AmendmentAgreementMember 2017-07-03 0000737207 us-gaap:SubsequentEventMember MRNA:AmendmentAgreementMember 2017-07-02 2017-07-03 0000737207 us-gaap:SubsequentEventMember MRNA:LicenseAgreementMember MRNA:OncotelicIncMember 2017-07-16 2017-07-17 0000737207 us-gaap:SubsequentEventMember MRNA:LicenseAgreementMember MRNA:OncotelicIncMember 2017-07-17 0000737207 us-gaap:SubsequentEventMember MRNA:OncotelicIncMember 2017-07-16 2017-07-17 0000737207 us-gaap:SubsequentEventMember MRNA:OncotelicIncMember us-gaap:MaximumMember 2017-07-17 0000737207 us-gaap:SubsequentEventMember 2017-07-20 2017-07-21 0000737207 us-gaap:SubsequentEventMember MRNA:ThirdPartyPurchaserMember 2017-07-20 2017-07-21 0000737207 us-gaap:SubsequentEventMember MRNA:ThirdPartyPurchaserMember us-gaap:MaximumMember 2017-07-20 2017-07-21 0000737207 us-gaap:SubsequentEventMember MRNA:PurchaseAgreementMember MRNA:SymplmedPharmaceuticalsLLCMember 2017-07-20 2017-07-21 0000737207 us-gaap:DeferredCompensationShareBasedPaymentsMember 2017-01-01 2017-06-30 0000737207 us-gaap:DeferredCompensationShareBasedPaymentsMember 2017-06-30 0000737207 MRNA:DerivativeLiabilityMember 2017-01-01 2017-06-30 0000737207 MRNA:DerivativeLiabilityMember 2017-06-30 0000737207 MRNA:CommonStockOfferingMember 2017-06-26 0000737207 MRNA:CommonStockOfferingMember 2017-06-24 2017-06-26 0000737207 MRNA:RestrictedCommonStockMember 2017-01-01 2017-06-30 0000737207 MRNA:RestrictedCommonStockMember 2016-01-01 2016-06-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure Marina Biotech, Inc. 10-Q 2017-06-30 false --12-31 Smaller Reporting Company Q2 9837930 MRNA 105347 263913 2286 261848 15957 141723 255510 141723 255510 -1951082 -4205053 0.01 0.01 0.01 0.01 0.01 0.01 100000 100000 1200 1200 220 220 1020 1020 60 60 1020 1020 60 60 0.006 0.006 0.006 180000000 180000000 8977138 9837859 58392828 5839283 2058823 8977138 9837859 3137855 40000000 215117 57227 141686 52249 870445 30094 381923 4863 1916167 242631 948914 128440 -1916167 -242631 -948914 -128440 113787 600000 10715 27274 15621 -337004 -222279 -2253971 -243431 -2253971 -1171193 -129240 <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="text-transform: uppercase"><b>Note 5 &#8211; Stockholders&#8217; Equity</b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Preferred Stock</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Marina designated 1,000 shares as Series B Preferred Stock (&#8220;Series B Preferred&#8221;) and 90,000 shares as Series A Junior Participating Preferred Stock (&#8220;Series A Preferred&#8221;). No shares of Series B Preferred or Series A Preferred are outstanding. In March 2014, Marina designated 1,200 shares as Series C Convertible Preferred Stock (&#8220;Series C Preferred&#8221;). In August 2015, Marina designated 220 shares as Series D Convertible Preferred Stock (&#8220;Series D Preferred&#8221;).</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In August 2015, Marina entered into a Securities Purchase Agreement with certain investors pursuant to which Marina sold 220 shares of Series D Preferred, and warrants to purchase up to .344 million shares of Marina&#8217;s common stock at an initial exercise price of $4.00 per share before August 2021, for an aggregate purchase price of $1.1 million. Marina incurred $0.01 million of stock issuance costs in conjunction with the Series D Preferred, which were netted against the proceeds. The warrants issued in connection with Series D Preferred contain an exercise price protection provision whereby the exercise price per share to purchase common stock covered by these warrants is subject to reduction in the event of certain dilutive stock issuances at any time within two years of the issuance date, but not to be reduced below $2.80 per share. Any such adjustment will not result in the issuance of any additional shares of Marina&#8217;s common stock. Each share of Series D Preferred has a stated value of $5,000 per share and is convertible into shares of common stock at a conversion price of $4.00 per share. The Series D Preferred is initially convertible into an aggregate of 275,000 shares of Marina&#8217;s common stock, subject to certain limitations and adjustments, has a 5% stated dividend rate, is not redeemable and has voting rights on an as-converted basis.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">To account for the issuance of the Series D Preferred and warrants, Marina first assessed the terms of the warrants and determined that, due to the exercise price protection provision, they should be recorded as derivative liabilities. Marina determined the fair value of the warrants on the issuance date and recorded a liability and a discount of $0.6 million on the Series D Preferred resulting from the allocation of proceeds to the warrants. Marina then determined the effective conversion price of the Series D Preferred which resulted in a beneficial conversion feature of $0.7 million. The beneficial conversion feature was recorded as both a debit and a credit to additional paid-in capital and as a deemed dividend on the Series D Preferred in determining net income applicable to common stock holders in the consolidated statements of operations.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Each share of Series C Preferred has a stated value of $5,000 per share and is convertible into shares of common stock at a conversion price of $7.50 per share. In June 2015, an investor converted 90 shares of Series C Preferred into 60,000 shares of common stock with a value of $5.40 per share. In November 2015, an investor converted an additional 90 shares of Series C Preferred into 60,000 shares of common stock with a value of $3.10 per share. Also in November 2015, an investor converted 50 shares of Series D Preferred into 62,500 shares of common stock with a value of $2.80 per share.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In February 2016, an investor converted 110 shares of Series D Preferred into 137,500 shares of common stock with a value of $1.50 per share.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Common Stock</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Holders of our common stock are entitled to one vote for each share held of record on all matters submitted to a vote of the holders of our common stock. Subject to the rights of the holders of any class of our capital stock having any preference or priority over our common stock, the holders of our common stock are entitled to receive dividends that are declared by our board of directors out of legally available funds. In the event of our liquidation, dissolution or winding-up, the holders of common stock are entitled to share ratably in our net assets remaining after payment of liabilities, subject to prior rights of preferred stock, if any, then outstanding. Our common stock has no preemptive rights, conversion rights, redemption rights or sinking fund provisions, and there are no dividends in arrears or default. All shares of our common stock have equal distribution, liquidation and voting rights, and have no preferences or exchange rights. Our common stock currently trades on the OTCQB tier of the OTC Markets.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Reverse Stock Split</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">On August 1, 2017, we filed a Certificate of Amendment of our Amended and Restated Certificate of Incorporation to effect a one-for-ten reverse split of our issued and outstanding shares of common stock. Our common stock commenced trading on the OTCQB tier of the OTC Markets on a split-adjusted basis on Thursday, August 3, 2017. There will be no change to the authorized shares of our common stock as a result of the reverse split. No fractional shares shall be issued in connection with the reverse split; any fraction of a share of common stock that would otherwise have resulted from the reverse split shall be rounded up to the nearest whole share of common stock. Unless indicated otherwise, all share and per share information included in these financial statements give effect to the reverse split.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Stock Issuances</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In February 2017, we entered into two privately negotiated transactions pursuant to which we issued an aggregate of 615,368 shares of our common stock for an effective price per share of $2.90 to settle aggregate liability of approximately $948,000, which is reflected in accrued expenses as of December 31, 2016.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In February 2017, we issued 30,000 shares of our common stock with a fair value of $1.80 per share to a consultant providing investment advisory services.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In February 2017, we issued 10,000 restricted shares of our common stock with a fair value of $1.40 per share to our CEO for services.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 6, 2017, we entered into a Stock Purchase Agreement with LipoMedics, a related party, pursuant to which we issued to LipoMedics an aggregate of 86,207 shares of our common stock for a total purchase price of $250,000.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On March 31, 2017, we entered into a Settlement Agreement, whereby a note receivable for $45,000 was settled with a cash payment by the note holder to the Company of $14,049, the surrender of 6,000 warrants, and the surrender of 8,725 shares of common stock held by the noteholder, which were cancelled effective March 31, 2017.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On April 13, 2017, the Company entered into a Compromise and Release Agreement to settle $36,047 due to a service provider for $15,957 in cash and $20,090 of the Company&#8217;s common stock at $2.90 per share (for a total issuance of 6,928 shares). The Company issued 6,928 shares to the service provider in May 2017.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On May 21, 2017, the holders of warrants to purchase 60,944 shares of our common stock at an exercise price of $2.80 per share exercised such warrants, yielding aggregate gross proceeds to us of $170,643.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We entered into an offer letter with Erik Emerson, the President and Chief Executive Officer of Symplmed, pursuant to which we hired Mr. Emerson to serve as our Chief Commercial Officer, which appointment became effective on June 22, 2017. We also agreed in such offer letter to issue to Mr. Emerson 60,000 restricted shares of our common stock under our 2014 Long-Term Incentive Plan, with all of such shares to vest on the six (6) month anniversary of the date of grant. These shares were issued in June 2017.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Warrants</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of June 30, 2017, there were 2,492,945 warrants outstanding, with a weighted average exercise price of $4.40 per share, and annual expirations as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Expiring in 2017</font></td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 79%; text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Expiring in 2018</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 18%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">11,383</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Expiring in 2019</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">600,000</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Expiring in 2020</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">1,189,079</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Expiring in 2021</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">343,750</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Expiring thereafter</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">348,733</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">2,492,945</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On May 21, 2017, the holders of warrants to purchase 60,944 shares of our common stock at an exercise price of $2.80 per share exercised such warrants, yielding aggregate gross proceeds to us of $170,643.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A total of 149,111 warrants expired in May 2017.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="text-transform: uppercase"><b>Note 6 &#8212; Stock Incentive Plans</b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Stock Options</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Stock option activity was as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Options Outstanding</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shares</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise Price</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding, December 31, 2016</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 20%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">168,811</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 20%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">36.80</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Options granted</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">64,600</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">1.70</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Options expired</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(11</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">5,264.00</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding, June 30, 2017</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">233,400</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">26.90</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Exercisable, June 30, 2017</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">193,100</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">32.10</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table summarizes additional information on Marina&#8217;s stock options outstanding at June 30, 2017:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Options Outstanding</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Options Exercisable</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Range of</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Exercise<br /> Prices</b></p></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Number</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Outstanding</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted-</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Remaining</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Contractual</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Life (Years)</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Number</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Exercisable</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise Price</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">0.10</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 13%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">14,000</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 14%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">4.38</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">1.00</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 14%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">14,000</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">1.00</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">0.17 - .018</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">64,600</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">4.55</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">1.70</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">24,300</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">1.70</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">0.26 - 0.82</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">48,400</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">2.99</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">4.60</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">48,400</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">4.60</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">1.07 - $2.20</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">102,150</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">5.99</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">10.70</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">102,150</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">10.70</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">47.60 - $87.60</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">2,100</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">.95</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">676.00</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">2,100</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">676.00</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">127.60 - $207.60</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">2,150</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">.95</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">1,583.00</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">2,150</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">1,583.00</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">&#160;</td> <td style="padding-left: 10pt; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Totals</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">233,400</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">4.78</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">26.90</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">193,100</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">3.21</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted-Average Exercisable Remaining Contractual Life (Years) 4.83</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In January 2017, the Company granted a total of 48,600 stock options to directors and officers for services. One-half of the options vest immediately and one-half of the options vest on the one year anniversary of the grant date. The options have an exercise price of $1.70 and a five-year term.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In February 2017, the Company granted a total of 16,000 stock options to key employees for services. The options vest on the one-year anniversary of the grant date, have an exercise price of $1.80, and have a five-year term.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">At June 30, 2017, we had $36,573 of total unrecognized compensation expense related to unvested stock options. Total expense related to stock options was $59,568 for the six months ended June 30, 2017.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">At June 30, 2017, the intrinsic value of options outstanding or exercisable was $201,100 as there were 101,800 options outstanding with an exercise price less than $2.80, the per share closing market price of our common stock at that date.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="text-transform: uppercase"><b>Note 7 &#8212; Intellectual Property and Collaborative Agreements</b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Novosom Agreements</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In July 2010, Marina entered into an agreement pursuant to which Marina acquired intellectual property for Novosom&#8217;s SMARTICLES-based liposomal delivery system. In February 2016, Marina issued Novosom .021 million shares of common stock valued at $0.06 million as additional consideration under such agreement.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In March 2016, Marina entered into a license agreement covering certain of Marina&#8217;s platforms for the delivery of an undisclosed genome editing technology. Under the terms of the agreement, Marina received an upfront license fee of $0.25 million and could receive up to $40 million in success-based milestones. In April 2016, Marina issued Novosom 0.047 million shares of common stock valued at $0.075 million for amounts due under this agreement.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In July 2016, Marina entered into a license agreement with an undisclosed licensee that grants such licensee rights to use Marina&#8217;s technology and intellectual property to develop and commercialize products combining certain molecules with Marina&#8217;s liposomal delivery technology known as NOV582. Under the terms of this agreement, the licensee agreed to pay to us an upfront license fee in the amount of $0.35 million (to be paid in installments through the end of 2017), along with milestone payments on a per-licensed-product basis and royalty payments in the low single digit percentages. As of September 30, 2016, Marina had received $0.05 million per the terms of this license agreement. In November 2016, we issued 0.012 million shares with a value of $0.015 million to Novosom as the equity component owed under Marina&#8217;s July 2016 license agreement.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Arrangements with LipoMedics</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 6, 2017, we entered into a License Agreement (the &#8220;License Agreement&#8221;) with LipoMedics, Inc., a related party (&#8220;LipoMedics&#8221;), pursuant to which, among other things, we provided to LipoMedics a license to our SMARTICLES platform for further development of Lipomedics&#8217;s proprietary phospholipid nanoparticles that can deliver protein, small molecule drugs, and peptides. These are not currently being developed at Marina Biotech and Marina Biotech has no IP around these products. On the same date, we also entered into a Stock Purchase Agreement with LipoMedics pursuant to which we issued to LipoMedics an aggregate of 86,207 shares of our common stock for a total purchase price of $250,000.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Under the terms of the License Agreement, we could receive up to $90 million in success-based milestones based on commercial sales of licensed products. In addition, if LipoMedics determines to pursue further development and commercialization of products under the License Agreement, LipoMedics agreed, in connection therewith, to purchase shares of our common stock for an aggregate purchase price of $500,000, with the purchase price for each share of common stock being the greater of $2.90 or the volume weighted average price of our common stock for the thirty (30) trading days immediately preceding the date on which LipoMedics notifies us that it intends to pursue further development or commercialization of a licensed product.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If LipoMedics breaches the License Agreement, we shall have the right to terminate the License Agreement effective sixty (60) days following delivery of written notice to LipoMedics specifying the breach, if LipoMedics fails to cure such material breach within such sixty (60) day period. LipoMedics may terminate the License Agreement by giving thirty (30) days&#8217; prior written notice to us.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Vuong Trieu, Ph.D., our Executive Chairman, is the Chairman of the Board and Chief Operating Officer of LipoMedics.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In consideration Lipomedics agreed to the following fee schedule: 1) Evaluations License Fee. Simultaneous with the execution and delivery of the License Agreement, Lipomedics shall enter into a Stock Purchase Agreement in form and substance reasonably acceptable to Marina and Lipomedics, pursuant to which Marina will sell to Lipomedics shares of the common stock of Marina for an aggregate purchase price of $250,000, with the purchase price for each share of Marina common stock being $2.90. 2) Commercial License Fee. Unless the License Agreement is earlier terminated, within thirty (30) days following Lipomedics&#8217;s delivery of an Evaluation Notice advising that it intends to pursue, or cause to be pursued, further development and commercialization of Licensed Products. 3) For up to and including three Licensed Products, Lipomedics shall pay to Marina a milestone (collectively the &#8220;Sales Milestones&#8221;) of Ten Million Dollars ($10,000,000) upon reaching Commercial Sales in the Territory in any given twelve month period equal to or greater than Five Hundred Million Dollars ($500,000,000) for a given Licensed Product and of Twenty Million Dollars ($20,000,000) upon reaching Commercial Sales in any given twelve month period equal to or greater than One Billion Dollars ($1,000,000,000) for such Licensed Product, such payments to be made within thirty (30) days following the month in which such Commercial Sale targets are met.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="text-transform: uppercase"><b>Note 8 &#8211; Commitments and Contingencies</b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Litigation</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Because of the nature of the Company&#8217;s activities, the Company is subject to claims and/or threatened legal actions, which arise out of the normal course of business. Management is currently not aware of any pending lawsuits.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="text-transform: uppercase"><b>Note 9 - Subsequent Events</b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Amendment of Notes and Warrants</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On July 3, 2017, we entered into an amendment agreement (the &#8220;Amendment Agreement&#8221;) with respect to those certain promissory notes in the aggregate principal amount of $300,000 (each a &#8220;Note&#8221; and collectively the &#8220;Notes&#8221;) that we issued to two accredited investors (the &#8220;Purchasers&#8221;) pursuant to that certain Note Purchase Agreement dated June 20, 2016 by and among us and the Purchasers (the &#8220;Purchase Agreement&#8221;), and those certain warrants to purchase up to an aggregate of 951,263 shares of our common stock that were originally issued pursuant to that certain Note and Warrant Purchase Agreement dated as of February 10, 2012 by and among Marina, MDRNA Research, Inc., Cequent Pharmaceuticals, Inc. and the purchasers identified on the signature pages thereto (as amended from time to time), that are currently held by the Purchasers, and that were amended concurrently with the Purchase Agreement to, among other things, extend the price protection with respect to dilutive offerings afforded thereunder to June 19, 2017 (such warrants, as so amended, the &#8220;Amended Prior Warrants&#8221;).</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Pursuant to the Amendment Agreement, among other things:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify; line-height: 107%">&#160;</td> <td style="width: 48px; text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(i)</font></td> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">the maturity date of the Notes was extended from June 20, 2017 to December 31, 2017;</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(ii)</font></td> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">the Purchasers agreed, upon the closing of any financing transaction yielding aggregate gross proceeds to us of not less than $3 million that occurs while the Notes are outstanding (including the financing transaction contemplated by the registration statement of which this prospectus forms a part (any such financing transaction, the &#8220;Qualifying Financing Transaction&#8221;)), to convert the outstanding principal balance and any accrued interest thereon into the securities of our company to be issued and sold at the closing of the Qualifying Financing Transaction at the most favorable price and terms at which our securities are sold to investors in the Qualifying Financing Transaction;</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(iii)</font></td> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">the parties agreed to extend the price protection with respect to the Amended Prior Warrants resulting from dilutive issuances until the expiration of the term of the Amended Prior Warrants (currently February 10, 2020); provided, that such protection shall not apply to the Qualifying Financing Transaction;</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(iv)</font></td> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">we agreed to issue to the Purchasers, on a pro rata basis, such number of our securities as are being issued to investors in the Qualifying Financing Transaction as have an aggregate purchase price equal to $375,000 (such securities, the &#8220;Consideration Securities&#8221;);</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(v)</font></td> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">the Purchasers agreed to waive any claim that the exercise price of the Amended Prior Warrants should be reduced to an amount less than $2.80 as a result of any issuance of securities that occurred while the Amended Prior Warrants were outstanding and prior to the date of the Amendment Agreement;</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(vi)</font></td> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">the Purchasers agreed that they shall not, for a period of 90 days after the closing of the Qualifying Financing Transaction, sell any Consideration Securities (or any securities issuable upon exercise or conversion of the Consideration Securities) without the prior written consent of the placement agent with respect to such financing transaction;</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(vii)</font></td> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">the Purchasers agreed to certain trading limitations with respect to Consideration Securities (or shares of common stock issuable upon exercise or conversion of the Consideration Securities) beginning ninety (90) days following the closing of the Qualifying Financing Transaction. and</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(viii)</font></td> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">each Purchaser agreed that, prior to one year before the termination date of the Prior Amended Warrants, such Purchaser shall not exercise any of the Prior Amended Warrants at such time as such Purchaser holds any Consideration Securities (or any securities issued upon the exercise or conversion of any Consideration Securities).</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Arrangements with Oncotelic Inc.</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On July 17, 2017, we entered into a License Agreement (the &#8220;License Agreement&#8221;) with Oncotelic, Inc. (&#8220;Oncotelic&#8221;) pursuant to which, among other things, we provided to Oncotelic a license to our SMARTICLES platform for the delivery of antisense DNA therapeutics, as well as a license to our conformationally restricted nucleotide (&#8220;CRN&#8221;) technology with respect to TGF-Beta. Under the terms of the License Agreement, Oncotelic also agreed to purchase 49,019 shares of our common stock for an aggregate purchase price of $250,000 ($5.10 per share), with such purchase and sale to be made pursuant to a Stock Purchase Agreement to be entered into between us and Oncotelic within thirty (30) days following the date of the License Agreement.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Under the terms of the License Agreement, we could receive up to $90 million in success-based milestones based on commercial sales of licensed products. In addition, if Oncotelic determines to pursue further development and commercialization of products under the License Agreement, Oncotelic agreed, in connection therewith, to purchase shares of our common stock for an aggregate purchase price of $500,000, with the purchase price for each share of common stock being the greater of $5.10 or the volume weighted average price of our common stock for the thirty (30) trading days immediately preceding the date on which Oncotelic notifies us that it intends to pursue further development or commercialization of a licensed product.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If Oncotelic breaches the License Agreement, we shall have the right to terminate the License Agreement effective sixty (60) days following delivery of written notice to Oncotelic specifying the breach, if Oncotelic fails to cure such material breach within such sixty (60) day period. Oncotelic may terminate the License Agreement by giving thirty (30) days&#8217; prior written notice to us.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Dr. Trieu, our Executive Chairman, is the principal stockholder and Chief Executive Officer of Oncotelic.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Sale of DiLA 2 Assets</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On July 21, 2017, we entered into a binding term sheet with a third party purchaser (&#8220;Purchaser&#8221;) pursuant to which Purchaser will purchase from us the patents, know-how, agreements, records and certain other assets relating to our DiLA <sup>2</sup> delivery system. The consideration to be paid by Purchaser to us as a result of this transaction shall consist of: (i) an initial payment of $300,000 to be paid upon the closing of the asset sale; and (ii) an additional $1.2 million to be paid upon the first to occur of (x) a financing in which third party investors purchase equity and/or debt securities of Purchaser resulting in aggregate proceeds to Purchaser of not less than $15 million and (y) the twelve month anniversary of the closing.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The closing of the transaction is subject to the negotiation, execution and delivery of a definitive asset purchase agreement and Purchaser&#8217;s determination that its due diligence has been completed and has been found satisfactory, in Purchaser&#8217;s sole discretion.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In the term sheet, we agreed that we will negotiate exclusively with Purchaser with respect to the sale of the DiLA <sup>2</sup> assets for a period of ninety (90) days from the date of the term sheet.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the term sheet, at any time following the closing of the transaction and prior to the payment to us of the additional $1.2 million payment, Purchaser may elect to unwind the transaction by providing written notice to such effect to us. Within thirty (30) days of Purchaser&#8217;s issuance of such notice, Purchaser shall assign the DiLA <sup>2</sup> assets back to us.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We will retain an exclusive, fully paid and royalty free license to DiLA <sup>2</sup> outside of the field of gene editing as well as a the rights to license DiLA <sup>2</sup> outside of gene editing.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Asset Purchase Agreement</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">On July 21, 2017, Marina Biotech, Inc. (the &#8220;Company&#8221;) entered into an Asset Purchase Agreement (the &#8220;Purchase Agreement&#8221;) with Symplmed Pharmaceuticals LLC (&#8220;Symplmed Pharma&#8221;) and its wholly-owned subsidiary Symplmed Technologies, LLC (&#8220;Symplmed Tech&#8221;, and together with Symplmed Pharma, each as &#8220;Seller&#8221; and together the &#8220;Sellers&#8221;) pursuant to which the Company purchased from the Sellers, for an aggregate purchase price of $75,000 in cash, certain specified assets of the Sellers relating to the Sellers&#8217; patented technology platform known as DyrctAxess that offers enhanced efficiency, control and information to empower patients, physicians and manufacturers to help achieve optimal care. The parties entered into the Purchase Agreement in furtherance of the obligations of Symplmed Pharma pursuant to that certain Asset Purchase Agreement dated as of June 5, 2017 between the Company and Symplmed Pharma pursuant to which, among other things, the Company acquired the assets of Symplmed Pharma a single-pill fixed dose combination of perindopril arginine and amlodipine besylate known as Prestalia.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Erik Emerson, the Chief Commercial Officer of the Company, is the President and Chief Executive Officer of Symplmed Pharma.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Basis of Presentation</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by U.S. generally accepted accounting principles (&#8220;U.S. GAAP&#8221;) for complete financial statements. The accompanying unaudited financial information should be read in conjunction with the audited consolidated financial statements, including the notes thereto, as of and for the year ended December 31, 2016, included in our 2016 Annual Report on Form 10-K filed with the SEC. The information furnished in this report reflects all adjustments (consisting of normal recurring adjustments), which are, in the opinion of management, necessary for a fair presentation of our financial position, results of operations and cash flows for each period presented. The results of operations for the six months ended June 30, 2017 are not necessarily indicative of the results for the year ending December 31, 2017 or for any future period.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Use of Estimates</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Significant areas requiring the use of management estimates include valuation allowance for deferred income tax assets. Actual results could differ from such estimates under different assumptions or circumstances.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Fair Value of Financial Instruments</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We consider the fair value of cash, accounts payable, due to related parties, notes payable, convertible notes payable and accrued liabilities not to be materially different from their carrying value. These financial instruments have short-term maturities. We follow authoritative guidance with respect to fair value reporting issued by the Financial Accounting Standards Board (&#8220;FASB&#8221;) for financial assets and liabilities, which defines fair value, provides guidance for measuring fair value and requires certain disclosures. The guidance does not apply to measurements related to share-based payments. The guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px; text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Level 1:</font></td> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Level 2:</font></td> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Level 3:</font></td> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our cash is subject to fair value measurement and is determined by Level 1 inputs. We measure the liability for committed stock issuances with a fixed share number using Level 1 inputs. We measure the liability for price adjustable warrants and certain features embedded in notes, using the probability adjusted Black-Scholes option pricing model (&#8220;Black-Scholes&#8221;), which management has determined approximates values using more complex methods, using Level 3 inputs. The following tables summarize our liabilities measured at fair value on a recurring basis as of December 31, 2016 and June 30, 2017:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Balance at</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31, 2016</b></p></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Level 1</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Quoted</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>prices in</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>active markets for</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>identical assets</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Level 2</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Significant</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>other</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>observable</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>inputs</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Level 3</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Significant</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>unobservable inputs</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Liabilities:</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 36%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Fair value liability for price adjustable warrants</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">141,723</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">141,723</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Total liabilities at fair value</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">141,723</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">141,723</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance at</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2017</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Level 1</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Quoted</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>prices in</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>active markets for</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>identical assets</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Level 2</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Significant</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>other</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>observable</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>inputs</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Level 3<br /> Significant<br /> unobservable</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>inputs</b></p></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Liabilities:</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 36%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Fair value liability for price adjustable warrants</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">255,510</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">255,510</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Derivative liability</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">195,943</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">195,943</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Total liabilities at fair value</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">451,453</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">451,453</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following presents activity of the fair value liability of price adjustable warrants determined by Level 3 inputs for the period ended June 30, 2017:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair value</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>liability for</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>price adjustable</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>warrants</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 79%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Balance at December 31, 2016</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">141,723</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Fair value of warrants issued</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Exercise of warrants</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Change in fair value included in condensed consolidated statement of operations</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">113,787</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Balance at June 30, 2017</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">255,510</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The fair value liability of price adjustable warrants for the six months ended June 30, 2017 was determined using the probability adjusted Black-Scholes option pricing model using exercise prices of $2.80 to $7.50, stock price of $2.80, volatility of 70% to 136%, contractual lives of 0.2 to 4.4 years, and risk-free rates of 0.62% to 1.93%.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following presents activity of the derivative liability determined by Level 3 inputs for the period ended June 30, 2017:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Fair value<br /> of derivtive</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>liability</b></p></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Balance at December 31, 2016</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Derivative on new loans</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Reduction due to debt conversions</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 79%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Change in fair value included in condensed consolidated statement of operations</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="width: 18%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">195,943</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Balance at June 30, 2017</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">195,943</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The fair value liability of derivative liability for the six months ended June 30, 2017 was determined using the probability adjusted Black-Scholes option pricing model using exercise prices of $2.80, stock price of $3.80, volatility of 44%, contractual life of 63 days, and a risk-free rate of 1.03%.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Net Income (Loss) per Common Share</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Basic net income (loss) per common share (after giving effect of the one for ten reverse stock split) is computed by dividing the net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share includes the effect of common stock equivalents (stock options, unvested restricted stock, and warrants) when, under either the treasury or if-converted method, such inclusion in the computation would be dilutive. Net income (loss) is adjusted for the dilutive effect of the change in fair value liability for price adjustable warrants, if applicable. The following number of shares have been excluded from diluted net income (loss) since such inclusion would be anti-dilutive:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Six Months Ended June 30,</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2017</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Stock options outstanding</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 20%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">233,400</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 20%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Warrants</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">2,492,945</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">13,917</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Convertible Notes Payable</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">312,050</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">3,038,395</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">13,917</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Impairment of Long-Lived Assets</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We review all of our long-lived assets for impairment indicators throughout the year and perform detailed testing whenever impairment indicators are present. In addition, we perform detailed impairment testing for indefinite-lived intangible assets at least annually at December 31. When necessary, we record charges for impairments. Specifically:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 34px; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">For finite-lived intangible assets, such as developed technology rights, and for other long-lived assets, we compare the undiscounted amount of the projected cash flows associated with the asset, or asset group, to the carrying amount. If the carrying amount is found to be greater, we record an impairment loss for the excess of book value over fair value. In addition, in all cases of an impairment review, we re-evaluate the remaining useful lives of the assets and modify them, as appropriate; and</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">For indefinite-lived intangible assets, such as acquired in-process R&#38;D assets, each year and whenever impairment indicators are present, we determine the fair value of the asset and record an impairment loss for the excess of book value over fair value, if any.</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Management determined that no impairment indicators were present and that no impairment charges were necessary as of June 30, 2017 or December 31, 2016.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Expiring in 2017</font></td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 79%; text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Expiring in 2018</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 18%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">11,383</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Expiring in 2019</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">600,000</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Expiring in 2020</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">1,189,079</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Expiring in 2021</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">343,750</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Expiring thereafter</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">348,733</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">24,929,45</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Stock option activity was as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Options Outstanding</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shares</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise Price</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding, December 31, 2016</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 20%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">168,811</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 20%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">36.80</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Options granted</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">64,600</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">1.70</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Options expired</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(11</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">5,26400</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding, June 30, 2017</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">233,400</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">26.90</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Exercisable, June 30, 2017</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">193,100</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">32.10</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="margin: 0pt"></p> 141723 255510 141723 255510 3108395 13917 233400 2492945 312050 13917 70000 275000 600000 60000 62500 137500 21000 47000 3153211 1500000 11905 86207 525535 6928 0.65 344000000 300000 30000 60944 149111 951263 80410 540000 540000 540000 250000 500000 350000 250000 250000 10000 60000 15000 517 249483 500000 20090 50000 300000 121523 300000 1000 90000 1200 220 220 86207 49019 4.00 2.80 0.5 1100000 2.80 0.40 7.50 3.10 5.40 2.80 1.50 0.05 700000 90 90 50 110 2.90 12000 86207 59568 15000 59568 250000 2492945 348733 600000 11383 48600 16000 1.70 1.80 P5Y P5Y 201100 2.80 168811 233400 101800 64600 193100 36.80 26.90 32.10 <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table summarizes additional information on Marina&#8217;s stock options outstanding at June 30, 2017:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Options Outstanding</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Options Exercisable</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Range of</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Exercise<br /> Prices</b></p></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Number</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Outstanding</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted-</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Remaining</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Contractual</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Life (Years)</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Number</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Exercisable</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise Price</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">0.10</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 13%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">14,000</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 14%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">4.38</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">1.00</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 14%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">14,000</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">1.00</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">0.17 - .018</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">64,600</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">4.55</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">1.70</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">24,300</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">1.70</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">0.26 - 0.82</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">48,400</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">2.99</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">4.60</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">48,400</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">4.60</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">1.07 - $2.20</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">102,150</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">5.99</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">10.70</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">102,150</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">10.70</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">47.60 - $87.60</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">2,100</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">.95</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">676.00</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">2,100</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">676.00</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">127.60 - $207.60</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">2,150</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">.95</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">1,583.00</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">2,150</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">1,583.00</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">&#160;</td> <td style="padding-left: 10pt; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Totals</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">233,400</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">4.78</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">26.90</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">193,100</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">3.21</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="margin: 0pt"></p> 233400 14000 64600 48400 102150 2100 2150 P4Y9M11D P4Y4M17D P4Y6M18D P2Y11M26D P5Y11M26D P11M12D P11M12D 26.90 1.00 1.70 4.60 10.70 676.00 1583.00 193100 14000 24300 48400 102150 2100 2150 3.21 1.00 1.70 4.60 10.70 676.00 1583.00 50000 0.50 2017 6186433 6632370 3218764 2473714 53863 5115983 -1951082 59028 6836339 -4205053 -216600 5115983 6836339 53863 59028 5000 5000 2967669 4158656 250000 552714 435998 437823 83166 277132 5375 1393521 1019476 11470 663261 938365 71560 6186433 6632370 5869953 6230102 3558076 3502829 2311877 2727273 316480 402268 211133 138355 5100 5100 300 300 626001 155310 319079 71328 -2253171 -242631 -1171193 -128440 800 800 800 -0.24 -0.06 -0.12 -0.03 9567998 4063820 9733078 4227641 204604 106226 8977138 9837859 30000 30000 10000 6928 <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="text-transform: uppercase"><b>Note 2 &#8211; Intangible Assets</b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As part of the Merger, the Company allocated $3,502,829 to goodwill. Additionally, a substantial portion of the assets acquired were allocated to identifiable intangible assets. The fair value of the identifiable intangible asset is determined primarily using the &#8220;income approach,&#8221; which requires a forecast of all the expected future cash flows.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><u>Acquisition of Assets from Symplmed</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On June 5, 2017, we entered into an Asset Purchase Agreement (the &#8220;Purchase Agreement&#8221;) with Symplmed Pharmaceuticals LLC (&#8220;Symplmed&#8221;) pursuant to which we purchased from Symplmed, for aggregate consideration of approximately $620,000&#160;&#160; (consisting of $300,000 in cash plus the assumption of certain liabilities of Symplmed in the amount of approximately $320,000), Symplmed&#8217;s assets relating to a single-pill fixed-dose combination of perindopril arginine and amlodipine besylate known as Prestalia, that has been approved by the FDA for the treatment of hypertension. In addition, as part of the transactions contemplated by the Purchase Agreement: (i) Symplmed agreed to transfer to us, not later than 150 days following the closing date, the New Drug Applications for the approval of Prestalia as a new drug by the FDA; and (ii) Symplmed assigned to us all of its rights and obligations under that certain Amended and Restated License and Commercialization Agreement by and between Symplmed and Les Laboratoires Servier (&#8220;Servier&#8221;) dated January 11, 2012, pursuant to which Symplmed has an exclusive license from Servier to manufacture, have manufactured, develop, promote, market, distribute and sell Prestalia in the U.S. (and its territories and possessions) in consideration of regulatory and sales-based milestone payments and royalty payments based on net sales.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Further, we entered into an offer letter with Erik Emerson, the President and Chief Executive Officer of Symplmed, pursuant to which we hired Mr. Emerson to serve as our Chief Commercial Officer, which appointment became effective on June 22, 2017. We also agreed in such offer letter to issue to Mr. Emerson 60,000 restricted shares of our common stock under our 2014 Long-Term Incentive Plan, with all of such shares to vest on the six (6) month anniversary of the date of grant.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In furtherance of the acquisition and commercialization of Prestalia, on July 21, 2017 we acquired from Symplmed and its wholly-owned subsidiary, Symplmed Technologies, LLC, certain of the intellectual property assets related to the patented technology platform known as DyrctAxess that offers enhanced efficiency, control and information to empower patients, physicians and manufacturers to help achieve optimal care.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The purchase price of $620,000 has been allocated based on a preliminary estimate of the fair value of the assets acquired and is included in intangible assets as of June 30, 2017.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table summarizes the estimated fair value of the identifiable intangible asset acquired, their useful life, and method of amortization:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Estimated </b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Estimated </b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Useful Life </b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>(Years)</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Annual </b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Amortization </b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Expense</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Intangible asset from Merger</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">2,361,066</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 14%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">6</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">393,511</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Intangible asset - Prestalia</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">620,000</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">6</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">103,333</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">2,981,066</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">496,844</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The net intangible asset was $2,727,273, net of accumulated amortization of $253,793, as of June 30, 2017. Amortization expense was $204,604 and $0 for the six months ended June 30, 2017 and 2016, respectively.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="text-transform: uppercase"><b>Note 3 - Related Party Transactions</b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Due to Related Party</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company and other related entities have a commonality of ownership and/or management control, and as a result, the reported operating results and /or financial position of the Company could significantly differ from what would have been obtained if such entities were autonomous.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has a Master Services Agreement (&#8220;MSA&#8221;) with a related party, Autotelic Inc., effective January 1, 2015.Autotelic Inc. owns less than 10% of the Company. The MSA states that Autotelic Inc. will provide business functions and services to the Company and allows Autotelic Inc. to charge the Company for these expenses paid on its behalf. The MSA includes personnel costs allocated based on amount of time incurred and other services such as consultant fees, clinical studies, conferences and other operating expenses incurred on behalf of the Company. The MSA between Marina and Autotelic Inc. was effective on the reverse merger date of November 15, 2016.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">During the period commencing January 1, 2015 (the &#8220;Effective Date&#8221;) and ending on the date that the Company has completed an equity offering of either common or preferred stock in which the gross proceeds therefrom is no less than $10,000,000 (the &#8220;Equity Financing Date&#8221;), the Company shall pay Autotelic the following compensation: cash in an amount equal to the actual labor cost (paid on a monthly basis), plus warrants for shares of the Company&#8217;s common stock with a strike price equal to the fair market value of the Company&#8217;s common stock at the time said warrants are issued. The Company shall also pay Autotelic for the services provided by third party contractors plus 20% mark up. The warrant price per share is calculated based on the Black-Scholes model.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">After the Equity Financing Date, the Company shall pay Autotelic Inc. a cash amount equal to the actual labor cost plus 100% mark up of provided services and 20% mark up of provided services by third party contractors or material used in connection with the performance of the contracts, including but not limited to clinical trial, non-clinical trial, Contract Manufacturing Organizations (&#8220;CMO&#8221;), FDA regulatory process, Contract Research Organizations (&#8220;CRO&#8221;) and Chemistry and Manufacturing Controls (&#8220;CMC&#8221;).</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In accordance with the MSA, Autotelic Inc. billed the Company for personnel and service expenses Autotelic Inc. incurred on behalf of the Company. Personnel cost charged by Autotelic Inc. were $243,944 and $77,655 for the six months ended on June 30, 2017 and 2016, respectively. For the six months ended June 30, 2017 and 2016, Autotelic Inc. billed a total of $317,044 and $162,765, including personnel costs (above), respectively. The unpaid balance of $277,132 is recorded as due to related party in the accompanying balance as of June 30, 2017. The Company agreed to issue warrants at a future date for the remaining balance due of $291,735, which is included in accrued expenses as of June 30, 2017.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Convertible Notes Payable</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In July 2016, IThena issued convertible promissory notes with an aggregate principal balance of $50,000 to related-party investors. Borrowings under each of these convertible notes bore interest at 3% per annum and these notes mature on June 30, 2018. Upon the completion of certain funding events, IThena had the right to convert the outstanding principal amount of these notes into shares of the IThena&#8217;s common stock. The notes were assumed by Autotelic Inc. on November 15, 2016 as part of its acquisition of the technology asset (IT-101).</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Convertible Notes Payable, Dr. Trieu</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In connection with the Merger, Marina entered into the Line Letter dated November 15, 2016 with Dr. Trieu, our Executive Chairman, for an unsecured line of credit in an amount not to exceed $540,000, to be used for current operating expenses, as described in Note 1 above. Dr. Trieu has advanced the full $540,000 under the Line Letter as of June 30, 2017. Accrued interest on the Line Letter was $12,714 as of June 30, 2017 and is included in convertible notes payable to related parties on the accompanying balance sheets.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Line Letter with Autotelic Inc.</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On April 4, 2017, the Company entered into a Line Letter with Autotelic Inc., a stockholder of IThenaPharma that became the holder of 5,255,354 shares of Marina common stock as a result of the Merger, and an entity of which Dr. Trieu serves as Chairman of the Board, for an unsecured line of credit in an amount not to exceed $500,000, to be used for current operating expenses. Autotelic Inc. will consider requests for advances under the Line Letter until September 1, 2017. Autotelic Inc. shall have the right at any time for any reason in its sole and absolute discretion to terminate the line of credit available under the Line Letter or to reduce the maximum amount available thereunder without notice; provided, that Autotelic Inc. agreed that it shall not demand the repayment of any advances that are made under the Line Letter prior to the earlier of: (i) October 4, 2017; and (ii) the date on which (x) we make a general assignment for the benefit of our creditors, (y) we apply for or consents to the appointment of a receiver, a custodian, a trustee or liquidator of all or a substantial part of our assets or (z) we cease operations. Advances made under the Line Letter shall bear interest at the rate of five percent (5%) per annum, shall be evidenced by the Demand Promissory Note issued to Autotelic Inc., and shall be due and payable upon demand by Autotelic, Inc.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The balance under the line was $80,410 as of June 30, 2017 and is included in notes to related parties on the accompanying balance sheet.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Principles of Consolidation</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The consolidated financial statements include the accounts of IThenaPharma Inc. and Marina Biotech, Inc. and the wholly-owned subsidiaries, Cequent, MDRNA, and Atossa, and eliminate any inter-company balances and transactions.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table summarizes the estimated fair value of the identifiable intangible asset acquired, their useful life, and method of amortization:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Estimated </b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Estimated </b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Useful Life </b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>(Years)</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Annual </b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Amortization </b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Expense</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Intangible asset from Merger</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">2,361,066</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 14%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">6</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">393,511</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Intangible asset - Prestalia</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">620,000</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">6</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">103,333</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">2,981,066</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">496,844</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="margin: 0pt"></p> 141723 255510 257252 0.05 -0.05 5867 -1871725 2361066 -326037 169171 3672000 3502829 P0Y P6Y P6Y 496844 393511 103333 10000000 0.10 After the Equity Financing Date, the Company shall pay Autotelic a cash amount equal to the actual labor cost plus 100% mark up of provided services and 20% mark up of provided services by third party contractors or material used in connection with the performance of the contracts, including but not limited to clinical trial, non-clinical trial, Contract Manufacturing Organizations (“CMO”), U.S. Food & Drug Administration (“FDA”) regulatory process, Contract Research Organizations (“CRO”) and Chemistry and Manufacturing Controls (“CMC”). 0.20 243944 77655 317044 162765 479 118759 50000 28300 567 1283 0.03 0.12 2017-06-20 2018-06-30 3700000 0.35 8977138 0.65 328300 6000 100000 0.17 0.26 1.07 47.60 127.60 0.10 .81 0.82 2.20 87.60 207.60 <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Subsequent Events</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Except for the event(s) discussed in Note 9, there were no subsequent events that required recognition or disclosure. The Company evaluated subsequent events through the date the financial statements were issued and filed with the Securities and Exchange Commission.</p> 1.80 1.40 2.90 2.80 5.10 5.10 90,000,000 54000 180 53820 70000 60000 0000737207 253793 291735 2.80 3.80 3.40 7.50 2.80 2.80 1.36 0.70 0.44 P4Y4M24D P2M12D P63D 0.0193 0.0062 0.0103 622296 976714 3734 972980 -8725 -31404 -52 -31352 29400 420 245580 -216600 <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="text-transform: uppercase"><b>Note 1 &#8211; Nature of Operations, Basis of Presentation and Significant Accounting Policies </b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Reverse Stock Split</i></b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">On August 1, 2017, we filed a Certificate of Amendment of our Amended and Restated Certificate of Incorporation to effect a one-for-ten reverse split of our issued and outstanding shares of common stock. Our common stock commenced trading on the OTCQB tier of the OTC Markets on a split-adjusted basis on Thursday, August 3, 2017. Unless indicated otherwise, all share and per share information included in these financial statements give effect to the reverse split.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Reverse Merger with IThenaPharma</i></b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On November 15, 2016, Marina Biotech, Inc. and subsidiaries (&#8220;we&#8221;, &#8220;us&#8221;) entered into, and consummated the transactions contemplated by, an Agreement and Plan of Merger between and among IThenaPharma Inc., a Delaware corporation (&#8220;IThena&#8221;), IThena Acquisition Corporation, a Delaware corporation and wholly-owned subsidiary of Marina (&#8220;Merger Sub&#8221;), and Vuong Trieu as the IThena representative (the &#8220;Merger Agreement&#8221;), pursuant to which IThena merged into Merger Sub (the &#8220;Merger&#8221;). Upon completion of the Merger and subject to the applicable provisions of the Merger Agreement, Merger Sub has ceased to exist and IThena continues as the surviving corporation of the Merger and as a wholly-owned subsidiary of Marina. As consideration for the Merger, Marina issued to the former shareholders of IThena 58,392,828 shares of the Company&#8217;s common stock (5,839,283 shares after adjustment for the Company&#8217;s 1 for 10 reverse stock split in August 2017), representing approximately 65% of the issued and outstanding shares of Marina&#8217;s common stock following the completion of the Merger. Outstanding warrants to purchase 30,000 shares of common stock of IThena were converted into warrants to purchase common stock of Marina. In addition, Marina appointed Vuong Trieu, the president of IThena, as the Chairman of the Board of Directors of Marina, effective November 15, 2016. Dr. Trieu, in his capacity as the IThena representative, later appointed Philippe P. Calais, Ph.D., as a member of the Board of Directors of Marina effective December 8, 2016, pursuant to the rights granted to the former shareholders of IThena in the Merger Agreement.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As the former shareholders of IThena control greater than 50% of the Company subsequent to the Merger, for accounting purposes, the Merger was treated as a &#8220;reverse acquisition&#8221; and IThena is considered the accounting acquirer. Accordingly, IThena&#8217;s historical results of operations replace Marina&#8217;s historical results of operations for all periods prior to the Merger, and for all periods following the Merger, the results of operations of both companies are included. IThena accounted for the acquisition of Marina under the purchase accounting method following completion.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The purchase price of approximately $3.7 million represents the consideration in the reverse merger transaction and is calculated based on the number of shares of common stock of the combined company that Marina stockholders owned as of the closing of the transaction and the fair value of assets and liabilities assumed by IThena.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The number of shares of common stock Marina issued to IThena stockholders is calculated pursuant to the terms of the Merger Agreement based on Marina common stock outstanding as of November 15, 2016, as follows (retroactively adjusted for the 1 for 10 reverse stock split in August 2017):</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 79%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Shares of Marina common stock outstanding as of November 15, 2016</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 18%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">3,137,855</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Divided by the percentage of Marina ownership of combined company</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">35</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Adjusted total shares of common stock of combined company</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">8,977,138</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Multiplied by the assumed percentage of IThena ownership of combined company</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">65</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Shares of Marina common stock issued to IThena upon closing of transaction</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">5,839,283</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The application of the acquisition method of accounting is dependent upon certain valuations and other studies that have yet to be completed. The purchase price allocation will remain preliminary until IThena management determines the fair values of assets acquired and liabilities assumed. The final determination of the purchase price allocation is anticipated to be completed as soon as practicable after completion of the transaction and will be based on the fair values of the assets acquired and liabilities assumed as of the transaction closing date. The final amounts allocated to assets acquired and liabilities assumed could differ significantly from the amounts presented.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The purchase price as of June 30, 2017 has been allocated based on a preliminary estimate of the fair value of assets acquired and liabilities assumed:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Assets and Liabilities Acquired:</font></td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 79%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Cash</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">5,867</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Net current liabilities assumed (excluding cash)</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(1,871,725</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Identifiable intangible assets</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">2,361,066</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Debt</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(326,037</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Net assets acquired</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">169,171</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Goodwill</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">3,502,829</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Purchase price</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">3,672,000</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The above estimated purchase allocation and goodwill valuation reflects changes in fair value determinations of $55,246 for the six months ended June 30, 2017 and approximately $1,238,000 since the Merger date.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In connection with the Merger, Marina entered into a License Agreement with Autotelic LLC, a stockholder of IThena and an entity in which Dr. Trieu serves as Chief Executive Officer, pursuant to which (A) Marina licensed to Autotelic LLC certain patent rights, data and technology relating to Familial Adenomatous Polyposis and nasal insulin, for human therapeutics other than for oncology-related therapies and indications, and (B) Autotelic LLC licensed to Marina certain patent rights, data and know-how relating to IT-102 and IT-103, in connection with individualized therapy of pain using a non-steroidal anti-inflammatory drug and an anti-hypertensive without inducing intolerable edema, and treatment of certain aspects of proliferative disease, but not including rights to IT-102/IT-103 for Therapeutic Drug Monitoring (&#8220;TDM&#8221;) guided dosing for all indications using an Autotelic Inc. TDM Device. We also granted a right of first refusal to Autotelic LLC with respect to any license by us of the rights licensed by or to us under the License Agreement in any cancer indication outside of gastrointestinal cancers.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On November 15, 2016, simultaneously with the Merger, Autotelic Inc., a related party, acquired a technology asset (IT-101) from IThena, and IThena&#8217;s investment of $479 in a foreign entity from the Company. In exchange for the asset, Autotelic Inc. agreed to cancel its stock purchase warrant agreements (see below), received all of IThena&#8217;s then cash balance as payment against the liabilities and agreed to assume the remaining debts and liabilities of IThena, including accounts payable of $71,560, accrued expenses of $11,470, due to related party of $5,375, other liabilities of $118,759, convertible note of $50,000, and accrued interest payable of $567. IThena recognized contributed capital of $257,252 in connection with this transaction.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In connection with the Merger, Marina entered into a Line Letter dated November 15, 2016 with Dr. Trieu, our Executive Chairman, for an unsecured line of credit to be used for current operating expenses in an amount not to exceed $540,000, of which all had been drawn at June 30, 2017 and $250,000 had been drawn at December 31, 2016. Dr. Trieu considered requests for advances under the Line Letter until April 30, 2017. Dr. Trieu has the right at any time for any reason in his sole and absolute discretion to terminate the line of credit available under the Line Letter or to reduce the maximum amount available thereunder without notice; provided, that Dr. Trieu agreed that he shall not demand the repayment of any advances that are made under the Line Letter prior to the earlier of: (i) May 15, 2017; and (ii) the date on which (x) we make a general assignment for the benefit of our creditors, (y) we apply for or consent to the appointment of a receiver, a custodian, a trustee or liquidator of all or a substantial part of our assets or (z) we cease operations. Dr. Trieu has advanced an aggregate of $540,000 under the Line Letter. &#160;Advances made under the Line Letter bear interest at the rate of five percent (5%) per annum, are evidenced by the Demand Promissory Note issued by us to Dr. Trieu, and are due and payable upon demand by Dr. Trieu.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Dr. Trieu has the right, exercisable by delivery of written notice thereof (the &#8220;Election Notice&#8221;), to either: (i) receive repayment for the entire unpaid principal amount advanced under the Line Letter and the accrued and unpaid interest thereon on the date of the delivery of the Election Notice (the &#8220;Outstanding Balance&#8221;) or (ii) convert the Outstanding Balance into such number of shares of our common stock as is equal to the quotient obtained by dividing (x) the Outstanding Balance by (y) $1.00 (such price, the &#8220;Conversion Price&#8221;); provided, that in no event shall the Conversion Price be lower than the lower of (x) $2.80 per share or (y) the lowest exercise price of any securities that have been issued by us in a capital raising transaction (and that would otherwise reduce the exercise price of any other outstanding warrants issued by us) during the period between November 15, 2016 and the date of the delivery of the Election Notice. No capital raising transactions have occurred through the date of this filing with securities at a price lower than $2.80 per share. The embedded conversion feature in the Line Letter qualified it as a derivative instrument since the number of shares issuable under the Line Letter is indeterminate based on guidance under ASC 815, Derivatives and Hedging. The conversion feature of this line letter has been characterized as a derivative liability during the three months ended June 30, 2017, to be re-measured at the end of every reporting period with the change in value reported in the statement of operations. The Company recorded a derivative liability of $195,943 for the fair value of this conversion feature as of June 30, 2017.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On April 4, 2017, the Company entered into a Line Letter with Autotelic Inc., a stockholder of IThenaPharma that became the holder of 525,535 shares of Marina common stock as a result of the Merger, and an entity of which Dr. Trieu serves as Chairman of the Board, for an unsecured line of credit in an amount not to exceed $500,000, to be used for current operating expenses. Autotelic Inc. will consider requests for advances under the Line Letter until September 1, 2017. Autotelic Inc. shall have the right at any time for any reason in its sole and absolute discretion to terminate the line of credit available under the Line Letter or to reduce the maximum amount available thereunder without notice; provided, that Autotelic Inc. agreed that it shall not demand the repayment of any advances that are made under the Line Letter prior to the earlier of: (i) October 4, 2017; and (ii) the date on which (x) we make a general assignment for the benefit of our creditors, (y) we apply for or consents to the appointment of a receiver, a custodian, a trustee or liquidator of all or a substantial part of our assets or (z) we cease operations. Advances made under the Line Letter shall bear interest at the rate of five percent (5%) per annum, shall be evidenced by the Demand Promissory Note issued to Autotelic Inc., and shall be due and payable upon demand by Autotelic, Inc.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The balance under the line was $80,410 as of June 30, 2017 and is included in convertible notes to related parties on the accompanying balance sheet.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Further, we entered into a Master Services Agreement (&#8220;MSA&#8221;) with Autotelic Inc., a stockholder of IThena, pursuant to which Autotelic Inc. agreed to provide certain business functions and services from time to time during regular business hours at our request. See Note 3 for specific terms of the MSA.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On November 15, 2016, Marina agreed to issue to Novosom Verwaltungs GmbH (&#8220;Novosom&#8221;) .15 million shares of common stock upon the closing of the Merger in consideration of Novosom&#8217;s agreement that the consummation of the Merger would not constitute a &#8220;Liquidity Event&#8221; under that certain Asset Purchase Agreement dated as of July 27, 2010 between and among Marina, Novosom and Steffen Panzner, Ph.D., and thus that no additional consideration under such agreement would be due to Novosom as a result of the consummation of the Merger.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In July 2016, Marina pledged to issue common stock valued at approximately $15,000 to Novosom for the portion due under our July 2010 Asset Purchase Agreement with Novosom, related to Marina&#8217;s license agreement with an undisclosed licensee that grants such licensee rights to use Marina&#8217;s technology and intellectual property to develop and commercialize products combining certain molecules with Marina&#8217;s liposomal delivery technology known as NOV582. In November 2016, we issued 11,905 shares with a value of approximately $15,000 to Novosom as the equity component owed under our July 2016 license agreement.&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Common Stock Offering</i></b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On June 26, 2017, the Company filed a Form S-1 Registration Statement with the SEC, with amendments on July 27, 2017 and August 3, 2017, to allow the Company to offer directly to selected investors 2,058,823 units (adjusted to reflect the 1 for 10 reverse split of our common stock), with each unit consisting of (i) one share of our common stock, par value $0.006 per share and (ii) a warrant to purchase 0.5 shares of our common stock, at an assumed offering price of $3.40 per unit, which was the closing price of our common stock on July 20, 2017. The warrants will be immediately exercisable at an exercise price that is not less than the offering price per unit in this offering, and will expire on the fifth anniversary of the issuance date. This Registration Statement was not yet effective as of this filing date.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Business Operations</i></b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>IThenaPharma, Inc.</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">IThena is a developer of personalized therapies for combined pain/hypertension through its proprietary Fixed Dose Combination (&#8220;FDC&#8221;) technology and point of care TDM. Through the combination of these technologies, IThenaPharma is looking to deliver therapies with improved compliance and personalized dosing. IThena&#8217;s lead products are the celecoxib FDCs which include IT-102 and IT-103, fixed dose combinations of celecoxib and lisinopril and celecoxib and olmesartan, respectively. IT-102 and IT-103 are being developed as celecoxib without the drug induced edema associated with celecoxib alone. IT-102 and IT-103 are being developed initially for combined arthritis / hypertension and subsequently for treatment of pain, or cancer, or other indications requiring high doses of celecoxib.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Marina Biotech, Inc </i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Marina Biotech is a fully integrated, commercial stage biopharmaceutical company delivering proprietary drug therapeutics for significant unmet medical needs in the U.S., Europe and additional international markets. Our portfolio of products currently focuses on fixed dose combinations (&#8220;FDC&#8221;) in hypertension, arthritis, pain and oncology allowing for innovative solutions to such unmet medical needs. Our approach is meant to reduce clinical risk and accelerate time to market by shortening the clinical development program through leveraging what is already known or can be learned in our proprietary Patient Level Database.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We currently have one commercial and three clinical development programs underway: (i) Prestalia&#174;, a single-pill fixed dose combination of perindopril, an angiotensin-converting-enzyme (&#8220;ACE&#8221;) inhibitor and amlodipine, a calcium channel blocker, which has been approved by the U.S. Food and Drug Administration (&#8220;FDA&#8221;) and is actively marketed in the U.S.; (ii) our next generation celecoxib program drug candidates for the treatment of acute and chronic pain, IT-102 and IT-103, each of which is an FDC of celecoxib, a COX-2 selective nonsteroidal anti-inflammatory drug (&#8220;NSAID&#8221;) and either lisinopril (IT-102) or olmesartan (IT-103) &#8211; both Lisinopril and olmesartan are antihypertension drugs; (iii) CEQ508, an oral delivery of small interfering RNA (&#8220;siRNA&#8221;) against beta-catenin, combined with IT-102 to suppress polyps in the precancerous syndrome and orphan indication Familial Adenomatous Polyposis (&#8220;FAP&#8221;); and (iv) CEQ508 combined with IT-103 to treat Colorectal Cancer.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Summary of Significant Accounting Policies</i></b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Basis of Presentation</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by U.S. Generally Accepted Accounting Principles (&#8220;U.S. GAAP&#8221;) for complete financial statements. The accompanying unaudited financial information should be read in conjunction with the audited consolidated financial statements, including the notes thereto, as of and for the year ended December 31, 2016, included in our 2016 Annual Report on Form 10-K filed with the SEC. The information furnished in this report reflects all adjustments (consisting of normal recurring adjustments), which are, in the opinion of management, necessary for a fair presentation of our financial position, results of operations and cash flows for each period presented. The results of operations for the six months ended June 30, 2017 are not necessarily indicative of the results for the year ending December 31, 2017 or for any future period.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Principles of Consolidation</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The consolidated financial statements include the accounts of IThenaPharma Inc. and Marina Biotech, Inc. and the wholly-owned subsidiaries, Cequent, MDRNA, and Atossa, and eliminate any inter-company balances and transactions.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Going Concern and Management&#8217;s Liquidity Plans</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The accompanying condensed consolidated financial statements have been prepared on the basis that we will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business. At June 30, 2017, we had an accumulated deficit of $4,205,053 and a negative working capital of $3,756,388. We anticipate that we will continue to incur operating losses as we execute our plan to raise additional funds and investigate strategic and business development initiatives. In addition, we have had and will continue to have negative cash flows from operations. We have previously funded our losses primarily through the sale of common and preferred stock and warrants, the sale of notes, revenue provided from our license agreements and, to a lesser extent, equipment financing facilities and secured loans. In 2016 and 2015, we funded operations with a combination of the issuance of notes and preferred stock, and license-related revenues. At June 30, 2017, we had a cash balance of $263,913. Our operating activities consume the majority of our cash resources.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">There is substantial doubt about our ability to continue as a going concern for one year from the issuance date of this Form 10-Q, which may affect our ability to obtain future financing or engage in strategic transactions, and may require us to curtail our operations. We cannot predict, with certainty, the outcome of our actions to generate liquidity, including the availability of additional debt financing, or whether such actions would generate the expected liquidity as currently planned.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Use of Estimates</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Significant areas requiring the use of management estimates include valuation allowance for deferred income tax assets. Actual results could differ from such estimates under different assumptions or circumstances.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Fair Value of Financial Instruments</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We consider the fair value of cash, accounts payable, due to related parties, notes payable, convertible notes payable and accrued liabilities not to be materially different from their carrying value. These financial instruments have short-term maturities. We follow authoritative guidance with respect to fair value reporting issued by the Financial Accounting Standards Board (&#8220;FASB&#8221;) for financial assets and liabilities, which defines fair value, provides guidance for measuring fair value and requires certain disclosures. The guidance does not apply to measurements related to share-based payments. The guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px; text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Level 1:</font></td> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Level 2:</font></td> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Level 3:</font></td> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our cash is subject to fair value measurement and is determined by Level 1 inputs. We measure the liability for committed stock issuances with a fixed share number using Level 1 inputs. We measure the liability for price adjustable warrants and certain features embedded in notes, using the probability adjusted Black-Scholes option pricing model (&#8220;Black-Scholes&#8221;), which management has determined approximates values using more complex methods, using Level 3 inputs. The following tables summarize our liabilities measured at fair value on a recurring basis as of December 31, 2016 and June 30, 2017:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Balance at</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31, 2016</b></p></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Level 1</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Quoted</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>prices in</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>active markets for</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>identical assets</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Level 2</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Significant</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>other</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>observable</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>inputs</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Level 3</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Significant</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>unobservable inputs</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Liabilities:</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 36%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Fair value liability for price adjustable warrants</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">141,723</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">141,723</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Total liabilities at fair value</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">141,723</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">141,723</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance at</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2017</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Level 1</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Quoted</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>prices in</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>active markets for</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>identical assets</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Level 2</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Significant</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>other</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>observable</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>inputs</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Level 3<br /> Significant<br /> unobservable</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>inputs</b></p></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Liabilities:</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 36%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Fair value liability for price adjustable warrants</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">255,510</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">255,510</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Derivative liability</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">195,943</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">195,943</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Total liabilities at fair value</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">451,453</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">451,453</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following presents activity of the fair value liability of price adjustable warrants determined by Level 3 inputs for the period ended June 30, 2017:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair value</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>liability for</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>price adjustable</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>warrants</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 79%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Balance at December 31, 2016</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">141,723</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Fair value of warrants issued</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Exercise of warrants</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Change in fair value included in condensed consolidated statement of operations</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">113,787</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Balance at June 30, 2017</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">255,510</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The fair value liability of price adjustable warrants for the six months ended June 30, 2017 was determined using the probability adjusted Black-Scholes option pricing model using exercise prices of $2.80 to $7.50, stock price of $2.80, volatility of 70% to 136%, contractual lives of 0.2 to 4.4 years, and risk-free rates of 0.62% to 1.93%.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following presents activity of the derivative liability determined by Level 3 inputs for the period ended June 30, 2017:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Fair value<br /> of derivtive</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>liability</b></p></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Balance at December 31, 2016</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Derivative on new loans</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Reduction due to debt conversions</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 79%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Change in fair value included in condensed consolidated statement of operations</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="width: 18%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">195,943</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Balance at June 30, 2017</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">195,943</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The fair value liability of derivative liability for the six months ended June 30, 2017 was determined using the binomial pricing model using exercise prices of $2.80, stock price of $3.80, volatility of 44%, contractual life of 63 days, and a risk-free rate of 1.03%.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Impairment of Long-Lived Assets</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We review all of our long-lived assets for impairment indicators throughout the year and perform detailed testing whenever impairment indicators are present. In addition, we perform detailed impairment testing for indefinite-lived intangible assets at least annually at December 31. When necessary, we record charges for impairments. Specifically:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 34px; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">For finite-lived intangible assets, such as developed technology rights, and for other long-lived assets, we compare the undiscounted amount of the projected cash flows associated with the asset, or asset group, to the carrying amount. If the carrying amount is found to be greater, we record an impairment loss for the excess of book value over fair value. In addition, in all cases of an impairment review, we re-evaluate the remaining useful lives of the assets and modify them, as appropriate; and</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 107%">&#160;</td> <td style="text-align: justify; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">For indefinite-lived intangible assets, such as acquired in-process R&#38;D assets, each year and whenever impairment indicators are present, we determine the fair value of the asset and record an impairment loss for the excess of book value over fair value, if any.</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Management determined that no impairment indicators were present and that no impairment charges were necessary as of June 30, 2017 or December 31, 2016.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Net Income (Loss) per Common Share</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Basic net income (loss) per common share (after giving effect of the one for ten reverse stock split) is computed by dividing the net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share includes the effect of common stock equivalents (stock options, unvested restricted stock, and warrants) when, under either the treasury or if-converted method, such inclusion in the computation would be dilutive. Net income (loss) is adjusted for the dilutive effect of the change in fair value liability for price adjustable warrants, if applicable. The following number of shares have been excluded from diluted net income (loss) since such inclusion would be anti-dilutive:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Six Months Ended June 30,</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2017</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Stock options outstanding</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 20%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">233,400</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 20%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Warrants</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">2,492,945</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">13,917</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Convertible Notes Payable</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">312,050</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Restricted common stock</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">70,000</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">3,108,395</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">13,917</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Subsequent Events</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Except for the event(s) discussed in Note 9, there were no subsequent events that required recognition or disclosure. The Company evaluated subsequent events through the date the financial statements were issued and filed with the Securities and Exchange Commission.&#160;</p> 55246 1238000 3756388 2727273 12714 5255354 109523 401283 615368 948000 250000 375000 250000 500000 75000 45000 4.40 1189079 343750 2492945 36573 -11 1.70 5264.00 2.90 36047 <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following tables summarize our liabilities measured at fair value on a recurring basis as of December 31, 2016 and June 30, 2017:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Balance at</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31, 2016</b></p></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Level 1</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Quoted</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>prices in</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>active markets for</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>identical assets</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Level 2</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Significant</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>other</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>observable</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>inputs</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Level 3</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Significant</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>unobservable inputs</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Liabilities:</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 36%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Fair value liability for price adjustable warrants</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">141,723</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">141,723</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Total liabilities at fair value</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">141,723</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">141,723</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance at</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2017</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Level 1</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Quoted</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>prices in</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>active markets for</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>identical assets</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Level 2</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Significant</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>other</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>observable</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>inputs</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Level 3<br /> Significant<br /> unobservable</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>inputs</b></p></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Liabilities:</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 36%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Fair value liability for price adjustable warrants</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">255,510</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">255,510</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Derivative liability</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">195,943</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">195,943</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Total liabilities at fair value</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">451,453</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">451,453</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following presents activity of the fair value liability of price adjustable warrants determined by Level 3 inputs for the period ended June 30, 2017:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair value</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>liability for</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>price adjustable</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>warrants</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 79%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Balance at December 31, 2016</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">141,723</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Fair value of warrants issued</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Exercise of warrants</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Change in fair value included in condensed consolidated statement of operations</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">113,787</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Balance at June 30, 2017</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">255,510</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following number of shares have been excluded from diluted net income (loss) since such inclusion would be anti-dilutive:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Six Months Ended June 30,</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2017</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Stock options outstanding</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 20%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">233,400</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 20%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Warrants</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">2,492,945</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">13,917</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Convertible Notes Payable</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">312,050</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Restricted common stock</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">70,000</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">3,108,395</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">13,917</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="margin: 0pt"></p> 1) Evaluations License Fee. Simultaneous with the execution and delivery of this Agreement, Lipomedics shall enter into a Stock Purchase Agreement in form and substance reasonably acceptable to Marina and Lipomedics, pursuant to which Marina will sell to Lipomedics shares of the common stock of Marina for an aggregate purchase price of $250,000, with the purchase price for each share of Marina common stock being $0.29. 2) Commercial License Fee. Unless this Agreement is earlier terminated, within thirty (30) days following Lipomedics’s delivery of an Evaluation Notice advising that it intends to pursue, or cause to be pursued, further development and commercialization of Licensed Products. 3) For up to and including three Licensed Products, Lipomedics shall pay to Marina a milestone (collectively the “Sales Milestones”) of Ten Million Dollars ($10,000,000) upon reaching Commercial Sales in the Territory in any given twelve month period equal to or greater than Five Hundred Million Dollars ($500,000,000) for a given Licensed Product and of Twenty Million Dollars ($20,000,000) upon reaching Commercial Sales in any given twelve month period equal to or greater than One Billion Dollars ($1,000,000,000) for such Licensed Product, such payments to be made within thirty (30) days following the month in which such Commercial Sale targets are met. Dr. Trieu has the right, exercisable by delivery of written notice thereof (the “Election Notice”), to either: (i) receive repayment for the entire unpaid principal amount advanced under the Line Letter and the accrued and unpaid interest thereon on the date of the delivery of the Election Notice (the “Outstanding Balance”) or (ii) convert the Outstanding Balance into such number of shares of our common stock as is equal to the quotient obtained by dividing (x) the Outstanding Balance by (y) $0.10 (such price, the “Conversion Price”); provided, that in no event shall the Conversion Price be lower than the lower of (x) $0.28 per share or (y) the lowest exercise price of any securities that have been issued by us in a capital raising transaction (and that would otherwise reduce the exercise price of any other outstanding warrants issued by us) during the period between November 15, 2016 and the date of the delivery of the Election Notice. No capital raising transactions have occurred through the date of this filing with securities at a price lower than $0.28 per share. 0.05 59568 6000 8725 401283 80410 60944 170643 366 170277 -1 31404 976714 36470 800 158566 -259562 1191053 290000 250000 -732487 -259562 193966 -54150 298491 -23503 330351 25531 -41374 479 36470 54000 88968 -300000 400000 80410 170643 300000 2981066 2361066 620000 80410 P4Y9M29D (5,839,283 shares after adjustment for the Company’s 1 for 10 reverse stock split in August 2017) 1 for 10 reverse split of our common stock 500000 620000 300000 320000 400000 0.05 3.50 14049 170643 June 20, 2017 to December 31, 2017 3000000 90000000 1200000 300000 15000000 -216600 55247 195943 -195943 -195943 620000 <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="text-transform: uppercase"><b>Note 4 &#8211; Notes Payable</b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Note Purchase Agreement and Amendment</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">On June 20, 2016, Marina entered into a Note Purchase Agreement (the &#8220;Purchase Agreement&#8221;) with certain investors (the &#8220;Purchasers&#8221;), pursuant to which Marina issued to the Purchasers unsecured promissory notes in the aggregate principal amount of $300,000 (the &#8220;Notes&#8221;). Interest shall accrue on the unpaid principal balance of the Notes at the rate of 12% per annum beginning on September 20, 2016. The Notes were due and payable on June 20, 2017, provided, that, upon the closing of a financing transaction that occurs while the Notes are outstanding, each Purchaser shall have the right to either: (i) accelerate the maturity date of the Note held by such Purchaser or (ii) convert the entire outstanding principal balance under the Note held by such Purchaser and accrued interest thereon into Marina&#8217;s securities that are issued and sold at the closing of such financing transaction.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of June 30, 2017, the accrued interest expense on the Notes amounted to $28,300, with a total balance of principal and interest of $328,300.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Subsequent to June 30, 2017, this Purchase Agreement was amended (see Note 9 &#8211; Subsequent Events).</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Note Payable &#8211; Service Provider</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On December 28, 2016, we entered into an Agreement and Promissory Note with a law firm for past services performed totaling $121,523. The note calls for monthly payments of $6,000 per month, beginning with an initial payment on March 31, 2017. The note is unsecured and non-interest bearing. The note will be considered paid in full if the Company pays $100,000 by December 31, 2017. The balance due on the note was $109,523 as of June 30, 2017.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Bridge Note Financing</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On June 1, 2017, we issued convertible promissory notes (the &#8220;Notes&#8221;) in the aggregate principal amount of $400,000 to 10 investors pursuant to a Note Purchase Agreement (the &#8220;Note Purchase Agreement&#8221;) that we entered into with such investors. The Notes bear interest at a rate of five percent (5%) per annum and are due and payable at any time on or after the earlier of (i) June 1, 2018 and (ii) the occurrence of an event of default (as defined in the Note Purchase Agreement).</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Upon written notice delivered to us by the holders of a majority in interest of the aggregate principal amount of Notes that are outstanding at the time of such calculation (the &#8220;Majority Holders&#8221;) not more than five (5) days following the maturity date of the Notes, the Majority Holders shall have the right, but not the obligation, on behalf of themselves and all other holders of Notes, upon written notice delivered to us, to elect to convert the entire unpaid principal amount of all, but not less than all, of the Notes and the accrued and unpaid interest thereon into such number of shares of our common stock as is equal to, with respect to each Note: (x) the entire unpaid principal amount of such Note and the accrued and unpaid interest thereon on the date of the delivery of such notice by (y) $3.50.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of June 30, 2017, the accrued interest expense on the Notes amounted to $1,283, with a total balance of principal and interest of $401,283.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Going Concern and Management&#8217;s Liquidity Plans</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The accompanying condensed consolidated financial statements have been prepared on the basis that we will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business. At June 30, 2017, we had an accumulated deficit of $4,205,053 and a negative working capital of $3,756,388. We anticipate that we will continue to incur operating losses as we execute our plan to raise additional funds and investigate strategic and business development initiatives. In addition, we have had and will continue to have negative cash flows from operations. We have previously funded our losses primarily through the sale of common and preferred stock and warrants, the sale of notes, revenue provided from our license agreements and, to a lesser extent, equipment financing facilities and secured loans. In 2016 and 2015, we funded operations with a combination of the issuance of notes and preferred stock, and license-related revenues. At June 30, 2017, we had a cash balance of $263,913. Our operating activities consume the majority of our cash resources.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">There is substantial doubt about our ability to continue as a going concern for one year from the issuance date of this Form 10-Q, which may affect our ability to obtain future financing or engage in strategic transactions, and may require us to curtail our operations. We cannot predict, with certainty, the outcome of our actions to generate liquidity, including the availability of additional debt financing, or whether such actions would generate the expected liquidity as currently planned.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The number of shares of common stock Marina issued to IThena stockholders is calculated pursuant to the terms of the Merger Agreement based on Marina common stock outstanding as of November 15, 2016, as follows (retroactively adjusted for the 1 for 10 reverse stock split in August 2017):</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 79%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Shares of Marina common stock outstanding as of November 15, 2016</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 18%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">3,137,855</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Divided by the percentage of Marina ownership of combined company</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">35</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Adjusted total shares of common stock of combined company</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">8,977,138</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Multiplied by the assumed percentage of IThena ownership of combined company</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">65</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Shares of Marina common stock issued to IThena upon closing of transaction</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">5,839,283</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The purchase price as of June 30, 2017 has been allocated based on a preliminary estimate of the fair value of assets acquired and liabilities assumed:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Assets and Liabilities Acquired:</font></td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 79%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Cash</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">5,867</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Net current liabilities assumed (excluding cash)</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(1,871,725</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Identifiable intangible assets</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">2,361,066</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Debt</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(326,037</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Net assets acquired</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">169,171</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Goodwill</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">3,502,829</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Purchase price</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">3,672,000</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following presents activity of the derivative liability determined by Level 3 inputs for the period ended June 30, 2017:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Fair value<br /> of derivtive</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>liability</b></p></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Balance at December 31, 2016</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Derivative on new loans</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Reduction due to debt conversions</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 79%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Change in fair value included in condensed consolidated statement of operations</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="width: 18%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">195,943</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Balance at June 30, 2017</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">195,943</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="margin: 0pt"></p> EX-101.SCH 5 mrna-20170630.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Condensed Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Condensed Consolidated Statements of Operations (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - Nature of Operations, Basis of Presentation and Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - Intangible Assets link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Related Party Transactions link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Notes Payable link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Stockholders' Equity link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Stock Incentive Plans link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Intellectual Property and Collaborative Agreements link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Nature of Operations, Basis of Presentation and Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - Nature of Operations, Basis of Presentation and Significant Accounting Policies (Tables) link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Intangible Assets (Tables) link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Stockholders' Equity (Tables) link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Stock Incentive Plans (Tables) link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Nature of Operations, Basis of Presentation and Significant Accounting Policies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - Nature of Operations, Basis of Presentation and Significant Accounting Policies - Schedule Merger Agreement Based On Common Stock Outstanding (Details) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - Nature of Operations, Basis of Presentation and Significant Accounting Policies - Schedule Estimate of the Fair Value of Assets Acquired and Liabilities (Details) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - Nature of Operations, Basis of Presentation and Significant Accounting Policies - Schedule of Liabilities Measured at Fair Value On a Recurring Basis (Details) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - Nature of Operations, Basis of Presentation and Significant Accounting Policies - Schedule of Fair Value Liability of Price Adjustable Warrants Determined by Level 3 (Details) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - Nature of Operations, Basis of Presentation and Significant Accounting Policies - Schedule of Fair Value of Derivative Liability Determined by Level 3 (Details) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - Nature of Operations, Basis of Presentation and Significant Accounting Policies - Schedule of Anti-dilutive Securities (Details) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - Intangible Assets (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - Intangible Assets - Schedule of Intangible Assets (Details) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - Related Party Transactions (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - Notes Payable (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - Stockholders' Equity (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - Stockholders’ Equity - Schedule of Warrant Activity (Details) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - Stock Incentive Plans (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - Stock Incentive Plans - Schedule of Stock Option Activity (Details) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - Stock Incentive Plans - Schedule of Summary of Additional Information On Stock Options Outstanding (Details) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - Intellectual Property and Collaborative Agreements (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000038 - Disclosure - Subsequent Events (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 6 mrna-20170630_cal.xml XBRL CALCULATION FILE EX-101.DEF 7 mrna-20170630_def.xml XBRL DEFINITION FILE EX-101.LAB 8 mrna-20170630_lab.xml XBRL LABEL FILE Class of Stock [Axis] Series C Convertible Preferred Stock [Member] Series D Convertible Preferred Stock [Member] Fair Value, Hierarchy [Axis] Level 1 Quoted Prices in Active Markets for Identical Assets[Member] Level 2 Significant Other Observable Inputs[Member] Level 3 Significant Unobservable Inputs [Member] Option Indexed to Issuer's Equity, Type [Axis] Stock Option [Member] Equity Components [Axis] Warrant[Member] Debt Instrument [Axis] Convertible Notes Payable [Member] Type of Arrangement and Non-arrangement Transactions [Axis] License Agreement [Member] Series B Preferred Stock [Member] Series A Preferred Stock [Member] Series C Preferred Stock [Member] Series D Preferred Stock [Member] Securities Purchase Agreement [Member] Related Party [Axis] Investor [Member] Exercise Price Range [Axis] Range One [Member] Range Two [Member] Range Three [Member] Range Four [Member] Range Five [Member] Range Six [Member] Range [Axis] Maximum [Member] Common Stock [Member] Additional Paid-In Capital [Member] Accumulated Deficit [Member] Legal Entity [Axis] IthenaPharma Inc [Member] Related Party [Member] Credit Facility [Axis] Line Letter [Member] Title of Individual [Axis] Chairman Of Board [Member] Trieu [Member] Novosom Verwaltungs GmbH [Member] Asset Purchase Agreement [Member] Merger Agreement [Member] Master Services Agreement [Member] Autotelic [Member] Promissory Note [Member] Award Date [Axis] December 31, 2017 [Member] Minimum [Member] Investment Advisory [Member] CEO Services [Member] Restricted Stock [Member] Stock Purchase Agreement [Member] Lipo Medics [Member] Director And Officers [Member] key Employees [Member] Employee Stock Option [Member] Merger [Member] Prestalia [Member] Short-term Debt, Type [Axis] Line of Credit [Member] Autotelic Inc [Member] Purchase Agreement [Member] Symplmed Pharmaceuticals LLC [Member] Erik Emerson [Member] Note Purchase Agreement [Member] 10 Investors [Member] Notes Payable [Member] Subsequent Event Type [Axis] Subsequent Event [Member] Amendment Agreement [Member] Oncotelic, Inc. [Member] Third Party Purchaser[Member] Deferred Compensation [Member] Derivative Liability [Member] Common Stock Offering [Member] Restricted Common Stock [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Trading Symbol Document Fiscal Period Focus Document Fiscal Year Focus Statement [Table] Statement [Line Items] ASSETS Current assets Cash Prepaid expenses and other assets Total current assets Intangible assets, net Goodwill Total Noncurrent assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable Accrued expenses Due to related party Notes payable Notes payable to related parties Convertible notes payable Convertible notes payable to related parties Fair value of liabilities for price adjustable warrants Derivative liability Total current liabilities Commitments and contingencies (Note 8) Stockholders' equity Preferred stock, $0.01 par value; 100,000 shares authorized Common stock, $0.006 par value; 180,000,000 shares authorized, 9,837,859 and 8,977,138 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively Additional paid-in capital Deferred compensation Accumulated deficit Total stockholders' equity Total liabilities and stockholders' equity Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Preferred stock, liquidation Preference value Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] Revenue License and other revenues Operating expenses Personnel expenses Research and development Amortization General and administrative Total operating expenses Loss from operations Other income (expense) Interest expense Change in fair value liability of warrants Change in fair value of derivative liability Total Other income (expense), net Loss before provision for income taxes Provision for income taxes Net loss Net loss per share – basic and diluted Weighted average shares outstanding – basic and diluted Balance Balance, shares Sale of common stock to related party Sale of common stock to related party, shares Common stock issued for services Common stock issued for services, shares Common stock issued for accounts payable Common stock issued for accounts payable, shares Return of common stock for note receivable Return of common stock for note receivable, shares Restricted stock issued to officer Restricted stock issued to officer, shares Stock option compensation Conversion of warrants to common stock Conversion of warrants to common stock, shares Effects of rounding due to reverse split Effects of rounding due to reverse split, shares Net loss Balance Balance, shares Statement of Cash Flows [Abstract] Cash Flows Used in Operating Activities: Adjustments to reconcile net loss to net cash used in operating activities: Share based compensation Common shares issued for third party services Warrants issued for services Fair value liabilities for price adjustable warrants Change in fair value of derivative liability Changes in operating assets and liabilities: Prepaid expenses and other assets Accounts payable Accrued expenses Due to related party Net Cash used in operating activities Cash Flows Used in Investing Activities: Purchase of intangible asset Net cash used in investing activities Cash Flows from Financing Activities: Proceeds from sales of common stock to related party Proceed from notes payable, related party Proceed from convertible notes Proceed from convertible notes, related parties Proceeds from conversion of warrants to common stock Net cash provided by financing activities Increase (decrease) in cash Cash – Beginning of Period Cash - End of Period Supplementary Cash Flow Information: Income taxes paid Non-cash Investing and Financing Activities: Issuance of warrants for services Common stock issued for accounts payable Return of common stock for note receivable Adjustment to goodwill Organization, Consolidation and Presentation of Financial Statements [Abstract] Nature of Operations, Basis of Presentation and Significant Accounting Policies Goodwill and Intangible Assets Disclosure [Abstract] Intangible Assets Related Party Transactions [Abstract] Related Party Transactions Debt Disclosure [Abstract] Notes Payable Equity [Abstract] Stockholders' Equity Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Stock Incentive Plans Intellectual Property and Collaborative Agreements Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Subsequent Events [Abstract] Subsequent Events Basis of Presentation Principles of Consolidation Going Concern and Management's Liquidity Plans Use of Estimates Fair Value of Financial Instruments Impairment of Long-lived Assets Net Income (Loss) Per Common Share Subsequent Events Schedule Merger Agreement Based On Common Stock Outstanding Schedule Estimate of the Fair Value of Assets Acquired and Liabilities Schedule of Liabilities Measured at Fair Value On a Recurring Basis Schedule of Fair Value Liability of Price Adjustable Warrants Determined by Level 3 Schedule of Fair Value of Derivative Liability Determined by Level 3 Schedule of Anti-dilutive Securities Schedule of Intangible Assets Schedule of Warrant Activity Schedule of Stock Option Activity Schedule of Summary of Additional Information On Stock Options Outstanding Common stock, issued Reserve stock split description Ownership percentage of issued and outstanding shares Warrants to purchase shares Maximum percentage of subsequent to the merger Purchase price of reserve merger consideration Estimated purchase allocation and goodwill valuation Estimated purchase allocation and goodwill valuation merger date Investment Other liabilities Convertible note Accrued interest payable Contributed capital Line of credit current borrowing capacity Line of credit maturity date Line of credit Line of credit, percentage Debt conversion description Unsecured line of credit Stock issued during period, value Accumulated deficit Negative working Cash balance Fair value of exercise price per share Stock price Fair value of volatility rate Fair value of contractual lives Fair value of risk free rates Warrant price per share Shares of Marina common stock outstanding as of November 15, 2016 Divided by the percentage of Marina ownership of combined company Adjusted total shares of common stock of combined company Multiplied by the assumed percentage of IThena ownership of combined company Shares of Marina common stock issued to IThena upon closing of transaction Cash Net current liabilities assumed (excluding cash) Identifiable intangible assets Debt Net assets acquired Goodwill Purchase price Fair value liability for price adjustable warrants Total liabilities at fair value Accounting Policies [Abstract] Balance Fair value of warrant issued Exercise of warrants Change in fair value included in consolidated statement of operations Balance Nature Of Operations Basis Of Presentation And Significant Accounting Policies - Schedule Of Fair Value Of Derivative Liability Determined By Level 3 Details Balance Derivative on new loans Reduction due to debt conversions Change in fair value included in condensed consolidated statement of operations Balance Anti-dilutive securities Purchase consideration Payment to acquire business Liabilities asssumed Number of restricted shares of common stock Fair value of the assets acquired Intangible asset Accumulated amortization of intangible assets Estimated Fair Value, Intangible assets Estimated Useful Life, Intangible assets Annual Amortization Expense, Intangible assets Ownership interest Proceeds from common or preferred stock, gross Service provider percentage Provider services description Personnel cost Billed expenses Warrants issued for remaining debt amount Debt instrument face amount Debt instrument interest rate Debt instrument maturity date Line of credit interest Number of common stock issued for merger Line of credit bears interest rate Notes payable to related parties Accrued interest expenses Debt principal and interest Debt periodic payment Payments on debt Notes payable Convertible note payable Interest rate percentage Debt conversion price per share Preferred stock designated, shares Sale of stock, shares Warrants to purchase, shares Common stock exercise price, per share Payments to warrant purchase price Issuance of common stock Conversion of stock, shares converted Warrant reduction per share Common stock, par value Common stock at a conversion price, per share Issuance of common stock, shares Common stock stated dividend rate Change in fair value liability for price adjustable warrants Debt beneficial conversion feature Debt instruments conversion into shares Debt instruments conversion into shares, value Number of common stock issued for service Fair value of price per share Sale of stock transaction Sale of stock transaction, value Notes receivable Number of amount surrendered Number of warrants surrendered Number of common stock surrendered Due to related parties Payment of cash Proceeds from issuance of warrant Warrants outstanding Weighted average exercise price Expiring in 2017 Expiring in 2018 Expiring in 2019 Expiring in 2020 Expiring in 2020 Expiring thereafter Total Options to purchase, shares Options to purchase exercise price, per share Stock option weighted average period term Stock option unrecognized compensation expense Stock option expenses Stock option outstanding, intrinsic value Option outstanding Stock option outstanding exercise price Weighted-average exercisable remaining contractual Options Outstanding Beginning, Shares Options Outstanding, granted Options Outstanding, expired Options Outstanding Ending, Shares Options Outstanding Exercisable, Shares Options Outstanding Weighted Average Exercise Price, Beginning Options Outstanding Weighted Average Exercise Price, granted Options Outstanding Weighted Average Exercise Price, expired Options Outstanding Weighted Average Exercise Price, Ending Options Outstanding Exercisable Weighted Average Exercise Price Range of Exercise Prices, Lower Range of Exercise Prices, Upper Number of Options Outstanding, Shares Options Outstanding Weighted-average Remaining Contractual Life (years) Options Outstanding Weighted Average Exercise Price Number of Option Exercisable, Shares Options Exercisable Weighted Average Exercise Price Options Exercisable Weighted-average Remaining Contractual Life (years) License fee License and success-based milestones Accounts receivable Number of shares issued for equity components Number of value issued for equity components Revenue recognition, milestone method, milestone Weighted average price per share Intellectual property collaboration description Debt principal amount Number of warrant to purchase of common stock Debt maturity description Proceeds from notes payable Purchase price Sale of stock price per share Purchase price, shares Commercial sales of licensed products Payment of sale of assets Proceeds from sale of assets Adjusted total shares of common stock of combined company. April 1 To June 30, 2015 [Member] Asset Purchase Agreement [Member] Autotelic [Member] Board of Directors [Member] Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, debt. Purchase price. CEO Services [Member] Chairman Of Board [Member] Represents class of warrant or right expiring in year one. Class Of Warrant Or Right Expiring In Year Five. Class Of Warrant Or Right Expiring In Year Four. Represents class of warrant or right expiring in year three. Represents class of warrant or right expiring in year two. Represents class of warrant or right expiring thereafter. Common shares issued for third party services. Common stock at a conversion price, per share. Common stock issued for accounts payable. Common stock stated dividend rate. Convertible note payable to related party. December 31, 2017 [Member] Director And Officers [Member] Estimated Purchase Allocation And GoodWill Valuation Merger Date. Estimated Purchase Allocation And Good Will Valuation. Exercise of warrants. Fair value liability for price adjustable warrants. Fair value liability for price adjustable warrants. Fair value of derivative warrant liability reclassified to additional paid-in capital. Holders Of Notes [Member] Intellectual Property And Collaborative Agreements [Text Block] Intellectual Property Collaboration Description. Investment Advisory [Member] Issuance of warrants for services. IthenaPharma Inc [Member] January 1 to March 31, 2015 [Member] July 1 to September 30, 2015 [Member] key Employees [Member] License Agreement [Member] Line Letter [Member] Lipo Medics [Member] Master Services Agreement [Member] Merger Agreement [Member] MiNA Therapeutics [Member] Negative Working Deficit. Note Purchase Agreement [Member] November 2016 [Member] Novosom Verwaltungs GmbH [Member] October 1 to December 31, 2015 [Member] Ownership percentage of issued and outstanding shares. Personnel cost. Personnel expenses. Personnel service percentage. Preferred Stock Designated, Shares. Proceed from convertible note, related party. Proceeds from common or preferred stock, gross. Promissory Note [Member] Provider services description. Purchase Agreement [Member] Purchase price of reserve merger consideration. RNA Therapeutics [Member] Range Five [Member] Range Four [Member] Range One [Member] Range Six [Member] Range Three [Member] Range Two [Member] Related Party [Member] Return of common stock for note receivable. Securities Purchase Agreement [Member] Series C Convertible Preferred Stock [Member] Series D Convertible Preferred Stock [Member] Common stock issued for accounts payable, shares. Return of common stock for note receivable, shares. Common stock issued for accounts payable. Return of common stock for note receivable. Stock Purchase Agreement [Member] Trieu [Member] Vuong Trieu [Member] Warrant reduction per share. Warrants Issued For Remaining Debt Amount. Warrants Outstanding. Stock option expenses. Number of amount surrendered. Number of warrants surrendered. Number of common stock surrendered. Conversion of warrants to common stock. Conversion of warrants to common stock, shares. Effects of rounding due to reverse split. Proceeds from conversion of warrants to common stock. Merger [Member] Prestalia [Member] Autotelic Inc [Member] Symplmed Pharmaceuticals LLC [Member] Erik Emerson [Member] 10 Investors [Member] Notes Payable [Member] Amendment Agreement [Member] Oncotelic, Inc. [Member] Commercial sales of licensed products. Payment of sale of assets. Third Party Purchaser[Member] Adjustment to goodwill. Derivative Liability [Member] Derivative on new loans. Reduction due to debt conversions. Going Concern and Management's Liquidity Plans [Policy Text Block] Schedule Merger Agreement Based On Common Stock Outstanding [Table Text Block] Schedule Estimate of the Fair Value of Assets Acquired and Liabilities [Table Text Block] Common Stock Offering [Member] Restricted Common Stock [Member] Assets, Current Assets, Noncurrent Assets Liabilities, Current Stockholders' Equity Attributable to Parent Liabilities and Equity Operating Expenses Operating Income (Loss) Interest Expense, Other Nonoperating Income (Expense) Shares, Outstanding Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Accounts Payable Increase (Decrease) in Accrued Liabilities Increase (Decrease) in Due to Related Parties Net Cash Provided by (Used in) Operating Activities Payments to Acquire Intangible Assets Net Cash Provided by (Used in) Investing Activities Net Cash Provided by (Used in) Financing Activities Cash, Period Increase (Decrease) CommonStockIssuedForAccountsPayable ReturnOfCommonStockForNoteReceivable Subsequent Events, Policy [Policy Text Block] Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest FairValueOfDerivativeWarrantLiabilityReclassifiedToAdditionalPaidInCapital Notes Payable, Related Parties Notes Payable [Default Label] ClassOfWarrantOrRightExpiringInYearFive Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price EX-101.PRE 9 mrna-20170630_pre.xml XBRL PRESENTATION FILE XML 10 R1.htm IDEA: XBRL DOCUMENT v3.7.0.1
Document and Entity Information - shares
6 Months Ended
Jun. 30, 2017
Aug. 11, 2017
Document And Entity Information    
Entity Registrant Name Marina Biotech, Inc.  
Entity Central Index Key 0000737207  
Document Type 10-Q  
Document Period End Date Jun. 30, 2017  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   9,837,930
Trading Symbol MRNA  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2017  
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets    
Cash $ 263,913 $ 105,347
Prepaid expenses and other assets 138,355 211,133
Total current assets 402,268 316,480
Intangible assets, net 2,727,273 2,311,877
Goodwill 3,502,829 3,558,076
Total Noncurrent assets 6,230,102 5,869,953
Total assets 6,632,370 6,186,433
Current liabilities    
Accounts payable 938,365 663,261
Accrued expenses 1,019,476 1,393,521
Due to related party 277,132 83,166
Notes payable 437,823 435,998
Notes payable to related parties 80,410
Convertible notes payable 401,283
Convertible notes payable to related parties 552,714 250,000
Fair value of liabilities for price adjustable warrants 255,510 141,723
Derivative liability 195,943
Total current liabilities 4,158,656 2,967,669
Commitments and contingencies (Note 8)
Stockholders' equity    
Common stock, $0.006 par value; 180,000,000 shares authorized, 9,837,859 and 8,977,138 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively 59,028 53,863
Additional paid-in capital 6,836,339 5,115,983
Deferred compensation (216,600)
Accumulated deficit (4,205,053) (1,951,082)
Total stockholders' equity 2,473,714 3,218,764
Total liabilities and stockholders' equity 6,632,370 6,186,433
Series C Convertible Preferred Stock [Member]    
Stockholders' equity    
Preferred stock, $0.01 par value; 100,000 shares authorized
Series D Convertible Preferred Stock [Member]    
Stockholders' equity    
Preferred stock, $0.01 par value; 100,000 shares authorized
XML 12 R3.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 100,000 100,000
Common stock, par value $ 0.006 $ 0.006
Common stock, shares authorized 180,000,000 180,000,000
Common stock, shares issued 9,837,859 8,977,138
Common stock, shares outstanding 9,837,859 8,977,138
Series C Convertible Preferred Stock [Member]    
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 1,200 1,200
Preferred stock, shares issued 1,020 1,020
Preferred stock, shares outstanding 1,020 1,020
Preferred stock, liquidation Preference value $ 5,100 $ 5,100
Series D Convertible Preferred Stock [Member]    
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 220 220
Preferred stock, shares issued 60 60
Preferred stock, shares outstanding 60 60
Preferred stock, liquidation Preference value $ 300 $ 300
XML 13 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenue        
License and other revenues
Operating expenses        
Personnel expenses 319,079 71,328 626,001 155,310
Research and development 141,686 52,249 215,117 57,227
Amortization 106,226 204,604
General and administrative 381,923 4,863 870,445 30,094
Total operating expenses 948,914 128,440 1,916,167 242,631
Loss from operations (948,914) (128,440) (1,916,167) (242,631)
Other income (expense)        
Interest expense (15,621) (27,274)
Change in fair value liability of warrants (10,715) (113,787)
Change in fair value of derivative liability (195,943) (195,943)
Total Other income (expense), net (222,279) (337,004)
Loss before provision for income taxes (1,171,193) (128,440) (2,253,171) (242,631)
Provision for income taxes 800 800 800
Net loss $ (1,171,193) $ (129,240) $ (2,253,971) $ (243,431)
Net loss per share – basic and diluted $ (0.12) $ (0.03) $ (0.24) $ (0.06)
Weighted average shares outstanding – basic and diluted 9,733,078 4,227,641 9,567,998 4,063,820
XML 14 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2017 - USD ($)
Common Stock [Member]
Additional Paid-In Capital [Member]
Deferred Compensation [Member]
Accumulated Deficit [Member]
Total
Balance at Dec. 31, 2016 $ 53,863 $ 5,115,983   $ (1,951,082) $ 3,218,764
Balance, shares at Dec. 31, 2016 8,977,138        
Sale of common stock to related party $ 517 249,483   250,000
Sale of common stock to related party, shares 86,207        
Common stock issued for services $ 180 53,820   54,000
Common stock issued for services, shares 30,000        
Common stock issued for accounts payable $ 3,734 972,980   976,714
Common stock issued for accounts payable, shares 622,296        
Return of common stock for note receivable $ (52) (31,352)   (31,404)
Return of common stock for note receivable, shares (8,725)        
Restricted stock issued to officer $ 420 245,580 $ (216,600) 29,400
Restricted stock issued to officer, shares 70,000        
Stock option compensation 59,568   59,568
Conversion of warrants to common stock $ 366 170,277   170,643
Conversion of warrants to common stock, shares 60,944        
Effects of rounding due to reverse split
Effects of rounding due to reverse split, shares (1)        
Net loss   (2,253,971) (2,253,971)
Balance at Jun. 30, 2017 $ 59,028 $ 6,836,339 $ (216,600) $ (4,205,053) $ 2,473,714
Balance, shares at Jun. 30, 2017 9,837,859        
XML 15 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash Flows Used in Operating Activities:    
Net loss $ (2,253,971) $ (243,431)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share based compensation 88,968
Common shares issued for third party services 54,000
Warrants issued for services 36,470
Amortization 204,604
Fair value liabilities for price adjustable warrants 113,787
Change in fair value of derivative liability 195,943
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 41,374 (479)
Accounts payable 330,351 25,531
Accrued expenses 298,491 (23,503)
Due to related party 193,966 (54,150)
Net Cash used in operating activities (732,487) (259,562)
Cash Flows Used in Investing Activities:    
Purchase of intangible asset (300,000)
Net cash used in investing activities (300,000)
Cash Flows from Financing Activities:    
Proceeds from sales of common stock to related party 250,000
Proceed from notes payable, related party 80,410  
Proceed from convertible notes 400,000
Proceed from convertible notes, related parties 290,000
Proceeds from conversion of warrants to common stock 170,643
Net cash provided by financing activities 1,191,053
Increase (decrease) in cash 158,566 (259,562)
Cash – Beginning of Period 105,347 261,848
Cash - End of Period 263,913 2,286
Supplementary Cash Flow Information:    
Income taxes paid 800
Non-cash Investing and Financing Activities:    
Issuance of warrants for services 36,470
Common stock issued for accounts payable 976,714
Return of common stock for note receivable 31,404
Adjustment to goodwill $ 55,247
XML 16 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
Nature of Operations, Basis of Presentation and Significant Accounting Policies
6 Months Ended
Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations, Basis of Presentation and Significant Accounting Policies

Note 1 – Nature of Operations, Basis of Presentation and Significant Accounting Policies

 

Reverse Stock Split

 

On August 1, 2017, we filed a Certificate of Amendment of our Amended and Restated Certificate of Incorporation to effect a one-for-ten reverse split of our issued and outstanding shares of common stock. Our common stock commenced trading on the OTCQB tier of the OTC Markets on a split-adjusted basis on Thursday, August 3, 2017. Unless indicated otherwise, all share and per share information included in these financial statements give effect to the reverse split.

 

Reverse Merger with IThenaPharma

 

On November 15, 2016, Marina Biotech, Inc. and subsidiaries (“we”, “us”) entered into, and consummated the transactions contemplated by, an Agreement and Plan of Merger between and among IThenaPharma Inc., a Delaware corporation (“IThena”), IThena Acquisition Corporation, a Delaware corporation and wholly-owned subsidiary of Marina (“Merger Sub”), and Vuong Trieu as the IThena representative (the “Merger Agreement”), pursuant to which IThena merged into Merger Sub (the “Merger”). Upon completion of the Merger and subject to the applicable provisions of the Merger Agreement, Merger Sub has ceased to exist and IThena continues as the surviving corporation of the Merger and as a wholly-owned subsidiary of Marina. As consideration for the Merger, Marina issued to the former shareholders of IThena 58,392,828 shares of the Company’s common stock (5,839,283 shares after adjustment for the Company’s 1 for 10 reverse stock split in August 2017), representing approximately 65% of the issued and outstanding shares of Marina’s common stock following the completion of the Merger. Outstanding warrants to purchase 30,000 shares of common stock of IThena were converted into warrants to purchase common stock of Marina. In addition, Marina appointed Vuong Trieu, the president of IThena, as the Chairman of the Board of Directors of Marina, effective November 15, 2016. Dr. Trieu, in his capacity as the IThena representative, later appointed Philippe P. Calais, Ph.D., as a member of the Board of Directors of Marina effective December 8, 2016, pursuant to the rights granted to the former shareholders of IThena in the Merger Agreement.

 

As the former shareholders of IThena control greater than 50% of the Company subsequent to the Merger, for accounting purposes, the Merger was treated as a “reverse acquisition” and IThena is considered the accounting acquirer. Accordingly, IThena’s historical results of operations replace Marina’s historical results of operations for all periods prior to the Merger, and for all periods following the Merger, the results of operations of both companies are included. IThena accounted for the acquisition of Marina under the purchase accounting method following completion.

 

The purchase price of approximately $3.7 million represents the consideration in the reverse merger transaction and is calculated based on the number of shares of common stock of the combined company that Marina stockholders owned as of the closing of the transaction and the fair value of assets and liabilities assumed by IThena.

 

The number of shares of common stock Marina issued to IThena stockholders is calculated pursuant to the terms of the Merger Agreement based on Marina common stock outstanding as of November 15, 2016, as follows (retroactively adjusted for the 1 for 10 reverse stock split in August 2017):

 

Shares of Marina common stock outstanding as of November 15, 2016     3,137,855  
Divided by the percentage of Marina ownership of combined company     35 %
Adjusted total shares of common stock of combined company     8,977,138  
Multiplied by the assumed percentage of IThena ownership of combined company     65 %
Shares of Marina common stock issued to IThena upon closing of transaction     5,839,283  

 

The application of the acquisition method of accounting is dependent upon certain valuations and other studies that have yet to be completed. The purchase price allocation will remain preliminary until IThena management determines the fair values of assets acquired and liabilities assumed. The final determination of the purchase price allocation is anticipated to be completed as soon as practicable after completion of the transaction and will be based on the fair values of the assets acquired and liabilities assumed as of the transaction closing date. The final amounts allocated to assets acquired and liabilities assumed could differ significantly from the amounts presented.

 

The purchase price as of June 30, 2017 has been allocated based on a preliminary estimate of the fair value of assets acquired and liabilities assumed:

 

Assets and Liabilities Acquired:      
Cash   $ 5,867  
Net current liabilities assumed (excluding cash)     (1,871,725 )
Identifiable intangible assets     2,361,066  
Debt     (326,037 )
Net assets acquired     169,171  
Goodwill     3,502,829  
Purchase price   $ 3,672,000  

 

The above estimated purchase allocation and goodwill valuation reflects changes in fair value determinations of $55,246 for the six months ended June 30, 2017 and approximately $1,238,000 since the Merger date.

 

In connection with the Merger, Marina entered into a License Agreement with Autotelic LLC, a stockholder of IThena and an entity in which Dr. Trieu serves as Chief Executive Officer, pursuant to which (A) Marina licensed to Autotelic LLC certain patent rights, data and technology relating to Familial Adenomatous Polyposis and nasal insulin, for human therapeutics other than for oncology-related therapies and indications, and (B) Autotelic LLC licensed to Marina certain patent rights, data and know-how relating to IT-102 and IT-103, in connection with individualized therapy of pain using a non-steroidal anti-inflammatory drug and an anti-hypertensive without inducing intolerable edema, and treatment of certain aspects of proliferative disease, but not including rights to IT-102/IT-103 for Therapeutic Drug Monitoring (“TDM”) guided dosing for all indications using an Autotelic Inc. TDM Device. We also granted a right of first refusal to Autotelic LLC with respect to any license by us of the rights licensed by or to us under the License Agreement in any cancer indication outside of gastrointestinal cancers.

 

On November 15, 2016, simultaneously with the Merger, Autotelic Inc., a related party, acquired a technology asset (IT-101) from IThena, and IThena’s investment of $479 in a foreign entity from the Company. In exchange for the asset, Autotelic Inc. agreed to cancel its stock purchase warrant agreements (see below), received all of IThena’s then cash balance as payment against the liabilities and agreed to assume the remaining debts and liabilities of IThena, including accounts payable of $71,560, accrued expenses of $11,470, due to related party of $5,375, other liabilities of $118,759, convertible note of $50,000, and accrued interest payable of $567. IThena recognized contributed capital of $257,252 in connection with this transaction.

 

In connection with the Merger, Marina entered into a Line Letter dated November 15, 2016 with Dr. Trieu, our Executive Chairman, for an unsecured line of credit to be used for current operating expenses in an amount not to exceed $540,000, of which all had been drawn at June 30, 2017 and $250,000 had been drawn at December 31, 2016. Dr. Trieu considered requests for advances under the Line Letter until April 30, 2017. Dr. Trieu has the right at any time for any reason in his sole and absolute discretion to terminate the line of credit available under the Line Letter or to reduce the maximum amount available thereunder without notice; provided, that Dr. Trieu agreed that he shall not demand the repayment of any advances that are made under the Line Letter prior to the earlier of: (i) May 15, 2017; and (ii) the date on which (x) we make a general assignment for the benefit of our creditors, (y) we apply for or consent to the appointment of a receiver, a custodian, a trustee or liquidator of all or a substantial part of our assets or (z) we cease operations. Dr. Trieu has advanced an aggregate of $540,000 under the Line Letter.  Advances made under the Line Letter bear interest at the rate of five percent (5%) per annum, are evidenced by the Demand Promissory Note issued by us to Dr. Trieu, and are due and payable upon demand by Dr. Trieu.

 

Dr. Trieu has the right, exercisable by delivery of written notice thereof (the “Election Notice”), to either: (i) receive repayment for the entire unpaid principal amount advanced under the Line Letter and the accrued and unpaid interest thereon on the date of the delivery of the Election Notice (the “Outstanding Balance”) or (ii) convert the Outstanding Balance into such number of shares of our common stock as is equal to the quotient obtained by dividing (x) the Outstanding Balance by (y) $1.00 (such price, the “Conversion Price”); provided, that in no event shall the Conversion Price be lower than the lower of (x) $2.80 per share or (y) the lowest exercise price of any securities that have been issued by us in a capital raising transaction (and that would otherwise reduce the exercise price of any other outstanding warrants issued by us) during the period between November 15, 2016 and the date of the delivery of the Election Notice. No capital raising transactions have occurred through the date of this filing with securities at a price lower than $2.80 per share. The embedded conversion feature in the Line Letter qualified it as a derivative instrument since the number of shares issuable under the Line Letter is indeterminate based on guidance under ASC 815, Derivatives and Hedging. The conversion feature of this line letter has been characterized as a derivative liability during the three months ended June 30, 2017, to be re-measured at the end of every reporting period with the change in value reported in the statement of operations. The Company recorded a derivative liability of $195,943 for the fair value of this conversion feature as of June 30, 2017.

 

On April 4, 2017, the Company entered into a Line Letter with Autotelic Inc., a stockholder of IThenaPharma that became the holder of 525,535 shares of Marina common stock as a result of the Merger, and an entity of which Dr. Trieu serves as Chairman of the Board, for an unsecured line of credit in an amount not to exceed $500,000, to be used for current operating expenses. Autotelic Inc. will consider requests for advances under the Line Letter until September 1, 2017. Autotelic Inc. shall have the right at any time for any reason in its sole and absolute discretion to terminate the line of credit available under the Line Letter or to reduce the maximum amount available thereunder without notice; provided, that Autotelic Inc. agreed that it shall not demand the repayment of any advances that are made under the Line Letter prior to the earlier of: (i) October 4, 2017; and (ii) the date on which (x) we make a general assignment for the benefit of our creditors, (y) we apply for or consents to the appointment of a receiver, a custodian, a trustee or liquidator of all or a substantial part of our assets or (z) we cease operations. Advances made under the Line Letter shall bear interest at the rate of five percent (5%) per annum, shall be evidenced by the Demand Promissory Note issued to Autotelic Inc., and shall be due and payable upon demand by Autotelic, Inc.

 

The balance under the line was $80,410 as of June 30, 2017 and is included in convertible notes to related parties on the accompanying balance sheet.

 

Further, we entered into a Master Services Agreement (“MSA”) with Autotelic Inc., a stockholder of IThena, pursuant to which Autotelic Inc. agreed to provide certain business functions and services from time to time during regular business hours at our request. See Note 3 for specific terms of the MSA.

 

On November 15, 2016, Marina agreed to issue to Novosom Verwaltungs GmbH (“Novosom”) .15 million shares of common stock upon the closing of the Merger in consideration of Novosom’s agreement that the consummation of the Merger would not constitute a “Liquidity Event” under that certain Asset Purchase Agreement dated as of July 27, 2010 between and among Marina, Novosom and Steffen Panzner, Ph.D., and thus that no additional consideration under such agreement would be due to Novosom as a result of the consummation of the Merger.

 

In July 2016, Marina pledged to issue common stock valued at approximately $15,000 to Novosom for the portion due under our July 2010 Asset Purchase Agreement with Novosom, related to Marina’s license agreement with an undisclosed licensee that grants such licensee rights to use Marina’s technology and intellectual property to develop and commercialize products combining certain molecules with Marina’s liposomal delivery technology known as NOV582. In November 2016, we issued 11,905 shares with a value of approximately $15,000 to Novosom as the equity component owed under our July 2016 license agreement. 

 

Common Stock Offering

 

On June 26, 2017, the Company filed a Form S-1 Registration Statement with the SEC, with amendments on July 27, 2017 and August 3, 2017, to allow the Company to offer directly to selected investors 2,058,823 units (adjusted to reflect the 1 for 10 reverse split of our common stock), with each unit consisting of (i) one share of our common stock, par value $0.006 per share and (ii) a warrant to purchase 0.5 shares of our common stock, at an assumed offering price of $3.40 per unit, which was the closing price of our common stock on July 20, 2017. The warrants will be immediately exercisable at an exercise price that is not less than the offering price per unit in this offering, and will expire on the fifth anniversary of the issuance date. This Registration Statement was not yet effective as of this filing date.

 

Business Operations

 

IThenaPharma, Inc.

 

IThena is a developer of personalized therapies for combined pain/hypertension through its proprietary Fixed Dose Combination (“FDC”) technology and point of care TDM. Through the combination of these technologies, IThenaPharma is looking to deliver therapies with improved compliance and personalized dosing. IThena’s lead products are the celecoxib FDCs which include IT-102 and IT-103, fixed dose combinations of celecoxib and lisinopril and celecoxib and olmesartan, respectively. IT-102 and IT-103 are being developed as celecoxib without the drug induced edema associated with celecoxib alone. IT-102 and IT-103 are being developed initially for combined arthritis / hypertension and subsequently for treatment of pain, or cancer, or other indications requiring high doses of celecoxib.

 

Marina Biotech, Inc

 

Marina Biotech is a fully integrated, commercial stage biopharmaceutical company delivering proprietary drug therapeutics for significant unmet medical needs in the U.S., Europe and additional international markets. Our portfolio of products currently focuses on fixed dose combinations (“FDC”) in hypertension, arthritis, pain and oncology allowing for innovative solutions to such unmet medical needs. Our approach is meant to reduce clinical risk and accelerate time to market by shortening the clinical development program through leveraging what is already known or can be learned in our proprietary Patient Level Database.

 

We currently have one commercial and three clinical development programs underway: (i) Prestalia®, a single-pill fixed dose combination of perindopril, an angiotensin-converting-enzyme (“ACE”) inhibitor and amlodipine, a calcium channel blocker, which has been approved by the U.S. Food and Drug Administration (“FDA”) and is actively marketed in the U.S.; (ii) our next generation celecoxib program drug candidates for the treatment of acute and chronic pain, IT-102 and IT-103, each of which is an FDC of celecoxib, a COX-2 selective nonsteroidal anti-inflammatory drug (“NSAID”) and either lisinopril (IT-102) or olmesartan (IT-103) – both Lisinopril and olmesartan are antihypertension drugs; (iii) CEQ508, an oral delivery of small interfering RNA (“siRNA”) against beta-catenin, combined with IT-102 to suppress polyps in the precancerous syndrome and orphan indication Familial Adenomatous Polyposis (“FAP”); and (iv) CEQ508 combined with IT-103 to treat Colorectal Cancer.

 

Summary of Significant Accounting Policies

 

Basis of Presentation

 

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) for complete financial statements. The accompanying unaudited financial information should be read in conjunction with the audited consolidated financial statements, including the notes thereto, as of and for the year ended December 31, 2016, included in our 2016 Annual Report on Form 10-K filed with the SEC. The information furnished in this report reflects all adjustments (consisting of normal recurring adjustments), which are, in the opinion of management, necessary for a fair presentation of our financial position, results of operations and cash flows for each period presented. The results of operations for the six months ended June 30, 2017 are not necessarily indicative of the results for the year ending December 31, 2017 or for any future period.

 

Principles of Consolidation

 

The consolidated financial statements include the accounts of IThenaPharma Inc. and Marina Biotech, Inc. and the wholly-owned subsidiaries, Cequent, MDRNA, and Atossa, and eliminate any inter-company balances and transactions.

 

Going Concern and Management’s Liquidity Plans

 

The accompanying condensed consolidated financial statements have been prepared on the basis that we will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business. At June 30, 2017, we had an accumulated deficit of $4,205,053 and a negative working capital of $3,756,388. We anticipate that we will continue to incur operating losses as we execute our plan to raise additional funds and investigate strategic and business development initiatives. In addition, we have had and will continue to have negative cash flows from operations. We have previously funded our losses primarily through the sale of common and preferred stock and warrants, the sale of notes, revenue provided from our license agreements and, to a lesser extent, equipment financing facilities and secured loans. In 2016 and 2015, we funded operations with a combination of the issuance of notes and preferred stock, and license-related revenues. At June 30, 2017, we had a cash balance of $263,913. Our operating activities consume the majority of our cash resources.

 

There is substantial doubt about our ability to continue as a going concern for one year from the issuance date of this Form 10-Q, which may affect our ability to obtain future financing or engage in strategic transactions, and may require us to curtail our operations. We cannot predict, with certainty, the outcome of our actions to generate liquidity, including the availability of additional debt financing, or whether such actions would generate the expected liquidity as currently planned.

 

Use of Estimates

 

The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Significant areas requiring the use of management estimates include valuation allowance for deferred income tax assets. Actual results could differ from such estimates under different assumptions or circumstances.

 

Fair Value of Financial Instruments

 

We consider the fair value of cash, accounts payable, due to related parties, notes payable, convertible notes payable and accrued liabilities not to be materially different from their carrying value. These financial instruments have short-term maturities. We follow authoritative guidance with respect to fair value reporting issued by the Financial Accounting Standards Board (“FASB”) for financial assets and liabilities, which defines fair value, provides guidance for measuring fair value and requires certain disclosures. The guidance does not apply to measurements related to share-based payments. The guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

 

Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
   
Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
   
Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.

 

Our cash is subject to fair value measurement and is determined by Level 1 inputs. We measure the liability for committed stock issuances with a fixed share number using Level 1 inputs. We measure the liability for price adjustable warrants and certain features embedded in notes, using the probability adjusted Black-Scholes option pricing model (“Black-Scholes”), which management has determined approximates values using more complex methods, using Level 3 inputs. The following tables summarize our liabilities measured at fair value on a recurring basis as of December 31, 2016 and June 30, 2017:

 

 

   

Balance at

December 31, 2016

    Level 1
Quoted
prices in
active markets for
identical assets
    Level 2
Significant
other
observable
inputs
    Level 3
Significant
unobservable inputs
 
Liabilities:                                
Fair value liability for price adjustable warrants   $ 141,723     $ -     $ -     $ 141,723  
Total liabilities at fair value   $ 141,723     $ -     $ -     $ 141,723  

 

    Balance at
June 30, 2017
    Level 1
Quoted
prices in
active markets for
identical assets
    Level 2
Significant
other
observable
inputs
   

Level 3
Significant
unobservable

inputs

 
Liabilities:                                
Fair value liability for price adjustable warrants   $ 255,510     $ -     $ -     $ 255,510  
Derivative liability     195,943       -       -       195,943  
Total liabilities at fair value   $ 451,453     $ -     $ -     $ 451,453  

 

The following presents activity of the fair value liability of price adjustable warrants determined by Level 3 inputs for the period ended June 30, 2017:

 

    Fair value
liability for
price adjustable
warrants
 
       
Balance at December 31, 2016   $ 141,723  
Fair value of warrants issued     -  
Exercise of warrants     -  
Change in fair value included in condensed consolidated statement of operations     113,787  
Balance at June 30, 2017   $ 255,510  

 

The fair value liability of price adjustable warrants for the six months ended June 30, 2017 was determined using the probability adjusted Black-Scholes option pricing model using exercise prices of $2.80 to $7.50, stock price of $2.80, volatility of 70% to 136%, contractual lives of 0.2 to 4.4 years, and risk-free rates of 0.62% to 1.93%.

 

The following presents activity of the derivative liability determined by Level 3 inputs for the period ended June 30, 2017:

 

   

Fair value
of derivtive

liability

 
       
Balance at December 31, 2016   $ -  
Derivative on new loans     -  
Reduction due to debt conversions     -  
Change in fair value included in condensed consolidated statement of operations     195,943  
Balance at June 30, 2017   $ 195,943  

 

The fair value liability of derivative liability for the six months ended June 30, 2017 was determined using the binomial pricing model using exercise prices of $2.80, stock price of $3.80, volatility of 44%, contractual life of 63 days, and a risk-free rate of 1.03%.

 

Impairment of Long-Lived Assets

 

We review all of our long-lived assets for impairment indicators throughout the year and perform detailed testing whenever impairment indicators are present. In addition, we perform detailed impairment testing for indefinite-lived intangible assets at least annually at December 31. When necessary, we record charges for impairments. Specifically:

 

For finite-lived intangible assets, such as developed technology rights, and for other long-lived assets, we compare the undiscounted amount of the projected cash flows associated with the asset, or asset group, to the carrying amount. If the carrying amount is found to be greater, we record an impairment loss for the excess of book value over fair value. In addition, in all cases of an impairment review, we re-evaluate the remaining useful lives of the assets and modify them, as appropriate; and
   
For indefinite-lived intangible assets, such as acquired in-process R&D assets, each year and whenever impairment indicators are present, we determine the fair value of the asset and record an impairment loss for the excess of book value over fair value, if any.

 

Management determined that no impairment indicators were present and that no impairment charges were necessary as of June 30, 2017 or December 31, 2016.

 

Net Income (Loss) per Common Share

 

Basic net income (loss) per common share (after giving effect of the one for ten reverse stock split) is computed by dividing the net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share includes the effect of common stock equivalents (stock options, unvested restricted stock, and warrants) when, under either the treasury or if-converted method, such inclusion in the computation would be dilutive. Net income (loss) is adjusted for the dilutive effect of the change in fair value liability for price adjustable warrants, if applicable. The following number of shares have been excluded from diluted net income (loss) since such inclusion would be anti-dilutive:

 

    Six Months Ended June 30,  
    2017     2016  
             
Stock options outstanding     233,400       -  
Warrants     2,492,945       13,917  
Convertible Notes Payable     312,050       -  
Restricted common stock     70,000          
Total     3,108,395       13,917  

 

Subsequent Events

 

Except for the event(s) discussed in Note 9, there were no subsequent events that required recognition or disclosure. The Company evaluated subsequent events through the date the financial statements were issued and filed with the Securities and Exchange Commission. 

XML 17 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
Intangible Assets
6 Months Ended
Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

Note 2 – Intangible Assets

 

As part of the Merger, the Company allocated $3,502,829 to goodwill. Additionally, a substantial portion of the assets acquired were allocated to identifiable intangible assets. The fair value of the identifiable intangible asset is determined primarily using the “income approach,” which requires a forecast of all the expected future cash flows.

 

Acquisition of Assets from Symplmed

 

On June 5, 2017, we entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Symplmed Pharmaceuticals LLC (“Symplmed”) pursuant to which we purchased from Symplmed, for aggregate consideration of approximately $620,000   (consisting of $300,000 in cash plus the assumption of certain liabilities of Symplmed in the amount of approximately $320,000), Symplmed’s assets relating to a single-pill fixed-dose combination of perindopril arginine and amlodipine besylate known as Prestalia, that has been approved by the FDA for the treatment of hypertension. In addition, as part of the transactions contemplated by the Purchase Agreement: (i) Symplmed agreed to transfer to us, not later than 150 days following the closing date, the New Drug Applications for the approval of Prestalia as a new drug by the FDA; and (ii) Symplmed assigned to us all of its rights and obligations under that certain Amended and Restated License and Commercialization Agreement by and between Symplmed and Les Laboratoires Servier (“Servier”) dated January 11, 2012, pursuant to which Symplmed has an exclusive license from Servier to manufacture, have manufactured, develop, promote, market, distribute and sell Prestalia in the U.S. (and its territories and possessions) in consideration of regulatory and sales-based milestone payments and royalty payments based on net sales.

 

Further, we entered into an offer letter with Erik Emerson, the President and Chief Executive Officer of Symplmed, pursuant to which we hired Mr. Emerson to serve as our Chief Commercial Officer, which appointment became effective on June 22, 2017. We also agreed in such offer letter to issue to Mr. Emerson 60,000 restricted shares of our common stock under our 2014 Long-Term Incentive Plan, with all of such shares to vest on the six (6) month anniversary of the date of grant.

 

In furtherance of the acquisition and commercialization of Prestalia, on July 21, 2017 we acquired from Symplmed and its wholly-owned subsidiary, Symplmed Technologies, LLC, certain of the intellectual property assets related to the patented technology platform known as DyrctAxess that offers enhanced efficiency, control and information to empower patients, physicians and manufacturers to help achieve optimal care.

 

The purchase price of $620,000 has been allocated based on a preliminary estimate of the fair value of the assets acquired and is included in intangible assets as of June 30, 2017.

 

The following table summarizes the estimated fair value of the identifiable intangible asset acquired, their useful life, and method of amortization:

 

    Estimated
Fair Value
    Estimated
Useful Life
(Years)
    Annual
Amortization
Expense
 
Intangible asset from Merger   $ 2,361,066       6     $ 393,511  
Intangible asset - Prestalia     620,000       6       103,333  
Total   $ 2,981,066             $ 496,844  

 

The net intangible asset was $2,727,273, net of accumulated amortization of $253,793, as of June 30, 2017. Amortization expense was $204,604 and $0 for the six months ended June 30, 2017 and 2016, respectively.

XML 18 R9.htm IDEA: XBRL DOCUMENT v3.7.0.1
Related Party Transactions
6 Months Ended
Jun. 30, 2017
Related Party Transactions [Abstract]  
Related Party Transactions

Note 3 - Related Party Transactions

 

Due to Related Party

 

The Company and other related entities have a commonality of ownership and/or management control, and as a result, the reported operating results and /or financial position of the Company could significantly differ from what would have been obtained if such entities were autonomous.

 

The Company has a Master Services Agreement (“MSA”) with a related party, Autotelic Inc., effective January 1, 2015.Autotelic Inc. owns less than 10% of the Company. The MSA states that Autotelic Inc. will provide business functions and services to the Company and allows Autotelic Inc. to charge the Company for these expenses paid on its behalf. The MSA includes personnel costs allocated based on amount of time incurred and other services such as consultant fees, clinical studies, conferences and other operating expenses incurred on behalf of the Company. The MSA between Marina and Autotelic Inc. was effective on the reverse merger date of November 15, 2016.

 

During the period commencing January 1, 2015 (the “Effective Date”) and ending on the date that the Company has completed an equity offering of either common or preferred stock in which the gross proceeds therefrom is no less than $10,000,000 (the “Equity Financing Date”), the Company shall pay Autotelic the following compensation: cash in an amount equal to the actual labor cost (paid on a monthly basis), plus warrants for shares of the Company’s common stock with a strike price equal to the fair market value of the Company’s common stock at the time said warrants are issued. The Company shall also pay Autotelic for the services provided by third party contractors plus 20% mark up. The warrant price per share is calculated based on the Black-Scholes model.

 

After the Equity Financing Date, the Company shall pay Autotelic Inc. a cash amount equal to the actual labor cost plus 100% mark up of provided services and 20% mark up of provided services by third party contractors or material used in connection with the performance of the contracts, including but not limited to clinical trial, non-clinical trial, Contract Manufacturing Organizations (“CMO”), FDA regulatory process, Contract Research Organizations (“CRO”) and Chemistry and Manufacturing Controls (“CMC”).

  

In accordance with the MSA, Autotelic Inc. billed the Company for personnel and service expenses Autotelic Inc. incurred on behalf of the Company. Personnel cost charged by Autotelic Inc. were $243,944 and $77,655 for the six months ended on June 30, 2017 and 2016, respectively. For the six months ended June 30, 2017 and 2016, Autotelic Inc. billed a total of $317,044 and $162,765, including personnel costs (above), respectively. The unpaid balance of $277,132 is recorded as due to related party in the accompanying balance as of June 30, 2017. The Company agreed to issue warrants at a future date for the remaining balance due of $291,735, which is included in accrued expenses as of June 30, 2017.

 

Convertible Notes Payable

 

In July 2016, IThena issued convertible promissory notes with an aggregate principal balance of $50,000 to related-party investors. Borrowings under each of these convertible notes bore interest at 3% per annum and these notes mature on June 30, 2018. Upon the completion of certain funding events, IThena had the right to convert the outstanding principal amount of these notes into shares of the IThena’s common stock. The notes were assumed by Autotelic Inc. on November 15, 2016 as part of its acquisition of the technology asset (IT-101).

 

Convertible Notes Payable, Dr. Trieu

 

In connection with the Merger, Marina entered into the Line Letter dated November 15, 2016 with Dr. Trieu, our Executive Chairman, for an unsecured line of credit in an amount not to exceed $540,000, to be used for current operating expenses, as described in Note 1 above. Dr. Trieu has advanced the full $540,000 under the Line Letter as of June 30, 2017. Accrued interest on the Line Letter was $12,714 as of June 30, 2017 and is included in convertible notes payable to related parties on the accompanying balance sheets.

 

Line Letter with Autotelic Inc.

 

On April 4, 2017, the Company entered into a Line Letter with Autotelic Inc., a stockholder of IThenaPharma that became the holder of 5,255,354 shares of Marina common stock as a result of the Merger, and an entity of which Dr. Trieu serves as Chairman of the Board, for an unsecured line of credit in an amount not to exceed $500,000, to be used for current operating expenses. Autotelic Inc. will consider requests for advances under the Line Letter until September 1, 2017. Autotelic Inc. shall have the right at any time for any reason in its sole and absolute discretion to terminate the line of credit available under the Line Letter or to reduce the maximum amount available thereunder without notice; provided, that Autotelic Inc. agreed that it shall not demand the repayment of any advances that are made under the Line Letter prior to the earlier of: (i) October 4, 2017; and (ii) the date on which (x) we make a general assignment for the benefit of our creditors, (y) we apply for or consents to the appointment of a receiver, a custodian, a trustee or liquidator of all or a substantial part of our assets or (z) we cease operations. Advances made under the Line Letter shall bear interest at the rate of five percent (5%) per annum, shall be evidenced by the Demand Promissory Note issued to Autotelic Inc., and shall be due and payable upon demand by Autotelic, Inc.

 

The balance under the line was $80,410 as of June 30, 2017 and is included in notes to related parties on the accompanying balance sheet.

XML 19 R10.htm IDEA: XBRL DOCUMENT v3.7.0.1
Notes Payable
6 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
Notes Payable

Note 4 – Notes Payable

 

Note Purchase Agreement and Amendment

 

On June 20, 2016, Marina entered into a Note Purchase Agreement (the “Purchase Agreement”) with certain investors (the “Purchasers”), pursuant to which Marina issued to the Purchasers unsecured promissory notes in the aggregate principal amount of $300,000 (the “Notes”). Interest shall accrue on the unpaid principal balance of the Notes at the rate of 12% per annum beginning on September 20, 2016. The Notes were due and payable on June 20, 2017, provided, that, upon the closing of a financing transaction that occurs while the Notes are outstanding, each Purchaser shall have the right to either: (i) accelerate the maturity date of the Note held by such Purchaser or (ii) convert the entire outstanding principal balance under the Note held by such Purchaser and accrued interest thereon into Marina’s securities that are issued and sold at the closing of such financing transaction.

 

As of June 30, 2017, the accrued interest expense on the Notes amounted to $28,300, with a total balance of principal and interest of $328,300.

 

Subsequent to June 30, 2017, this Purchase Agreement was amended (see Note 9 – Subsequent Events).

 

Note Payable – Service Provider

 

On December 28, 2016, we entered into an Agreement and Promissory Note with a law firm for past services performed totaling $121,523. The note calls for monthly payments of $6,000 per month, beginning with an initial payment on March 31, 2017. The note is unsecured and non-interest bearing. The note will be considered paid in full if the Company pays $100,000 by December 31, 2017. The balance due on the note was $109,523 as of June 30, 2017.

 

Bridge Note Financing

 

On June 1, 2017, we issued convertible promissory notes (the “Notes”) in the aggregate principal amount of $400,000 to 10 investors pursuant to a Note Purchase Agreement (the “Note Purchase Agreement”) that we entered into with such investors. The Notes bear interest at a rate of five percent (5%) per annum and are due and payable at any time on or after the earlier of (i) June 1, 2018 and (ii) the occurrence of an event of default (as defined in the Note Purchase Agreement).

 

Upon written notice delivered to us by the holders of a majority in interest of the aggregate principal amount of Notes that are outstanding at the time of such calculation (the “Majority Holders”) not more than five (5) days following the maturity date of the Notes, the Majority Holders shall have the right, but not the obligation, on behalf of themselves and all other holders of Notes, upon written notice delivered to us, to elect to convert the entire unpaid principal amount of all, but not less than all, of the Notes and the accrued and unpaid interest thereon into such number of shares of our common stock as is equal to, with respect to each Note: (x) the entire unpaid principal amount of such Note and the accrued and unpaid interest thereon on the date of the delivery of such notice by (y) $3.50.

 

As of June 30, 2017, the accrued interest expense on the Notes amounted to $1,283, with a total balance of principal and interest of $401,283.

XML 20 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stockholders' Equity
6 Months Ended
Jun. 30, 2017
Equity [Abstract]  
Stockholders' Equity

Note 5 – Stockholders’ Equity

 

Preferred Stock

 

Marina designated 1,000 shares as Series B Preferred Stock (“Series B Preferred”) and 90,000 shares as Series A Junior Participating Preferred Stock (“Series A Preferred”). No shares of Series B Preferred or Series A Preferred are outstanding. In March 2014, Marina designated 1,200 shares as Series C Convertible Preferred Stock (“Series C Preferred”). In August 2015, Marina designated 220 shares as Series D Convertible Preferred Stock (“Series D Preferred”).

 

In August 2015, Marina entered into a Securities Purchase Agreement with certain investors pursuant to which Marina sold 220 shares of Series D Preferred, and warrants to purchase up to .344 million shares of Marina’s common stock at an initial exercise price of $4.00 per share before August 2021, for an aggregate purchase price of $1.1 million. Marina incurred $0.01 million of stock issuance costs in conjunction with the Series D Preferred, which were netted against the proceeds. The warrants issued in connection with Series D Preferred contain an exercise price protection provision whereby the exercise price per share to purchase common stock covered by these warrants is subject to reduction in the event of certain dilutive stock issuances at any time within two years of the issuance date, but not to be reduced below $2.80 per share. Any such adjustment will not result in the issuance of any additional shares of Marina’s common stock. Each share of Series D Preferred has a stated value of $5,000 per share and is convertible into shares of common stock at a conversion price of $4.00 per share. The Series D Preferred is initially convertible into an aggregate of 275,000 shares of Marina’s common stock, subject to certain limitations and adjustments, has a 5% stated dividend rate, is not redeemable and has voting rights on an as-converted basis.

 

To account for the issuance of the Series D Preferred and warrants, Marina first assessed the terms of the warrants and determined that, due to the exercise price protection provision, they should be recorded as derivative liabilities. Marina determined the fair value of the warrants on the issuance date and recorded a liability and a discount of $0.6 million on the Series D Preferred resulting from the allocation of proceeds to the warrants. Marina then determined the effective conversion price of the Series D Preferred which resulted in a beneficial conversion feature of $0.7 million. The beneficial conversion feature was recorded as both a debit and a credit to additional paid-in capital and as a deemed dividend on the Series D Preferred in determining net income applicable to common stock holders in the consolidated statements of operations.

 

Each share of Series C Preferred has a stated value of $5,000 per share and is convertible into shares of common stock at a conversion price of $7.50 per share. In June 2015, an investor converted 90 shares of Series C Preferred into 60,000 shares of common stock with a value of $5.40 per share. In November 2015, an investor converted an additional 90 shares of Series C Preferred into 60,000 shares of common stock with a value of $3.10 per share. Also in November 2015, an investor converted 50 shares of Series D Preferred into 62,500 shares of common stock with a value of $2.80 per share.

 

In February 2016, an investor converted 110 shares of Series D Preferred into 137,500 shares of common stock with a value of $1.50 per share.

 

Common Stock

 

Holders of our common stock are entitled to one vote for each share held of record on all matters submitted to a vote of the holders of our common stock. Subject to the rights of the holders of any class of our capital stock having any preference or priority over our common stock, the holders of our common stock are entitled to receive dividends that are declared by our board of directors out of legally available funds. In the event of our liquidation, dissolution or winding-up, the holders of common stock are entitled to share ratably in our net assets remaining after payment of liabilities, subject to prior rights of preferred stock, if any, then outstanding. Our common stock has no preemptive rights, conversion rights, redemption rights or sinking fund provisions, and there are no dividends in arrears or default. All shares of our common stock have equal distribution, liquidation and voting rights, and have no preferences or exchange rights. Our common stock currently trades on the OTCQB tier of the OTC Markets.

 

Reverse Stock Split

 

On August 1, 2017, we filed a Certificate of Amendment of our Amended and Restated Certificate of Incorporation to effect a one-for-ten reverse split of our issued and outstanding shares of common stock. Our common stock commenced trading on the OTCQB tier of the OTC Markets on a split-adjusted basis on Thursday, August 3, 2017. There will be no change to the authorized shares of our common stock as a result of the reverse split. No fractional shares shall be issued in connection with the reverse split; any fraction of a share of common stock that would otherwise have resulted from the reverse split shall be rounded up to the nearest whole share of common stock. Unless indicated otherwise, all share and per share information included in these financial statements give effect to the reverse split.

 

Stock Issuances

 

In February 2017, we entered into two privately negotiated transactions pursuant to which we issued an aggregate of 615,368 shares of our common stock for an effective price per share of $2.90 to settle aggregate liability of approximately $948,000, which is reflected in accrued expenses as of December 31, 2016.

 

In February 2017, we issued 30,000 shares of our common stock with a fair value of $1.80 per share to a consultant providing investment advisory services.

 

In February 2017, we issued 10,000 restricted shares of our common stock with a fair value of $1.40 per share to our CEO for services.

 

On February 6, 2017, we entered into a Stock Purchase Agreement with LipoMedics, a related party, pursuant to which we issued to LipoMedics an aggregate of 86,207 shares of our common stock for a total purchase price of $250,000.

 

On March 31, 2017, we entered into a Settlement Agreement, whereby a note receivable for $45,000 was settled with a cash payment by the note holder to the Company of $14,049, the surrender of 6,000 warrants, and the surrender of 8,725 shares of common stock held by the noteholder, which were cancelled effective March 31, 2017.

 

On April 13, 2017, the Company entered into a Compromise and Release Agreement to settle $36,047 due to a service provider for $15,957 in cash and $20,090 of the Company’s common stock at $2.90 per share (for a total issuance of 6,928 shares). The Company issued 6,928 shares to the service provider in May 2017.

 

On May 21, 2017, the holders of warrants to purchase 60,944 shares of our common stock at an exercise price of $2.80 per share exercised such warrants, yielding aggregate gross proceeds to us of $170,643.

 

We entered into an offer letter with Erik Emerson, the President and Chief Executive Officer of Symplmed, pursuant to which we hired Mr. Emerson to serve as our Chief Commercial Officer, which appointment became effective on June 22, 2017. We also agreed in such offer letter to issue to Mr. Emerson 60,000 restricted shares of our common stock under our 2014 Long-Term Incentive Plan, with all of such shares to vest on the six (6) month anniversary of the date of grant. These shares were issued in June 2017.

 

Warrants

 

As of June 30, 2017, there were 2,492,945 warrants outstanding, with a weighted average exercise price of $4.40 per share, and annual expirations as follows:

 

Expiring in 2017   -  
Expiring in 2018     11,383  
Expiring in 2019     600,000  
Expiring in 2020     1,189,079  
Expiring in 2021     343,750  
Expiring thereafter     348,733  
      2,492,945  

 

On May 21, 2017, the holders of warrants to purchase 60,944 shares of our common stock at an exercise price of $2.80 per share exercised such warrants, yielding aggregate gross proceeds to us of $170,643.

 

A total of 149,111 warrants expired in May 2017.

XML 21 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Incentive Plans
6 Months Ended
Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Incentive Plans

Note 6 — Stock Incentive Plans

 

Stock Options

 

Stock option activity was as follows:

 

    Options Outstanding  
    Shares     Weighted
Average
Exercise Price
 
Outstanding, December 31, 2016     168,811     $ 36.80  
Options granted     64,600       1.70  
Options expired     (11 )     5,264.00  
Outstanding, June 30, 2017     233,400       26.90  
Exercisable, June 30, 2017     193,100     $ 32.10  

  

The following table summarizes additional information on Marina’s stock options outstanding at June 30, 2017:

 

      Options Outstanding     Options Exercisable  

Range of

Exercise
Prices

    Number
Outstanding
    Weighted-
Average
Remaining
Contractual
Life (Years)
    Weighted
Average
Exercise
Price
    Number
Exercisable
    Weighted
Average
Exercise Price
 
$ 0.10       14,000       4.38     $ 1.00       14,000     $ 1.00  
$ 0.17 - .018       64,600       4.55       1.70       24,300       1.70  
$ 0.26 - 0.82       48,400       2.99       4.60       48,400       4.60  
$ 1.07 - $2.20       102,150       5.99       10.70       102,150       10.70  
$ 47.60 - $87.60       2,100       .95       676.00       2,100       676.00  
$ 127.60 - $207.60       2,150       .95       1,583.00       2,150       1,583.00  
  Totals       233,400       4.78     $ 26.90       193,100     $ 3.21  

 

Weighted-Average Exercisable Remaining Contractual Life (Years) 4.83

 

In January 2017, the Company granted a total of 48,600 stock options to directors and officers for services. One-half of the options vest immediately and one-half of the options vest on the one year anniversary of the grant date. The options have an exercise price of $1.70 and a five-year term.

 

In February 2017, the Company granted a total of 16,000 stock options to key employees for services. The options vest on the one-year anniversary of the grant date, have an exercise price of $1.80, and have a five-year term.

 

At June 30, 2017, we had $36,573 of total unrecognized compensation expense related to unvested stock options. Total expense related to stock options was $59,568 for the six months ended June 30, 2017.

 

At June 30, 2017, the intrinsic value of options outstanding or exercisable was $201,100 as there were 101,800 options outstanding with an exercise price less than $2.80, the per share closing market price of our common stock at that date.

XML 22 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
Intellectual Property and Collaborative Agreements
6 Months Ended
Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Intellectual Property and Collaborative Agreements

Note 7 — Intellectual Property and Collaborative Agreements

 

Novosom Agreements

 

In July 2010, Marina entered into an agreement pursuant to which Marina acquired intellectual property for Novosom’s SMARTICLES-based liposomal delivery system. In February 2016, Marina issued Novosom .021 million shares of common stock valued at $0.06 million as additional consideration under such agreement.

 

In March 2016, Marina entered into a license agreement covering certain of Marina’s platforms for the delivery of an undisclosed genome editing technology. Under the terms of the agreement, Marina received an upfront license fee of $0.25 million and could receive up to $40 million in success-based milestones. In April 2016, Marina issued Novosom 0.047 million shares of common stock valued at $0.075 million for amounts due under this agreement.

 

In July 2016, Marina entered into a license agreement with an undisclosed licensee that grants such licensee rights to use Marina’s technology and intellectual property to develop and commercialize products combining certain molecules with Marina’s liposomal delivery technology known as NOV582. Under the terms of this agreement, the licensee agreed to pay to us an upfront license fee in the amount of $0.35 million (to be paid in installments through the end of 2017), along with milestone payments on a per-licensed-product basis and royalty payments in the low single digit percentages. As of September 30, 2016, Marina had received $0.05 million per the terms of this license agreement. In November 2016, we issued 0.012 million shares with a value of $0.015 million to Novosom as the equity component owed under Marina’s July 2016 license agreement.

 

Arrangements with LipoMedics

 

On February 6, 2017, we entered into a License Agreement (the “License Agreement”) with LipoMedics, Inc., a related party (“LipoMedics”), pursuant to which, among other things, we provided to LipoMedics a license to our SMARTICLES platform for further development of Lipomedics’s proprietary phospholipid nanoparticles that can deliver protein, small molecule drugs, and peptides. These are not currently being developed at Marina Biotech and Marina Biotech has no IP around these products. On the same date, we also entered into a Stock Purchase Agreement with LipoMedics pursuant to which we issued to LipoMedics an aggregate of 86,207 shares of our common stock for a total purchase price of $250,000.

 

Under the terms of the License Agreement, we could receive up to $90 million in success-based milestones based on commercial sales of licensed products. In addition, if LipoMedics determines to pursue further development and commercialization of products under the License Agreement, LipoMedics agreed, in connection therewith, to purchase shares of our common stock for an aggregate purchase price of $500,000, with the purchase price for each share of common stock being the greater of $2.90 or the volume weighted average price of our common stock for the thirty (30) trading days immediately preceding the date on which LipoMedics notifies us that it intends to pursue further development or commercialization of a licensed product.

 

If LipoMedics breaches the License Agreement, we shall have the right to terminate the License Agreement effective sixty (60) days following delivery of written notice to LipoMedics specifying the breach, if LipoMedics fails to cure such material breach within such sixty (60) day period. LipoMedics may terminate the License Agreement by giving thirty (30) days’ prior written notice to us.

 

Vuong Trieu, Ph.D., our Executive Chairman, is the Chairman of the Board and Chief Operating Officer of LipoMedics.

 

In consideration Lipomedics agreed to the following fee schedule: 1) Evaluations License Fee. Simultaneous with the execution and delivery of the License Agreement, Lipomedics shall enter into a Stock Purchase Agreement in form and substance reasonably acceptable to Marina and Lipomedics, pursuant to which Marina will sell to Lipomedics shares of the common stock of Marina for an aggregate purchase price of $250,000, with the purchase price for each share of Marina common stock being $2.90. 2) Commercial License Fee. Unless the License Agreement is earlier terminated, within thirty (30) days following Lipomedics’s delivery of an Evaluation Notice advising that it intends to pursue, or cause to be pursued, further development and commercialization of Licensed Products. 3) For up to and including three Licensed Products, Lipomedics shall pay to Marina a milestone (collectively the “Sales Milestones”) of Ten Million Dollars ($10,000,000) upon reaching Commercial Sales in the Territory in any given twelve month period equal to or greater than Five Hundred Million Dollars ($500,000,000) for a given Licensed Product and of Twenty Million Dollars ($20,000,000) upon reaching Commercial Sales in any given twelve month period equal to or greater than One Billion Dollars ($1,000,000,000) for such Licensed Product, such payments to be made within thirty (30) days following the month in which such Commercial Sale targets are met.

XML 23 R14.htm IDEA: XBRL DOCUMENT v3.7.0.1
Commitments and Contingencies
6 Months Ended
Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 8 – Commitments and Contingencies

 

Litigation

 

Because of the nature of the Company’s activities, the Company is subject to claims and/or threatened legal actions, which arise out of the normal course of business. Management is currently not aware of any pending lawsuits.

XML 24 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
Subsequent Events
6 Months Ended
Jun. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events

Note 9 - Subsequent Events

 

Amendment of Notes and Warrants

 

On July 3, 2017, we entered into an amendment agreement (the “Amendment Agreement”) with respect to those certain promissory notes in the aggregate principal amount of $300,000 (each a “Note” and collectively the “Notes”) that we issued to two accredited investors (the “Purchasers”) pursuant to that certain Note Purchase Agreement dated June 20, 2016 by and among us and the Purchasers (the “Purchase Agreement”), and those certain warrants to purchase up to an aggregate of 951,263 shares of our common stock that were originally issued pursuant to that certain Note and Warrant Purchase Agreement dated as of February 10, 2012 by and among Marina, MDRNA Research, Inc., Cequent Pharmaceuticals, Inc. and the purchasers identified on the signature pages thereto (as amended from time to time), that are currently held by the Purchasers, and that were amended concurrently with the Purchase Agreement to, among other things, extend the price protection with respect to dilutive offerings afforded thereunder to June 19, 2017 (such warrants, as so amended, the “Amended Prior Warrants”).

 

Pursuant to the Amendment Agreement, among other things:

 

  (i) the maturity date of the Notes was extended from June 20, 2017 to December 31, 2017;
     
  (ii) the Purchasers agreed, upon the closing of any financing transaction yielding aggregate gross proceeds to us of not less than $3 million that occurs while the Notes are outstanding (including the financing transaction contemplated by the registration statement of which this prospectus forms a part (any such financing transaction, the “Qualifying Financing Transaction”)), to convert the outstanding principal balance and any accrued interest thereon into the securities of our company to be issued and sold at the closing of the Qualifying Financing Transaction at the most favorable price and terms at which our securities are sold to investors in the Qualifying Financing Transaction;
     
  (iii) the parties agreed to extend the price protection with respect to the Amended Prior Warrants resulting from dilutive issuances until the expiration of the term of the Amended Prior Warrants (currently February 10, 2020); provided, that such protection shall not apply to the Qualifying Financing Transaction;
     
  (iv) we agreed to issue to the Purchasers, on a pro rata basis, such number of our securities as are being issued to investors in the Qualifying Financing Transaction as have an aggregate purchase price equal to $375,000 (such securities, the “Consideration Securities”);
     
  (v) the Purchasers agreed to waive any claim that the exercise price of the Amended Prior Warrants should be reduced to an amount less than $2.80 as a result of any issuance of securities that occurred while the Amended Prior Warrants were outstanding and prior to the date of the Amendment Agreement;
     
  (vi) the Purchasers agreed that they shall not, for a period of 90 days after the closing of the Qualifying Financing Transaction, sell any Consideration Securities (or any securities issuable upon exercise or conversion of the Consideration Securities) without the prior written consent of the placement agent with respect to such financing transaction;
     
  (vii) the Purchasers agreed to certain trading limitations with respect to Consideration Securities (or shares of common stock issuable upon exercise or conversion of the Consideration Securities) beginning ninety (90) days following the closing of the Qualifying Financing Transaction. and
     
  (viii) each Purchaser agreed that, prior to one year before the termination date of the Prior Amended Warrants, such Purchaser shall not exercise any of the Prior Amended Warrants at such time as such Purchaser holds any Consideration Securities (or any securities issued upon the exercise or conversion of any Consideration Securities).

  

Arrangements with Oncotelic Inc.

 

On July 17, 2017, we entered into a License Agreement (the “License Agreement”) with Oncotelic, Inc. (“Oncotelic”) pursuant to which, among other things, we provided to Oncotelic a license to our SMARTICLES platform for the delivery of antisense DNA therapeutics, as well as a license to our conformationally restricted nucleotide (“CRN”) technology with respect to TGF-Beta. Under the terms of the License Agreement, Oncotelic also agreed to purchase 49,019 shares of our common stock for an aggregate purchase price of $250,000 ($5.10 per share), with such purchase and sale to be made pursuant to a Stock Purchase Agreement to be entered into between us and Oncotelic within thirty (30) days following the date of the License Agreement.

 

Under the terms of the License Agreement, we could receive up to $90 million in success-based milestones based on commercial sales of licensed products. In addition, if Oncotelic determines to pursue further development and commercialization of products under the License Agreement, Oncotelic agreed, in connection therewith, to purchase shares of our common stock for an aggregate purchase price of $500,000, with the purchase price for each share of common stock being the greater of $5.10 or the volume weighted average price of our common stock for the thirty (30) trading days immediately preceding the date on which Oncotelic notifies us that it intends to pursue further development or commercialization of a licensed product.

 

If Oncotelic breaches the License Agreement, we shall have the right to terminate the License Agreement effective sixty (60) days following delivery of written notice to Oncotelic specifying the breach, if Oncotelic fails to cure such material breach within such sixty (60) day period. Oncotelic may terminate the License Agreement by giving thirty (30) days’ prior written notice to us.

 

Dr. Trieu, our Executive Chairman, is the principal stockholder and Chief Executive Officer of Oncotelic.

 

Sale of DiLA 2 Assets

 

On July 21, 2017, we entered into a binding term sheet with a third party purchaser (“Purchaser”) pursuant to which Purchaser will purchase from us the patents, know-how, agreements, records and certain other assets relating to our DiLA 2 delivery system. The consideration to be paid by Purchaser to us as a result of this transaction shall consist of: (i) an initial payment of $300,000 to be paid upon the closing of the asset sale; and (ii) an additional $1.2 million to be paid upon the first to occur of (x) a financing in which third party investors purchase equity and/or debt securities of Purchaser resulting in aggregate proceeds to Purchaser of not less than $15 million and (y) the twelve month anniversary of the closing.

 

The closing of the transaction is subject to the negotiation, execution and delivery of a definitive asset purchase agreement and Purchaser’s determination that its due diligence has been completed and has been found satisfactory, in Purchaser’s sole discretion.

 

In the term sheet, we agreed that we will negotiate exclusively with Purchaser with respect to the sale of the DiLA 2 assets for a period of ninety (90) days from the date of the term sheet.

 

Pursuant to the term sheet, at any time following the closing of the transaction and prior to the payment to us of the additional $1.2 million payment, Purchaser may elect to unwind the transaction by providing written notice to such effect to us. Within thirty (30) days of Purchaser’s issuance of such notice, Purchaser shall assign the DiLA 2 assets back to us.

 

We will retain an exclusive, fully paid and royalty free license to DiLA 2 outside of the field of gene editing as well as a the rights to license DiLA 2 outside of gene editing.

 

Asset Purchase Agreement

 

On July 21, 2017, Marina Biotech, Inc. (the “Company”) entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Symplmed Pharmaceuticals LLC (“Symplmed Pharma”) and its wholly-owned subsidiary Symplmed Technologies, LLC (“Symplmed Tech”, and together with Symplmed Pharma, each as “Seller” and together the “Sellers”) pursuant to which the Company purchased from the Sellers, for an aggregate purchase price of $75,000 in cash, certain specified assets of the Sellers relating to the Sellers’ patented technology platform known as DyrctAxess that offers enhanced efficiency, control and information to empower patients, physicians and manufacturers to help achieve optimal care. The parties entered into the Purchase Agreement in furtherance of the obligations of Symplmed Pharma pursuant to that certain Asset Purchase Agreement dated as of June 5, 2017 between the Company and Symplmed Pharma pursuant to which, among other things, the Company acquired the assets of Symplmed Pharma a single-pill fixed dose combination of perindopril arginine and amlodipine besylate known as Prestalia.

 

Erik Emerson, the Chief Commercial Officer of the Company, is the President and Chief Executive Officer of Symplmed Pharma.

XML 25 R16.htm IDEA: XBRL DOCUMENT v3.7.0.1
Nature of Operations, Basis of Presentation and Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

Basis of Presentation

 

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. The accompanying unaudited financial information should be read in conjunction with the audited consolidated financial statements, including the notes thereto, as of and for the year ended December 31, 2016, included in our 2016 Annual Report on Form 10-K filed with the SEC. The information furnished in this report reflects all adjustments (consisting of normal recurring adjustments), which are, in the opinion of management, necessary for a fair presentation of our financial position, results of operations and cash flows for each period presented. The results of operations for the six months ended June 30, 2017 are not necessarily indicative of the results for the year ending December 31, 2017 or for any future period.

Principles of Consolidation

Principles of Consolidation

 

The consolidated financial statements include the accounts of IThenaPharma Inc. and Marina Biotech, Inc. and the wholly-owned subsidiaries, Cequent, MDRNA, and Atossa, and eliminate any inter-company balances and transactions.

Going Concern and Management's Liquidity Plans

Going Concern and Management’s Liquidity Plans

 

The accompanying condensed consolidated financial statements have been prepared on the basis that we will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business. At June 30, 2017, we had an accumulated deficit of $4,205,053 and a negative working capital of $3,756,388. We anticipate that we will continue to incur operating losses as we execute our plan to raise additional funds and investigate strategic and business development initiatives. In addition, we have had and will continue to have negative cash flows from operations. We have previously funded our losses primarily through the sale of common and preferred stock and warrants, the sale of notes, revenue provided from our license agreements and, to a lesser extent, equipment financing facilities and secured loans. In 2016 and 2015, we funded operations with a combination of the issuance of notes and preferred stock, and license-related revenues. At June 30, 2017, we had a cash balance of $263,913. Our operating activities consume the majority of our cash resources.

 

There is substantial doubt about our ability to continue as a going concern for one year from the issuance date of this Form 10-Q, which may affect our ability to obtain future financing or engage in strategic transactions, and may require us to curtail our operations. We cannot predict, with certainty, the outcome of our actions to generate liquidity, including the availability of additional debt financing, or whether such actions would generate the expected liquidity as currently planned.

Use of Estimates

Use of Estimates

 

The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Significant areas requiring the use of management estimates include valuation allowance for deferred income tax assets. Actual results could differ from such estimates under different assumptions or circumstances.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

We consider the fair value of cash, accounts payable, due to related parties, notes payable, convertible notes payable and accrued liabilities not to be materially different from their carrying value. These financial instruments have short-term maturities. We follow authoritative guidance with respect to fair value reporting issued by the Financial Accounting Standards Board (“FASB”) for financial assets and liabilities, which defines fair value, provides guidance for measuring fair value and requires certain disclosures. The guidance does not apply to measurements related to share-based payments. The guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

 

Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
   
Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
   
Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.

 

Our cash is subject to fair value measurement and is determined by Level 1 inputs. We measure the liability for committed stock issuances with a fixed share number using Level 1 inputs. We measure the liability for price adjustable warrants and certain features embedded in notes, using the probability adjusted Black-Scholes option pricing model (“Black-Scholes”), which management has determined approximates values using more complex methods, using Level 3 inputs. The following tables summarize our liabilities measured at fair value on a recurring basis as of December 31, 2016 and June 30, 2017:

 

   

Balance at

December 31, 2016

    Level 1
Quoted
prices in
active markets for
identical assets
    Level 2
Significant
other
observable
inputs
    Level 3
Significant
unobservable inputs
 
Liabilities:                                
Fair value liability for price adjustable warrants   $ 141,723     $ -     $ -     $ 141,723  
Total liabilities at fair value   $ 141,723     $ -     $ -     $ 141,723  

 

    Balance at
June 30, 2017
    Level 1
Quoted
prices in
active markets for
identical assets
    Level 2
Significant
other
observable
inputs
   

Level 3
Significant
unobservable

inputs

 
Liabilities:                                
Fair value liability for price adjustable warrants   $ 255,510     $ -     $ -     $ 255,510  
Derivative liability     195,943       -       -       195,943  
Total liabilities at fair value   $ 451,453     $ -     $ -     $ 451,453  

 

The following presents activity of the fair value liability of price adjustable warrants determined by Level 3 inputs for the period ended June 30, 2017:

 

    Fair value
liability for
price adjustable
warrants
 
       
Balance at December 31, 2016   $ 141,723  
Fair value of warrants issued     -  
Exercise of warrants     -  
Change in fair value included in condensed consolidated statement of operations     113,787  
Balance at June 30, 2017   $ 255,510  

 

The fair value liability of price adjustable warrants for the six months ended June 30, 2017 was determined using the probability adjusted Black-Scholes option pricing model using exercise prices of $2.80 to $7.50, stock price of $2.80, volatility of 70% to 136%, contractual lives of 0.2 to 4.4 years, and risk-free rates of 0.62% to 1.93%.

 

The following presents activity of the derivative liability determined by Level 3 inputs for the period ended June 30, 2017:

 

   

Fair value
of derivtive

liability

 
       
Balance at December 31, 2016   $ -  
Derivative on new loans     -  
Reduction due to debt conversions     -  
Change in fair value included in condensed consolidated statement of operations     195,943  
Balance at June 30, 2017   $ 195,943  

 

The fair value liability of derivative liability for the six months ended June 30, 2017 was determined using the probability adjusted Black-Scholes option pricing model using exercise prices of $2.80, stock price of $3.80, volatility of 44%, contractual life of 63 days, and a risk-free rate of 1.03%.

Impairment of Long-lived Assets

Impairment of Long-Lived Assets

 

We review all of our long-lived assets for impairment indicators throughout the year and perform detailed testing whenever impairment indicators are present. In addition, we perform detailed impairment testing for indefinite-lived intangible assets at least annually at December 31. When necessary, we record charges for impairments. Specifically:

 

For finite-lived intangible assets, such as developed technology rights, and for other long-lived assets, we compare the undiscounted amount of the projected cash flows associated with the asset, or asset group, to the carrying amount. If the carrying amount is found to be greater, we record an impairment loss for the excess of book value over fair value. In addition, in all cases of an impairment review, we re-evaluate the remaining useful lives of the assets and modify them, as appropriate; and
   
For indefinite-lived intangible assets, such as acquired in-process R&D assets, each year and whenever impairment indicators are present, we determine the fair value of the asset and record an impairment loss for the excess of book value over fair value, if any.

 

Management determined that no impairment indicators were present and that no impairment charges were necessary as of June 30, 2017 or December 31, 2016.

Net Income (Loss) Per Common Share

Net Income (Loss) per Common Share

 

Basic net income (loss) per common share (after giving effect of the one for ten reverse stock split) is computed by dividing the net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share includes the effect of common stock equivalents (stock options, unvested restricted stock, and warrants) when, under either the treasury or if-converted method, such inclusion in the computation would be dilutive. Net income (loss) is adjusted for the dilutive effect of the change in fair value liability for price adjustable warrants, if applicable. The following number of shares have been excluded from diluted net income (loss) since such inclusion would be anti-dilutive:

 

    Six Months Ended June 30,  
    2017     2016  
             
Stock options outstanding     233,400       -  
Warrants     2,492,945       13,917  
Convertible Notes Payable     312,050       -  
Total     3,038,395       13,917  

Subsequent Events

Subsequent Events

 

Except for the event(s) discussed in Note 9, there were no subsequent events that required recognition or disclosure. The Company evaluated subsequent events through the date the financial statements were issued and filed with the Securities and Exchange Commission.

XML 26 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
Nature of Operations, Basis of Presentation and Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule Merger Agreement Based On Common Stock Outstanding

The number of shares of common stock Marina issued to IThena stockholders is calculated pursuant to the terms of the Merger Agreement based on Marina common stock outstanding as of November 15, 2016, as follows (retroactively adjusted for the 1 for 10 reverse stock split in August 2017):

 

Shares of Marina common stock outstanding as of November 15, 2016     3,137,855  
Divided by the percentage of Marina ownership of combined company     35 %
Adjusted total shares of common stock of combined company     8,977,138  
Multiplied by the assumed percentage of IThena ownership of combined company     65 %
Shares of Marina common stock issued to IThena upon closing of transaction     5,839,283  

Schedule Estimate of the Fair Value of Assets Acquired and Liabilities

The purchase price as of June 30, 2017 has been allocated based on a preliminary estimate of the fair value of assets acquired and liabilities assumed:

 

Assets and Liabilities Acquired:      
Cash   $ 5,867  
Net current liabilities assumed (excluding cash)     (1,871,725 )
Identifiable intangible assets     2,361,066  
Debt     (326,037 )
Net assets acquired     169,171  
Goodwill     3,502,829  
Purchase price   $ 3,672,000  

Schedule of Liabilities Measured at Fair Value On a Recurring Basis

The following tables summarize our liabilities measured at fair value on a recurring basis as of December 31, 2016 and June 30, 2017:

 

   

Balance at

December 31, 2016

    Level 1
Quoted
prices in
active markets for
identical assets
    Level 2
Significant
other
observable
inputs
    Level 3
Significant
unobservable inputs
 
Liabilities:                                
Fair value liability for price adjustable warrants   $ 141,723     $ -     $ -     $ 141,723  
Total liabilities at fair value   $ 141,723     $ -     $ -     $ 141,723  

 

    Balance at
June 30, 2017
    Level 1
Quoted
prices in
active markets for
identical assets
    Level 2
Significant
other
observable
inputs
   

Level 3
Significant
unobservable

inputs

 
Liabilities:                                
Fair value liability for price adjustable warrants   $ 255,510     $ -     $ -     $ 255,510  
Derivative liability     195,943       -       -       195,943  
Total liabilities at fair value   $ 451,453     $ -     $ -     $ 451,453  

Schedule of Fair Value Liability of Price Adjustable Warrants Determined by Level 3

The following presents activity of the fair value liability of price adjustable warrants determined by Level 3 inputs for the period ended June 30, 2017:

 

    Fair value
liability for
price adjustable
warrants
 
       
Balance at December 31, 2016   $ 141,723  
Fair value of warrants issued     -  
Exercise of warrants     -  
Change in fair value included in condensed consolidated statement of operations     113,787  
Balance at June 30, 2017   $ 255,510  

Schedule of Fair Value of Derivative Liability Determined by Level 3

The following presents activity of the derivative liability determined by Level 3 inputs for the period ended June 30, 2017:

 

   

Fair value
of derivtive

liability

 
       
Balance at December 31, 2016   $ -  
Derivative on new loans     -  
Reduction due to debt conversions     -  
Change in fair value included in condensed consolidated statement of operations     195,943  
Balance at June 30, 2017   $ 195,943  

Schedule of Anti-dilutive Securities

The following number of shares have been excluded from diluted net income (loss) since such inclusion would be anti-dilutive:

 

    Six Months Ended June 30,  
    2017     2016  
             
Stock options outstanding     233,400       -  
Warrants     2,492,945       13,917  
Convertible Notes Payable     312,050       -  
Restricted common stock     70,000          
Total     3,108,395       13,917  

XML 27 R18.htm IDEA: XBRL DOCUMENT v3.7.0.1
Intangible Assets (Tables)
6 Months Ended
Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets

The following table summarizes the estimated fair value of the identifiable intangible asset acquired, their useful life, and method of amortization:

 

    Estimated
Fair Value
    Estimated
Useful Life
(Years)
    Annual
Amortization
Expense
 
Intangible asset from Merger   $ 2,361,066       6     $ 393,511  
Intangible asset - Prestalia     620,000       6       103,333  
Total   $ 2,981,066             $ 496,844  

XML 28 R19.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stockholders' Equity (Tables)
6 Months Ended
Jun. 30, 2017
Equity [Abstract]  
Schedule of Warrant Activity

Expiring in 2017   -  
Expiring in 2018     11,383  
Expiring in 2019     600,000  
Expiring in 2020     1,189,079  
Expiring in 2021     343,750  
Expiring thereafter     348,733  
      24,929,45  

XML 29 R20.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Incentive Plans (Tables)
6 Months Ended
Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock Option Activity

Stock option activity was as follows:

 

    Options Outstanding  
    Shares     Weighted
Average
Exercise Price
 
Outstanding, December 31, 2016     168,811     $ 36.80  
Options granted     64,600       1.70  
Options expired     (11 )     5,26400  
Outstanding, June 30, 2017     233,400       26.90  
Exercisable, June 30, 2017     193,100     $ 32.10  

Schedule of Summary of Additional Information On Stock Options Outstanding

The following table summarizes additional information on Marina’s stock options outstanding at June 30, 2017:

 

      Options Outstanding     Options Exercisable  

Range of

Exercise
Prices

    Number
Outstanding
    Weighted-
Average
Remaining
Contractual
Life (Years)
    Weighted
Average
Exercise
Price
    Number
Exercisable
    Weighted
Average
Exercise Price
 
$ 0.10       14,000       4.38     $ 1.00       14,000     $ 1.00  
$ 0.17 - .018       64,600       4.55       1.70       24,300       1.70  
$ 0.26 - 0.82       48,400       2.99       4.60       48,400       4.60  
$ 1.07 - $2.20       102,150       5.99       10.70       102,150       10.70  
$ 47.60 - $87.60       2,100       .95       676.00       2,100       676.00  
$ 127.60 - $207.60       2,150       .95       1,583.00       2,150       1,583.00  
  Totals       233,400       4.78     $ 26.90       193,100     $ 3.21  

XML 30 R21.htm IDEA: XBRL DOCUMENT v3.7.0.1
Nature of Operations, Basis of Presentation and Significant Accounting Policies (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 6 Months Ended
Jun. 26, 2017
Apr. 13, 2017
Apr. 04, 2017
Nov. 15, 2016
Apr. 30, 2016
Feb. 29, 2016
Nov. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
May 31, 2017
May 21, 2017
Dec. 31, 2016
Dec. 31, 2015
Common stock, issued               9,837,859   9,837,859       8,977,138  
Reserve stock split description       (5,839,283 shares after adjustment for the Company’s 1 for 10 reverse stock split in August 2017)                      
Warrants to purchase shares                       149,111 60,944    
Accounts payable               $ 938,365   $ 938,365       $ 663,261  
Accrued expenses               1,019,476   1,019,476       1,393,521  
Due to related party               277,132   277,132       83,166  
Accrued interest payable               28,300   28,300          
Line of credit               80,410   80,410          
Change in fair value of derivative liability               195,943 195,943        
Sale of common stock to related party, shares   6,928     47,000 21,000                  
Stock issued during period, value   $ 20,090       $ 60,000       250,000          
Accumulated deficit               4,205,053   4,205,053       1,951,082  
Negative working               3,756,388   3,756,388          
Cash balance   $ 15,957           $ 263,913 $ 2,286 $ 263,913 $ 2,286     $ 105,347 $ 261,848
Common stock, par value               $ 0.006   $ 0.006       $ 0.006  
Warrant price per share                         $ 2.80    
Warrant[Member]                              
Warrants to purchase shares               300,000   300,000          
Stock price               $ 2.80   $ 2.80          
Warrant[Member] | Minimum [Member]                              
Fair value of exercise price per share               2.80   $ 2.80          
Fair value of volatility rate                   70.00%          
Fair value of contractual lives                   2 months 12 days          
Fair value of risk free rates                   0.62%          
Warrant[Member] | Maximum [Member]                              
Sale of common stock to related party, shares                   3,153,211          
Fair value of exercise price per share               7.50   $ 7.50          
Fair value of volatility rate                   136.00%          
Fair value of contractual lives                   4 years 4 months 24 days          
Fair value of risk free rates                   1.93%          
Derivative Liability [Member]                              
Fair value of exercise price per share               2.80   $ 2.80          
Stock price               $ 3.80   $ 3.80          
Fair value of volatility rate                   44.00%          
Fair value of contractual lives                   63 days          
Fair value of risk free rates                   1.03%          
Common Stock Offering [Member]                              
Common stock, issued 2,058,823                            
Reserve stock split description 1 for 10 reverse split of our common stock                            
Stock price $ 3.40                            
Common stock, par value 0.006                            
Warrant price per share $ 0.5                            
Line Letter [Member] | Chairman Of Board [Member]                              
Line of credit current borrowing capacity       $ 540,000                   $ 250,000  
Line Letter [Member] | Trieu [Member]                              
Line of credit current borrowing capacity     $ 500,000                        
Line of credit       $ 540,000       $ 540,000   $ 540,000          
Line of credit, percentage       5.00%                      
Debt conversion description       Dr. Trieu has the right, exercisable by delivery of written notice thereof (the “Election Notice”), to either: (i) receive repayment for the entire unpaid principal amount advanced under the Line Letter and the accrued and unpaid interest thereon on the date of the delivery of the Election Notice (the “Outstanding Balance”) or (ii) convert the Outstanding Balance into such number of shares of our common stock as is equal to the quotient obtained by dividing (x) the Outstanding Balance by (y) $0.10 (such price, the “Conversion Price”); provided, that in no event shall the Conversion Price be lower than the lower of (x) $0.28 per share or (y) the lowest exercise price of any securities that have been issued by us in a capital raising transaction (and that would otherwise reduce the exercise price of any other outstanding warrants issued by us) during the period between November 15, 2016 and the date of the delivery of the Election Notice. No capital raising transactions have occurred through the date of this filing with securities at a price lower than $0.28 per share.                      
IthenaPharma Inc [Member]                              
Common stock, issued       58,392,828                      
Ownership percentage of issued and outstanding shares       65.00%                      
Warrants to purchase shares       30,000                      
Maximum percentage of subsequent to the merger       50.00%                      
Purchase price of reserve merger consideration       $ 3,700,000                      
IthenaPharma Inc [Member] | Related Party [Member]                              
Estimated purchase allocation and goodwill valuation               55,246   55,246          
Estimated purchase allocation and goodwill valuation merger date               $ 1,238,000   $ 1,238,000          
Investment       479                      
Accounts payable       71,560                      
Accrued expenses       11,470                      
Due to related party       5,375                      
Other liabilities       118,759                      
Convertible note       50,000                      
Accrued interest payable       567                      
Contributed capital       $ 257,252                      
Novosom Verwaltungs GmbH [Member] | Asset Purchase Agreement [Member]                              
Sale of common stock to related party, shares       1,500,000                      
Novosom Verwaltungs GmbH [Member] | License Agreement [Member]                              
Sale of common stock to related party, shares             11,905                
Stock issued during period, value             $ 15,000                
Autotelic Inc [Member]                              
Line of credit, percentage     (5.00%)                        
Sale of common stock to related party, shares     525,535                        
Unsecured line of credit     $ 500,000                        
XML 31 R22.htm IDEA: XBRL DOCUMENT v3.7.0.1
Nature of Operations, Basis of Presentation and Significant Accounting Policies - Schedule Merger Agreement Based On Common Stock Outstanding (Details) - shares
Jun. 30, 2017
Dec. 31, 2016
Nov. 15, 2016
Shares of Marina common stock outstanding as of November 15, 2016 9,837,859 8,977,138  
Shares of Marina common stock issued to IThena upon closing of transaction 9,837,859 8,977,138  
Merger Agreement [Member]      
Shares of Marina common stock outstanding as of November 15, 2016     3,137,855
Divided by the percentage of Marina ownership of combined company     35.00%
Adjusted total shares of common stock of combined company     8,977,138
Multiplied by the assumed percentage of IThena ownership of combined company     65.00%
Shares of Marina common stock issued to IThena upon closing of transaction     5,839,283
XML 32 R23.htm IDEA: XBRL DOCUMENT v3.7.0.1
Nature of Operations, Basis of Presentation and Significant Accounting Policies - Schedule Estimate of the Fair Value of Assets Acquired and Liabilities (Details)
Jun. 30, 2017
USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Cash $ 5,867
Net current liabilities assumed (excluding cash) (1,871,725)
Identifiable intangible assets 2,361,066
Debt (326,037)
Net assets acquired 169,171
Goodwill 3,502,829
Purchase price $ 3,672,000
XML 33 R24.htm IDEA: XBRL DOCUMENT v3.7.0.1
Nature of Operations, Basis of Presentation and Significant Accounting Policies - Schedule of Liabilities Measured at Fair Value On a Recurring Basis (Details) - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Fair value liability for price adjustable warrants $ 255,510 $ 141,723
Total liabilities at fair value 255,510 141,723
Level 1 Quoted Prices in Active Markets for Identical Assets[Member]    
Fair value liability for price adjustable warrants
Total liabilities at fair value
Level 2 Significant Other Observable Inputs[Member]    
Fair value liability for price adjustable warrants
Total liabilities at fair value
Level 3 Significant Unobservable Inputs [Member]    
Fair value liability for price adjustable warrants 255,510 141,723
Total liabilities at fair value $ 255,510 $ 141,723
XML 34 R25.htm IDEA: XBRL DOCUMENT v3.7.0.1
Nature of Operations, Basis of Presentation and Significant Accounting Policies - Schedule of Fair Value Liability of Price Adjustable Warrants Determined by Level 3 (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Accounting Policies [Abstract]        
Balance     $ 141,723  
Fair value of warrant issued      
Exercise of warrants      
Change in fair value included in consolidated statement of operations $ 10,715 113,787
Balance $ 255,510   $ 255,510  
XML 35 R26.htm IDEA: XBRL DOCUMENT v3.7.0.1
Nature of Operations, Basis of Presentation and Significant Accounting Policies - Schedule of Fair Value of Derivative Liability Determined by Level 3 (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Nature Of Operations Basis Of Presentation And Significant Accounting Policies - Schedule Of Fair Value Of Derivative Liability Determined By Level 3 Details        
Balance      
Derivative on new loans      
Reduction due to debt conversions      
Change in fair value included in condensed consolidated statement of operations $ 195,943 195,943
Balance $ 195,943   $ 195,943  
XML 36 R27.htm IDEA: XBRL DOCUMENT v3.7.0.1
Nature of Operations, Basis of Presentation and Significant Accounting Policies - Schedule of Anti-dilutive Securities (Details) - shares
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Anti-dilutive securities 3,108,395 13,917
Convertible Notes Payable [Member]    
Anti-dilutive securities 312,050
Restricted Common Stock [Member]    
Anti-dilutive securities 70,000
Warrant[Member]    
Anti-dilutive securities 2,492,945 13,917
Stock Option [Member]    
Anti-dilutive securities 233,400
XML 37 R28.htm IDEA: XBRL DOCUMENT v3.7.0.1
Intangible Assets (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended
Jun. 22, 2017
Jun. 05, 2017
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
Goodwill     $ 3,502,829   $ 3,502,829   $ 3,558,076
Fair value of the assets acquired         620,000    
Intangible asset     2,727,273   2,727,273    
Accumulated amortization of intangible assets     253,793   253,793    
Amortization     $ 106,226 $ 204,604  
Erik Emerson [Member]              
Number of restricted shares of common stock 60,000            
Purchase Agreement [Member] | Symplmed Pharmaceuticals LLC [Member]              
Purchase consideration   $ 620,000          
Payment to acquire business   300,000          
Liabilities asssumed   $ 320,000          
XML 38 R29.htm IDEA: XBRL DOCUMENT v3.7.0.1
Intangible Assets - Schedule of Intangible Assets (Details)
6 Months Ended
Jun. 30, 2017
USD ($)
Estimated Fair Value, Intangible assets $ 2,981,066
Estimated Useful Life, Intangible assets 0 years
Annual Amortization Expense, Intangible assets $ 496,844
Merger [Member]  
Estimated Fair Value, Intangible assets $ 2,361,066
Estimated Useful Life, Intangible assets 6 years
Annual Amortization Expense, Intangible assets $ 393,511
Prestalia [Member]  
Estimated Fair Value, Intangible assets $ 620,000
Estimated Useful Life, Intangible assets 6 years
Annual Amortization Expense, Intangible assets $ 103,333
XML 39 R30.htm IDEA: XBRL DOCUMENT v3.7.0.1
Related Party Transactions (Details Narrative) - USD ($)
1 Months Ended 6 Months Ended
Apr. 04, 2017
Jul. 31, 2016
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
Nov. 15, 2016
Personnel cost     $ 243,944 $ 77,655    
Due to related party     277,132   $ 83,166  
Warrants issued for remaining debt amount     291,735      
Line of credit     80,410      
Line of Credit [Member]            
Notes payable to related parties     80,410      
Chairman Of Board [Member] | Line Letter [Member]            
Line of credit current borrowing capacity         $ 250,000 $ 540,000
Trieu [Member] | Line Letter [Member]            
Line of credit current borrowing capacity $ 500,000          
Line of credit     540,000     540,000
Line of credit interest     12,714      
Number of common stock issued for merger 5,255,354          
Line of credit bears interest rate 5.00%          
IthenaPharma Inc [Member] | Investor [Member]            
Debt instrument face amount   $ 50,000        
Debt instrument interest rate   3.00%        
Debt instrument maturity date   Jun. 30, 2018        
Related Party [Member] | IthenaPharma Inc [Member]            
Due to related party           $ 5,375
Autotelic [Member]            
Billed expenses     $ 317,044 $ 162,765    
Master Services Agreement [Member]            
Ownership interest     10.00%      
Proceeds from common or preferred stock, gross     $ 10,000,000      
Provider services description     After the Equity Financing Date, the Company shall pay Autotelic a cash amount equal to the actual labor cost plus 100% mark up of provided services and 20% mark up of provided services by third party contractors or material used in connection with the performance of the contracts, including but not limited to clinical trial, non-clinical trial, Contract Manufacturing Organizations (“CMO”), U.S. Food & Drug Administration (“FDA”) regulatory process, Contract Research Organizations (“CRO”) and Chemistry and Manufacturing Controls (“CMC”).      
Master Services Agreement [Member] | Related Party [Member]            
Service provider percentage     20.00%      
XML 40 R31.htm IDEA: XBRL DOCUMENT v3.7.0.1
Notes Payable (Details Narrative) - USD ($)
6 Months Ended
Mar. 31, 2017
Dec. 28, 2016
Jun. 20, 2016
Jun. 30, 2017
Jun. 02, 2017
Accrued interest expenses       $ 28,300  
Debt principal and interest       328,300  
Notes payable       109,523  
Promissory Note [Member]          
Debt instrument face amount   $ 121,523      
Debt periodic payment $ 6,000        
Promissory Note [Member] | December 31, 2017 [Member]          
Payments on debt   $ 100,000      
Notes Payable [Member]          
Accrued interest expenses       1,283  
Notes payable       $ 401,283  
Asset Purchase Agreement [Member]          
Debt instrument face amount     $ 300,000    
Debt instrument interest rate     12.00%    
Debt instrument maturity date     Jun. 20, 2017    
Note Purchase Agreement [Member] | 10 Investors [Member]          
Convertible note payable         $ 400,000
Interest rate percentage         5.00%
Debt conversion price per share         $ 3.50
XML 41 R32.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stockholders' Equity (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 6 Months Ended
Jun. 22, 2017
May 21, 2017
Apr. 13, 2017
Mar. 31, 2017
Feb. 06, 2017
Apr. 30, 2016
Feb. 29, 2016
Nov. 30, 2015
Aug. 31, 2015
Jun. 30, 2015
May 31, 2017
Feb. 28, 2017
Feb. 29, 2016
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
Dec. 31, 2015
Jun. 30, 2014
Warrants to purchase, shares   60,944                 149,111                  
Common stock exercise price, per share   $ 2.80                                    
Issuance of common stock     $ 20,090       $ 60,000                 $ 250,000        
Conversion of stock, shares converted                       2.90                
Common stock, par value                           $ 59,028   59,028   $ 53,863    
Issuance of common stock, shares     6,928     47,000 21,000                          
Change in fair value liability for price adjustable warrants                           10,715 113,787      
Debt instruments conversion into shares                       615,368                
Debt instruments conversion into shares, value                       $ 948,000                
Number of common stock issued for service                     6,928                  
Fair value of price per share     $ 2.90                                  
Due to related parties     $ 36,047                                  
Payment of cash     $ 15,957                     $ 263,913 $ 2,286 $ 263,913 $ 2,286 $ 105,347 $ 261,848  
Proceeds from issuance of warrant   $ 170,643                                    
Warrants outstanding                           2,492,945   2,492,945        
Weighted average exercise price                               $ 4.40        
Erik Emerson [Member]                                        
Number of restricted shares of common stock 60,000                                      
Investment Advisory [Member]                                        
Number of common stock issued for service                       30,000                
Fair value of price per share                       $ 1.80                
CEO Services [Member] | Restricted Stock [Member]                                        
Number of common stock issued for service                       10,000                
Fair value of price per share                       $ 1.40                
Stock Purchase Agreement [Member]                                        
Notes receivable       $ 45,000                                
Number of amount surrendered       $ 14,049                                
Number of warrants surrendered       6,000                                
Number of common stock surrendered       8,725                                
Stock Purchase Agreement [Member] | Lipo Medics [Member]                                        
Sale of stock, shares         86,207                              
Sale of stock transaction         86,207                              
Sale of stock transaction, value         $ 250,000                              
Series B Preferred Stock [Member]                                        
Preferred stock designated, shares                           1,000   1,000        
Series A Preferred Stock [Member]                                        
Preferred stock designated, shares                           90,000   90,000        
Series C Preferred Stock [Member]                                        
Preferred stock designated, shares                                       1,200
Common stock, par value                 $ 5,000                      
Common stock at a conversion price, per share                 $ 7.50                      
Series C Preferred Stock [Member] | Investor [Member]                                        
Conversion of stock, shares converted               90   90                    
Common stock at a conversion price, per share               $ 3.10   $ 5.40                    
Issuance of common stock, shares               60,000   600,000                    
Series D Preferred Stock [Member]                                        
Preferred stock designated, shares                 220                      
Series D Preferred Stock [Member] | Investor [Member]                                        
Conversion of stock, shares converted               50         110              
Common stock at a conversion price, per share             $ 1.50 $ 2.80         $ 1.50              
Issuance of common stock, shares               62,500         137,500              
Series D Preferred Stock [Member] | Securities Purchase Agreement [Member]                                        
Sale of stock, shares                 220                      
Warrants to purchase, shares                 344,000,000                      
Common stock exercise price, per share                 $ 4.00                      
Payments to warrant purchase price                 $ 1,100,000                      
Issuance of common stock                 $ 10,000                      
Warrant reduction per share                 $ 2.80                      
Common stock, par value                 $ 5,000                      
Common stock at a conversion price, per share                 $ 0.40                      
Issuance of common stock, shares                 275,000                      
Common stock stated dividend rate                 5.00%                      
Change in fair value liability for price adjustable warrants                 $ 600,000                      
Debt beneficial conversion feature                 $ 700,000                      
Sale of stock transaction                 220                      
XML 42 R33.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stockholders’ Equity - Schedule of Warrant Activity (Details)
6 Months Ended
Jun. 30, 2017
shares
Equity [Abstract]  
Expiring in 2017
Expiring in 2018 11,383
Expiring in 2019 600,000
Expiring in 2020 1,189,079
Expiring in 2020 343,750
Expiring thereafter 348,733
Total 2,492,945
XML 43 R34.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Incentive Plans (Details Narrative) - USD ($)
6 Months Ended
Jan. 02, 2017
Jun. 30, 2017
Feb. 28, 2017
Dec. 31, 2016
Stock option unrecognized compensation expense   $ 36,573    
Stock option expenses   59,568    
Stock option outstanding, intrinsic value   $ 201,100    
Option outstanding   233,400   168,811
Stock option outstanding exercise price   $ 2.80    
Weighted-average exercisable remaining contractual   4 years 9 months 29 days    
Employee Stock Option [Member]        
Option outstanding   101,800    
Director And Officers [Member]        
Options to purchase, shares 48,600      
Options to purchase exercise price, per share $ 1.70      
Stock option weighted average period term 5 years      
key Employees [Member]        
Options to purchase, shares 16,000      
Options to purchase exercise price, per share     $ 1.80  
Stock option weighted average period term 5 years      
XML 44 R35.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Incentive Plans - Schedule of Stock Option Activity (Details)
6 Months Ended
Jun. 30, 2017
$ / shares
shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Options Outstanding Beginning, Shares | shares 168,811
Options Outstanding, granted | shares 64,600
Options Outstanding, expired | shares (11)
Options Outstanding Ending, Shares | shares 233,400
Options Outstanding Exercisable, Shares | shares 193,100
Options Outstanding Weighted Average Exercise Price, Beginning | $ / shares $ 36.80
Options Outstanding Weighted Average Exercise Price, granted | $ / shares 1.70
Options Outstanding Weighted Average Exercise Price, expired | $ / shares 5,264.00
Options Outstanding Weighted Average Exercise Price, Ending | $ / shares 26.90
Options Outstanding Exercisable Weighted Average Exercise Price | $ / shares $ 32.10
XML 45 R36.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Incentive Plans - Schedule of Summary of Additional Information On Stock Options Outstanding (Details)
6 Months Ended
Jun. 30, 2017
$ / shares
shares
Number of Options Outstanding, Shares | shares 233,400
Options Outstanding Weighted-average Remaining Contractual Life (years) 4 years 9 months 11 days
Options Outstanding Weighted Average Exercise Price $ 26.90
Number of Option Exercisable, Shares | shares 193,100
Options Exercisable Weighted Average Exercise Price $ 3.21
Range One [Member]  
Range of Exercise Prices, Upper $ 0.10
Number of Options Outstanding, Shares | shares 14,000
Options Outstanding Weighted-average Remaining Contractual Life (years) 4 years 4 months 17 days
Options Outstanding Weighted Average Exercise Price $ 1.00
Number of Option Exercisable, Shares | shares 14,000
Options Exercisable Weighted Average Exercise Price $ 1.00
Range Two [Member]  
Range of Exercise Prices, Lower 0.17
Range of Exercise Prices, Upper $ .81
Number of Options Outstanding, Shares | shares 64,600
Options Outstanding Weighted-average Remaining Contractual Life (years) 4 years 6 months 18 days
Options Outstanding Weighted Average Exercise Price $ 1.70
Number of Option Exercisable, Shares | shares 24,300
Options Exercisable Weighted Average Exercise Price $ 1.70
Range Three [Member]  
Range of Exercise Prices, Lower 0.26
Range of Exercise Prices, Upper $ 0.82
Number of Options Outstanding, Shares | shares 48,400
Options Outstanding Weighted-average Remaining Contractual Life (years) 2 years 11 months 26 days
Options Outstanding Weighted Average Exercise Price $ 4.60
Number of Option Exercisable, Shares | shares 48,400
Options Exercisable Weighted Average Exercise Price $ 4.60
Range Four [Member]  
Range of Exercise Prices, Lower 1.07
Range of Exercise Prices, Upper $ 2.20
Number of Options Outstanding, Shares | shares 102,150
Options Outstanding Weighted-average Remaining Contractual Life (years) 5 years 11 months 26 days
Options Outstanding Weighted Average Exercise Price $ 10.70
Number of Option Exercisable, Shares | shares 102,150
Options Exercisable Weighted Average Exercise Price $ 10.70
Range Five [Member]  
Range of Exercise Prices, Lower 47.60
Range of Exercise Prices, Upper $ 87.60
Number of Options Outstanding, Shares | shares 2,100
Options Outstanding Weighted-average Remaining Contractual Life (years) 11 months 12 days
Options Outstanding Weighted Average Exercise Price $ 676.00
Number of Option Exercisable, Shares | shares 2,100
Options Exercisable Weighted Average Exercise Price $ 676.00
Range Six [Member]  
Range of Exercise Prices, Lower 127.60
Range of Exercise Prices, Upper $ 207.60
Number of Options Outstanding, Shares | shares 2,150
Options Outstanding Weighted-average Remaining Contractual Life (years) 11 months 12 days
Options Outstanding Weighted Average Exercise Price $ 1,583.00
Number of Option Exercisable, Shares | shares 2,150
Options Exercisable Weighted Average Exercise Price $ 1,583.00
XML 46 R37.htm IDEA: XBRL DOCUMENT v3.7.0.1
Intellectual Property and Collaborative Agreements (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 6 Months Ended
Apr. 13, 2017
Feb. 06, 2017
Jul. 31, 2016
Apr. 30, 2016
Feb. 29, 2016
Nov. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Sep. 30, 2016
Sale of common stock to related party, shares 6,928     47,000 21,000            
Sale of common stock to related party $ 20,090       $ 60,000       $ 250,000    
License fee     $ 350,000   250,000            
License and success-based milestones         $ 40,000,000    
Number of value issued for equity components                 $ 59,568    
License Agreement [Member]                      
Accounts receivable                     $ 50,000
Number of shares issued for equity components           12,000          
Number of value issued for equity components           $ 15,000          
License Agreement [Member] | Lipo Medics [Member]                      
Sale of common stock to related party   $ 500,000                  
Number of shares issued for equity components   86,207                  
Number of value issued for equity components   $ 250,000                  
Revenue recognition, milestone method, milestone   90,000,000                  
Weighted average price per share   $ 2.90                  
Intellectual property collaboration description   1) Evaluations License Fee. Simultaneous with the execution and delivery of this Agreement, Lipomedics shall enter into a Stock Purchase Agreement in form and substance reasonably acceptable to Marina and Lipomedics, pursuant to which Marina will sell to Lipomedics shares of the common stock of Marina for an aggregate purchase price of $250,000, with the purchase price for each share of Marina common stock being $0.29. 2) Commercial License Fee. Unless this Agreement is earlier terminated, within thirty (30) days following Lipomedics’s delivery of an Evaluation Notice advising that it intends to pursue, or cause to be pursued, further development and commercialization of Licensed Products. 3) For up to and including three Licensed Products, Lipomedics shall pay to Marina a milestone (collectively the “Sales Milestones”) of Ten Million Dollars ($10,000,000) upon reaching Commercial Sales in the Territory in any given twelve month period equal to or greater than Five Hundred Million Dollars ($500,000,000) for a given Licensed Product and of Twenty Million Dollars ($20,000,000) upon reaching Commercial Sales in any given twelve month period equal to or greater than One Billion Dollars ($1,000,000,000) for such Licensed Product, such payments to be made within thirty (30) days following the month in which such Commercial Sale targets are met.                  
XML 47 R38.htm IDEA: XBRL DOCUMENT v3.7.0.1
Subsequent Events (Details Narrative) - USD ($)
Jul. 21, 2017
Jul. 17, 2017
Jul. 03, 2017
May 31, 2017
May 21, 2017
Apr. 13, 2017
Number of warrant to purchase of common stock       149,111 60,944  
Sale of stock price per share           $ 2.90
Subsequent Event [Member]            
Payment of sale of assets $ 1,200,000          
Subsequent Event [Member] | Third Party Purchaser[Member]            
Payment of sale of assets 300,000          
Subsequent Event [Member] | Maximum [Member] | Third Party Purchaser[Member]            
Proceeds from sale of assets 15,000,000          
Subsequent Event [Member] | Oncotelic, Inc. [Member]            
Purchase price   $ 500,000        
Subsequent Event [Member] | Oncotelic, Inc. [Member] | Maximum [Member]            
Sale of stock price per share   $ 5.10        
Subsequent Event [Member] | Amendment Agreement [Member]            
Debt principal amount     $ 300,000      
Number of warrant to purchase of common stock     951,263      
Debt maturity description     June 20, 2017 to December 31, 2017      
Proceeds from notes payable     $ 3,000,000      
Purchase price     $ 375,000      
Sale of stock price per share     $ 2.80      
Subsequent Event [Member] | License Agreement [Member] | Oncotelic, Inc. [Member]            
Purchase price   $ 250,000        
Sale of stock price per share   $ 5.10        
Purchase price, shares   49,019        
Commercial sales of licensed products   $ 90,000,000        
Subsequent Event [Member] | Purchase Agreement [Member] | Symplmed Pharmaceuticals LLC [Member]            
Purchase price $ 75,000          
EXCEL 48 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 49 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 50 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 52 FilingSummary.xml IDEA: XBRL DOCUMENT 3.7.0.1 html 150 258 1 false 65 0 false 4 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://marinabio.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Condensed Consolidated Balance Sheets Sheet http://marinabio.com/role/BalanceSheets Condensed Consolidated Balance Sheets Statements 2 false false R3.htm 00000003 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) Sheet http://marinabio.com/role/BalanceSheetsParenthetical Condensed Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Condensed Consolidated Statements of Operations (Unaudited) Sheet http://marinabio.com/role/StatementsOfOperations Condensed Consolidated Statements of Operations (Unaudited) Statements 4 false false R5.htm 00000005 - Statement - Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) Sheet http://marinabio.com/role/StatementsOfChangesInStockholdersEquity Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) Statements 5 false false R6.htm 00000006 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) Sheet http://marinabio.com/role/StatementsOfCashFlows Condensed Consolidated Statements of Cash Flows (Unaudited) Statements 6 false false R7.htm 00000007 - Disclosure - Nature of Operations, Basis of Presentation and Significant Accounting Policies Sheet http://marinabio.com/role/NatureOfOperationsBasisOfPresentationAndSignificantAccountingPolicies Nature of Operations, Basis of Presentation and Significant Accounting Policies Notes 7 false false R8.htm 00000008 - Disclosure - Intangible Assets Sheet http://marinabio.com/role/IntangibleAssets Intangible Assets Notes 8 false false R9.htm 00000009 - Disclosure - Related Party Transactions Sheet http://marinabio.com/role/RelatedPartyTransactions Related Party Transactions Notes 9 false false R10.htm 00000010 - Disclosure - Notes Payable Notes http://marinabio.com/role/NotesPayable Notes Payable Notes 10 false false R11.htm 00000011 - Disclosure - Stockholders' Equity Sheet http://marinabio.com/role/StockholdersEquity Stockholders' Equity Notes 11 false false R12.htm 00000012 - Disclosure - Stock Incentive Plans Sheet http://marinabio.com/role/StockIncentivePlans Stock Incentive Plans Notes 12 false false R13.htm 00000013 - Disclosure - Intellectual Property and Collaborative Agreements Sheet http://marinabio.com/role/IntellectualPropertyAndCollaborativeAgreements Intellectual Property and Collaborative Agreements Notes 13 false false R14.htm 00000014 - Disclosure - Commitments and Contingencies Sheet http://marinabio.com/role/CommitmentsAndContingencies Commitments and Contingencies Notes 14 false false R15.htm 00000015 - Disclosure - Subsequent Events Sheet http://marinabio.com/role/SubsequentEvents Subsequent Events Notes 15 false false R16.htm 00000016 - Disclosure - Nature of Operations, Basis of Presentation and Significant Accounting Policies (Policies) Sheet http://marinabio.com/role/NatureOfOperationsBasisOfPresentationAndSignificantAccountingPoliciesPolicies Nature of Operations, Basis of Presentation and Significant Accounting Policies (Policies) Policies http://marinabio.com/role/NatureOfOperationsBasisOfPresentationAndSignificantAccountingPolicies 16 false false R17.htm 00000017 - Disclosure - Nature of Operations, Basis of Presentation and Significant Accounting Policies (Tables) Sheet http://marinabio.com/role/NatureOfOperationsBasisOfPresentationAndSignificantAccountingPoliciesTables Nature of Operations, Basis of Presentation and Significant Accounting Policies (Tables) Tables http://marinabio.com/role/NatureOfOperationsBasisOfPresentationAndSignificantAccountingPolicies 17 false false R18.htm 00000018 - Disclosure - Intangible Assets (Tables) Sheet http://marinabio.com/role/IntangibleAssetsTables Intangible Assets (Tables) Tables http://marinabio.com/role/IntangibleAssets 18 false false R19.htm 00000019 - Disclosure - Stockholders' Equity (Tables) Sheet http://marinabio.com/role/StockholdersEquityTables Stockholders' Equity (Tables) Tables http://marinabio.com/role/StockholdersEquity 19 false false R20.htm 00000020 - Disclosure - Stock Incentive Plans (Tables) Sheet http://marinabio.com/role/StockIncentivePlansTables Stock Incentive Plans (Tables) Tables http://marinabio.com/role/StockIncentivePlans 20 false false R21.htm 00000021 - Disclosure - Nature of Operations, Basis of Presentation and Significant Accounting Policies (Details Narrative) Sheet http://marinabio.com/role/NatureOfOperationsBasisOfPresentationAndSignificantAccountingPoliciesDetailsNarrative Nature of Operations, Basis of Presentation and Significant Accounting Policies (Details Narrative) Details http://marinabio.com/role/NatureOfOperationsBasisOfPresentationAndSignificantAccountingPoliciesTables 21 false false R22.htm 00000022 - Disclosure - Nature of Operations, Basis of Presentation and Significant Accounting Policies - Schedule Merger Agreement Based On Common Stock Outstanding (Details) Sheet http://marinabio.com/role/NatureOfOperationsBasisOfPresentationAndSignificantAccountingPolicies-ScheduleMergerAgreementBasedOnCommonStockOutstandingDetails Nature of Operations, Basis of Presentation and Significant Accounting Policies - Schedule Merger Agreement Based On Common Stock Outstanding (Details) Details 22 false false R23.htm 00000023 - Disclosure - Nature of Operations, Basis of Presentation and Significant Accounting Policies - Schedule Estimate of the Fair Value of Assets Acquired and Liabilities (Details) Sheet http://marinabio.com/role/NatureOfOperationsBasisOfPresentationAndSignificantAccountingPolicies-ScheduleEstimateOfFairValueOfAssetsAcquiredAndLiabilitiesDetails Nature of Operations, Basis of Presentation and Significant Accounting Policies - Schedule Estimate of the Fair Value of Assets Acquired and Liabilities (Details) Details 23 false false R24.htm 00000024 - Disclosure - Nature of Operations, Basis of Presentation and Significant Accounting Policies - Schedule of Liabilities Measured at Fair Value On a Recurring Basis (Details) Sheet http://marinabio.com/role/NatureOfOperationsBasisOfPresentationAndSignificantAccountingPolicies-ScheduleOfLiabilitiesMeasuredAtFairValueOnRecurringBasisDetails Nature of Operations, Basis of Presentation and Significant Accounting Policies - Schedule of Liabilities Measured at Fair Value On a Recurring Basis (Details) Details 24 false false R25.htm 00000025 - Disclosure - Nature of Operations, Basis of Presentation and Significant Accounting Policies - Schedule of Fair Value Liability of Price Adjustable Warrants Determined by Level 3 (Details) Sheet http://marinabio.com/role/NatureOfOperationsBasisOfPresentationAndSignificantAccountingPolicies-ScheduleOfFairValueLiabilityOfPriceAdjustableWarrantsDeterminedByLevel3Details Nature of Operations, Basis of Presentation and Significant Accounting Policies - Schedule of Fair Value Liability of Price Adjustable Warrants Determined by Level 3 (Details) Details 25 false false R26.htm 00000026 - Disclosure - Nature of Operations, Basis of Presentation and Significant Accounting Policies - Schedule of Fair Value of Derivative Liability Determined by Level 3 (Details) Sheet http://marinabio.com/role/NatureOfOperationsBasisOfPresentationAndSignificantAccountingPolicies-ScheduleOfFairValueOfDerivativeLiabilityDeterminedByLevel3Details Nature of Operations, Basis of Presentation and Significant Accounting Policies - Schedule of Fair Value of Derivative Liability Determined by Level 3 (Details) Details 26 false false R27.htm 00000027 - Disclosure - Nature of Operations, Basis of Presentation and Significant Accounting Policies - Schedule of Anti-dilutive Securities (Details) Sheet http://marinabio.com/role/NatureOfOperationsBasisOfPresentationAndSignificantAccountingPolicies-ScheduleOfAnti-dilutiveSecuritiesDetails Nature of Operations, Basis of Presentation and Significant Accounting Policies - Schedule of Anti-dilutive Securities (Details) Details 27 false false R28.htm 00000028 - Disclosure - Intangible Assets (Details Narrative) Sheet http://marinabio.com/role/IntangibleAssetsDetailsNarrative Intangible Assets (Details Narrative) Details http://marinabio.com/role/IntangibleAssetsTables 28 false false R29.htm 00000029 - Disclosure - Intangible Assets - Schedule of Intangible Assets (Details) Sheet http://marinabio.com/role/IntangibleAssets-ScheduleOfIntangibleAssetsDetails Intangible Assets - Schedule of Intangible Assets (Details) Details 29 false false R30.htm 00000030 - Disclosure - Related Party Transactions (Details Narrative) Sheet http://marinabio.com/role/RelatedPartyTransactionsDetailsNarrative Related Party Transactions (Details Narrative) Details http://marinabio.com/role/RelatedPartyTransactions 30 false false R31.htm 00000031 - Disclosure - Notes Payable (Details Narrative) Notes http://marinabio.com/role/NotesPayableDetailsNarrative Notes Payable (Details Narrative) Details http://marinabio.com/role/NotesPayable 31 false false R32.htm 00000032 - Disclosure - Stockholders' Equity (Details Narrative) Sheet http://marinabio.com/role/StockholdersEquityDetailsNarrative Stockholders' Equity (Details Narrative) Details http://marinabio.com/role/StockholdersEquityTables 32 false false R33.htm 00000033 - Disclosure - Stockholders??? Equity - Schedule of Warrant Activity (Details) Sheet http://marinabio.com/role/StockholdersEquity-ScheduleOfWarrantActivityDetails Stockholders??? Equity - Schedule of Warrant Activity (Details) Details 33 false false R34.htm 00000034 - Disclosure - Stock Incentive Plans (Details Narrative) Sheet http://marinabio.com/role/StockIncentivePlansDetailsNarrative Stock Incentive Plans (Details Narrative) Details http://marinabio.com/role/StockIncentivePlansTables 34 false false R35.htm 00000035 - Disclosure - Stock Incentive Plans - Schedule of Stock Option Activity (Details) Sheet http://marinabio.com/role/StockIncentivePlans-ScheduleOfStockOptionActivityDetails Stock Incentive Plans - Schedule of Stock Option Activity (Details) Details 35 false false R36.htm 00000036 - Disclosure - Stock Incentive Plans - Schedule of Summary of Additional Information On Stock Options Outstanding (Details) Sheet http://marinabio.com/role/StockIncentivePlans-ScheduleOfSummaryOfAdditionalInformationOnStockOptionsOutstandingDetails Stock Incentive Plans - Schedule of Summary of Additional Information On Stock Options Outstanding (Details) Details 36 false false R37.htm 00000037 - Disclosure - Intellectual Property and Collaborative Agreements (Details Narrative) Sheet http://marinabio.com/role/IntellectualPropertyAndCollaborativeAgreementsDetailsNarrative Intellectual Property and Collaborative Agreements (Details Narrative) Details http://marinabio.com/role/IntellectualPropertyAndCollaborativeAgreements 37 false false R38.htm 00000038 - Disclosure - Subsequent Events (Details Narrative) Sheet http://marinabio.com/role/SubsequentEventsDetailsNarrative Subsequent Events (Details Narrative) Details http://marinabio.com/role/SubsequentEvents 38 false false All Reports Book All Reports mrna-20170630.xml mrna-20170630.xsd mrna-20170630_cal.xml mrna-20170630_def.xml mrna-20170630_lab.xml mrna-20170630_pre.xml true true ZIP 54 0001493152-17-009023-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001493152-17-009023-xbrl.zip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