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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
In Process Research and Development [Member]    
Other assets:    
In-process research and development $ 25,801,728 $ 25,801,728
Cash and cash equivalents 12,307,789 9,265,144
Investment securities – available for sale, at fair value 2,160,000 10,799,890
Accrued interest receivable on investment securities 21 26,729
Advances, deposits and other current assets 500,775 189,553
Subtotal current assets 14,968,585 20,281,316
Property and equipment (at cost, less accumulated depreciation and amortization of $2,298,483 and $2,058,483, respectively) 657,630 854,872
Goodwill 1,976,101 1,976,101
Security deposit on letter of credit 100,000 100,000
Patent licensing fees and other assets, net 10,636 14,386
Subtotal other assets 27,888,465 27,892,215
Total assets 43,514,680 49,028,403
Current liabilities:    
Accounts payable - trade 2,949,152 2,830,227
Other accrued liabilities 2,378,544 1,919,769
Notes payable - current portion 4,578,650 4,073,716
Deferred revenue – current portion 500,000 500,000
Total current liabilities 10,406,346 9,323,712
Notes payable – non-current portion 2,350,018
Earn-out milestone liability 13,815,384 13,921,412
Deferred revenue – non-current portion 2,750,000 3,000,000
Other liabilities – non-current 30,881 47,597
Total liabilities 27,002,611 28,642,739
Commitments and contingencies
Stockholders’ equity:    
Preferred Stock - $0.01 par value (100,000 shares authorized and no shares issued or outstanding at June 30, 2016 and December 31, 2015, respectively) 0 0
Common stock - $0.01 par value (112,500,000 shares authorized; 25,833,493 and 23,395,211 shares issued at June 30, 2016 and December 31, 2015, respectively and 25,780,554 and 23,319,287 shares outstanding at June 30, 2016 and December 31, 2015, respectively) 258,335 233,952
Additional paid-in capital 245,972,736 239,668,235
Accumulated other comprehensive loss (3,858)
Accumulated deficit (228,755,172) (218,130,360)
Subtotal 17,475,899 21,767,969
Treasury stock, at cost (52,939 and 75,924 shares at June 30, 2016 and December 31, 2015, respectively) (963,830) (1,382,305)
Total stockholders’ equity 16,512,069 20,385,664
Total liabilities and stockholders’ equity $ 43,514,680 $ 49,028,403