Non-Cash Litigation Settlement Due in Shares of Common Stock

12 Months Ended

Dec. 31, 2016

Non-Cash Litigation Settlement Due in Shares of Common Stock [Abstract]

Non-Cash Litigation Settlement Due in Shares of Common Stock

9. Non-Cash Litigation Settlement Due in Shares of Common Stock

On December 10, 2015, CytRx reached an agreement to settle the 2014 federal consolidated securities class action. As part of the settlement agreement, the Company agreed to issue the equivalent number of shares of its common stock to the class of a non-cash amount of $4,500,000 worth at the prevailing stock price at the time of the Court's final approval of the settlement agreement. In accordance with ASC 480, the Company classified the $4.5 million worth of shares of the common stock as a liability included in the non-cash litigation settlement due in shares of common stock in the December 31, 2015 balance sheet, due to the variable number of shares that would be issued upon the Court's final approval of the settlement agreement. On May 25, 2016, the Company issued 1,561,578 shares of its common stock to settle this liability.