0001493152-19-017120.txt : 20191114 0001493152-19-017120.hdr.sgml : 20191114 20191114061424 ACCESSION NUMBER: 0001493152-19-017120 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 58 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191114 DATE AS OF CHANGE: 20191114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CYTRX CORP CENTRAL INDEX KEY: 0000799698 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 581642750 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-15327 FILM NUMBER: 191216196 BUSINESS ADDRESS: STREET 1: 11726 SAN VICENTE BOULEVARD STREET 2: SUITE 650 CITY: LOS ANGELES STATE: CA ZIP: 90049 BUSINESS PHONE: 310-826-5648 MAIL ADDRESS: STREET 1: 11726 SAN VICENTE BOULEVARD STREET 2: SUITE 650 CITY: LOS ANGELES STATE: CA ZIP: 90049 10-Q 1 form10-q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

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

For the quarterly period ended September 30, 2019

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

For the transition period from to

Commission file number 0-15327

CytRx Corporation

(Exact name of Registrant as specified in its charter)

Delaware

58-1642740

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

11726 San Vicente Blvd., Suite 650

Los Angeles, CA

90049

(Address of principal executive offices)

(Zip Code)

(310) 826-5648

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001 per share		CYTR		OTC Market

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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit 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 smaller 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 [X]	Smaller reporting company [X]
Emerging growth company [ ]	(Do not check if a smaller reporting 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 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12(b)-2 of the Exchange Act). Yes [ ] No [X]

Number of shares of CytRx Corporation common stock, $0.001 par value, outstanding as of November 2, 2019: 33,637,501 shares.

CYTRX CORPORATION

FORM 10-Q

TABLE OF CONTENTS

		Page
PART I. — FINANCIAL INFORMATION		3
Item 1.	Condensed Consolidated Financial Statements (unaudited)	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	20
Item 4.	Controls and Procedures	20

PART II. — OTHER INFORMATION		20
Item 1.	Legal Proceedings	20
Item 1A.	Risk Factors	20
Item 6.	Exhibits	20

SIGNATURES		21

INDEX TO EXHIBITS		22

PART I — FINANCIAL INFORMATION

Item 1. — Condensed Financial Statements

CYTRX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30, 2019			December 31, 2018
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	8,491,265		$	21,373,273
Short-term investments		10,023,850			—
Receivables		4,789			148,527
Prepaid expenses and other current assets		1,410,277			913,162
Current assets held for sale		—			81,182
Total current assets		19,930,181			22,516,144
Equipment and furnishings, net		23,071			44,326
Other assets		10,119			40,642
Non-current assets held for sale		—			324,853
Total assets	$	19,963,371		$	22,925,965
LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable	$	2,194,276		$	1,234,762
Accrued expenses and other current liabilities		936,105			726,191
Current liabilities of discontinued operations		1,272			602,713
Total liabilities		3,131,653			2,563,666

Commitments and contingencies

Stockholders’ equity:
Preferred Stock, $0.01 par value, 833,334 shares authorized, including 4,167 shares of Series A Junior Participating Preferred Stock; no shares issued and outstanding		—			—
Preferred Stock, $1,000 stated value, 650 shares authorized, no shares issued and outstanding		—			—
Common stock, $0.001 par value, 41,666,667 shares authorized; 33,637,501 shares issued and outstanding at September 30, 2019 and December 31, 2018		33,637			33,637
Additional paid-in capital		477,834,188			477,192,747
Accumulated deficit		(461,036,107	)		(456,864,085	)
Total stockholders’ equity		16,831,718			20,362,299
Total liabilities and stockholders’ equity	$	19,963,371		$	22,925,965

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

CYTRX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Revenue:
Licensing revenue	$	—		$	250,000		$	—		$	250,000

Expenses:
Research and development		374			(485	)		1,430			577,843
General and administrative		1,546,213			2,360,996			4,814,436			6,514,107
		1,546,587			2,360,511			4,815,866			7,091,950

Loss before other income (expense)		(1,546,587	)		(2,110,511	)		(4,815,866	)		(6,841,950	)

Other income (loss):
Interest income		91,403			93,391			283,808			269,299
Interest expense		—			(363,086	)		—			(1,715,733	)
Other income (loss), net		(35,598	)		(1,502	)		(37,919	)		(13,230	)
Gain on warrant derivative liabilities		—			—			—			527,025

Net loss from continuing operations		(1,490,782	)		(2,381,708	)		(4,569,977	)		(7,774,589	)

Gain (loss) from discontinued operations		19,243			(909,336	)		397,955			(2,601,614	)

Net loss	$	(1,471,539	)	$	(3,291,044	)	$	(4,172,022	)	$	(10,376,203	)

Basic and diluted loss per share
Continuing operations	$	(0.04	)	$	(0.07	)	$	(0.14	)	$	(0.26	)
Discontinued operations	$	—		$	(0.03	)	$	0.01		$	(0.08	)
Total basic and diluted loss per share	$	(0.04	)	$	(0.10	)	$	(0.13	)	$	(0.34	)

Basic and diluted weighted-average shares outstanding		33,249,904			32,991,506			33,249,904			30,242,788

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

CYTRX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended September 30,
	2019			2018
Cash flows from operating activities:
Net loss	$	(4,172,022	)	$	(10,376,203	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		15,824			23,819
Stock-based compensation expense		644,113			1,278,105
Fair value adjustment on warrant liabilities		—			(527,025	)
Amortization of loan cost and discount		—			1,157,817
Loss on retirement of fixed assets		5,432			—
Gain on disposal from discontinued operations		(186,691	)		—
Stock compensation from discontinued operations		(2,672	)		89,105
Depreciation from discontinued operations		—			384,051
Changes in assets and liabilities:
Receivables		143,738			1,557,584
Prepaid expenses and other current assets		(497,040	)		665,323
Other assets		30,523			—
Current assets held for sale		92,508			88,941
Accounts payable		959,514			(1,464,496	)
Current liabilities held for sale		(601,441	)		195,042
Accrued expenses and other current liabilities		209,914			(688,224	)
Net cash used in operations		(3,358,300	)		(7,616,161	)

Cash flows from investing activities:
Purchase of short-term investments		(10,023,850	)		—
Sale of fixed assets held for sale		500,142
Purchases of equipment and furnishings		—			(11,478	)
Net cash used in investing activities		(9,523,708	)		(11,478	)

Cash flows from financing activities:
Proceeds from public offering		—			6,512,151
Loan end fee payment		—			(1,771,250	)
Payment of principal on term loan		—			(9,986,362	)
Net cash provided by (used in) financing activities		—			(5,245,461	)

Net decrease in cash and cash equivalents		(12,882,008	)		(12,873,100	)
Cash and cash equivalents at beginning of period		21,373,273			37,497,691
Cash and cash equivalents at end of period	$	8,491,265		$	24,624,591

Supplemental disclosure of cash flow information:

Cash paid during the period for interest	$	—		$	647,308

Cash paid for income taxes	$	800		$	800

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

CYTRX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY

(Unaudited)

For the Three Month Periods Ended March 31, June 30 and September 30, 2018

	Series B Preferred Shares Issued		Common Shares Issued		Preferred Stock Amount		Common Stock Amount		Additional Paid-in Capital		Accumulated Deficit			Total

Balance at January 1, 2018		—		28,037,501			$	28,037	$	468,969,445	$	(450,852,427	)	$	18,145,055
Cumulative affect of adopting ASC 606 Adoption		—		—		—		—		—		6,701,950			6,701,950
Issuance of stock options/restricted stock and warrants for compensation and services										481,311					481,311
Net loss												(4,075,574	)		(4,075,574	)
Balance at March 31, 2018		—		28,037,501				28,037		469,450,756		(448,226,051	)		21,252,742
Stock issued in connection with a public offering				5,600,000				5,600		6,506,551					6,512,151
Issuance of stock options/restricted stock and warrants for compensation and services										453,199		—			453,199
Net loss												(3,009,588	)		(3,009,588	)

Balance at June 30, 2018		—		33,637,501			$	33,637	$	476,410,506	$	(451,235,639	)	$	25,208,504
Issuance of stock options/restricted stock and warrants for compensation and services										432,700		—			432,700
Net loss												(3,291,041	)		(3,291,041	)
Balance at September 30, 2018		—		33,637,501			$	33,637	$	476,843,206	$	(454,526,680	)	$	22,350,163

For the Three Month Periods Ended March 31, June 30 and September 30, 2019

Balance at January 1, 2019		—		33,637,501			$	33,637	$	477,192,747	$	(456,864,085	)	$	20,362,299
Issuance of stock options/warrants for compensation and services		—		—		—		—		210,502		—			210,502
Net loss												(1,425,988	)		(1,425,988	)
Balance at March 31, 2019		—		33,637,501			$	33,637	$	477,403,249	$	(458,290,073	)	$	19,146,813
Issuance of stock options/restricted stock for compensation and services										214,706					214,706
Net loss												(1,274,495	)		(1,274,495	)
Balance at June 30, 2019		—		33,637,501			$	33,637	$	477,617,955	$	(459,564,568	)	$	18,087,024
Issuance of stock options/warrants for compensation and services										216,233					216,233
Net loss												(1,471,539	)		(1,471,539	)
Balance at September 30, 2019		—		33,637,501			$	33,637	$	477,834,188	$	(461,036,107	)	$	16,831,718

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

CYTRX CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the Nine Months Ended September 30, 2019 and 2018
(Unaudited)

1. Description of Company and Basis of Presentation

CytRx Corporation (“CytRx”) is a biopharmaceutical research and development company specializing in oncology and rare diseases. The Company’s focus has been on the discovery, research and clinical development of novel anti-cancer drug candidates that employ novel linker technologies to enhance the accumulation and release of cytotoxic anti-cancer agents at the tumor. During 2017, CytRx’s discovery laboratory, located in Freiburg, Germany, synthesized and tested over 75 rationally designed drug conjugates with highly potent payloads, culminating in the creation of two distinct classes of compounds. Four lead candidates (LADR-7 through LADR-10) were selected based on in vitro and animal preclinical studies, stability, and manufacturing feasibility. In 2018, additional animal efficacy and toxicology testing of these lead candidates was conducted. In addition, a novel albumin companion diagnostic, ACDx™, was developed to identify patients with cancer who are most likely to benefit from treatment with these drug candidates.

On June 1, 2018, CytRx launched Centurion BioPharma Corporation (“Centurion”), a private wholly owned subsidiary, and transferred all of its assets, liabilities and personnel associated with the laboratory operations in Freiburg, Germany. In connection with said transfer, the Company and Centurion entered into a Management Services Agreement whereby the Company agreed to render advisory, consulting, financial and administrative services to Centurion, for which Centurion shall reimburse the Company for the cost of such services plus a 5% service charge. The Management Services Agreement may be terminated by either party at any time. Centurion is focused on the development of personalized medicine for solid tumor treatment. On December 21, 2018, CytRx announced that Centurion had concluded the pre-clinical phase of development for its four LADR drug candidates, and for its albumin companion diagnostic (ACDx™). As a result of completing this work, operations taking place at the pre-clinical laboratory in Freiburg, Germany would no longer be needed and, accordingly, the lab was closed at the end of January 2019.

LADR Drug Discovery Platform and Centurion

Centurion’s LADR™ (Linker Activated Drug Release) technology platform is a discovery engine combining expertise in linker chemistry and albumin biology to create a pipeline of anti-cancer molecules that will avoid unacceptable systemic toxicity while delivering highly potent agents directly to the tumor. Centurion has created a “toolbox” of linker technologies that are designed to significantly increase the therapeutic index of ultra-high potency drugs (10-1,000 times more potent than traditional chemotherapies) by controlling the release of the drug payloads and improving drug-like properties.

Centurion’s efforts were focused on two classes of ultra-high potency albumin-binding drug conjugates. These drug conjugates combine the proprietary LADR™ linkers with novel derivatives of the auristatin and maytansinoid drug classes. These payloads historically have required a targeting antibody for successful administration to humans. These drug conjugates eliminate the need for a targeting antibody and provide a small molecule therapeutic option with potential broader applicability.

Centurion’s novel companion diagnostic, ACDx™ (albumin companion diagnostic), was developed to identify patients with cancer who are most likely to benefit from treatment with the four LADR lead assets.

CytRx and Centurion have been working on identifying partnership opportunities for LADR™ ultra-high potency drug conjugates and its albumin companion diagnostic. However, no partnerships or any source of financing has become available after twenty-one months of effort.

Aldoxorubicin

Until July 2017, the Company was focused on the research and clinical development of aldoxorubicin, their modified version of the widely-used chemotherapeutic agent, doxorubicin. Aldoxorubicin combines the chemotherapeutic agent doxorubicin with a novel linker-molecule that binds specifically to albumin in the blood to allow for delivery of higher amounts of doxorubicin (3½ to 4 times) without several of the major dose-limiting toxicities seen with administration of doxorubicin alone.

On July 27, 2017, the Company entered into an exclusive worldwide license with ImmunityBio, Inc. (formerly known as NantCell, Inc. (“ImmunityBio”)), granting to ImmunityBio the exclusive rights to develop, manufacture and commercialize aldoxorubicin in all indications, and our company is no longer directly working on development of aldoxorubicin. As part of the license, ImmunityBio made a strategic investment of $13 million in CytRx common stock at $6.60 per share (adjusted to reflect our 2017 reverse stock split), a premium of 92% to the market price on that date. The Company also issued ImmunityBio a warrant to purchase up to 500,000 shares of common stock at $6.60, which expired on January 26, 2019. The Company is entitled to receive up to an aggregate of $343 million in potential milestone payments, contingent upon achievement of certain regulatory approvals and commercial milestones. The Company is also entitled to receive ascending double-digit royalties for net sales for orphan indications such as soft tissue sarcomas and mid to high single digit royalties for other indications.

Molecular Chaperone Assets

In 2011, CytRx sold the rights to arimoclomol and iroxanadine, based on molecular chaperone regulation technology, to Orphazyme A/S (formerly Orphazyme ApS) in exchange for a one-time, upfront payment and the right to receive up to a total of $120 million (USD) in milestone payments upon the achievement of certain pre-specified regulatory and business milestones, as well as royalty payments based on a specified percentage of any net sales of products derived from arimoclomol. Orphazyme is testing arimoclomol in three additional indications beyond ALS, including Niemann-Pick disease Type C (NPC), Gaucher disease and sporadic Inclusion Body Myositis (sIBM). CytRx received a milestone payment of $250,000 in September 2018. Orphazyme has highlighted positive Phase2/3 clinical trial data in patients with NPC and has announced they remain on track to submit a New Drug Application (NDA) with the U.S. Food and Drug Administration (FDA) and a Marketing Authorization Application (MAA) with the European Medicines Agency (EMA) in the first half of 2020. In such event, CytRx will be entitled to a milestone payment of $4 million upon EMA approval and $6 million upon FDA approval, along with royalties and potential additional milestones.

The accompanying condensed consolidated financial statements at September 30, 2019 and for the three-month and nine-month periods ended September 30, 2019 and 2018, respectively, are unaudited, but include all adjustments, consisting of normal recurring entries, that management believes to be necessary for a fair presentation of the periods presented. Interim results are not necessarily indicative of results for a full year. Balance sheet amounts as of December 31, 2018 have been derived from our audited financial statements as of that date.

The condensed consolidated financial statements included herein have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements contained in its Annual Report on Form 10-K for the year ended December 31, 2018.

2. Foreign Currency Remeasurement

The U.S. dollar has been determined to be the functional currency for the net assets of our German operations. The transactions are recorded in the local currencies and are remeasured at each reporting date using the historical rates for nonmonetary assets and liabilities and current exchange rates for monetary assets and liabilities at the balance sheet date. Exchange gains and losses from the remeasurement of monetary assets and liabilities are recognized in other income (loss). The Company recognized a loss of approximately $16,800 and $8,400, respectively, for the three-month and nine-month periods ended September 30, 2019 and a loss of approximately $1,300 and $7,600, respectively, for the three and nine-month periods ended September 30, 2018, respectively. The Company does not engage in currency hedging transactions.

3. Recently Adopted Accounting Pronouncement

On January 1, 2019, CytRx adopted Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842),” which requires the recognition of right-of-use (“ROU”) assets and lease liabilities on the consolidated balance sheet. This ASU retains a distinction between finance leases and operating leases, and the classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the current accounting literature. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount , timing, and uncertainty of cash flows arising from leases. We elected the available practical expedients on adoption. Adoption of the new standard resulted in total lease liabilities of $310,000 and ROU assets of $290,000 as of January 1, 2019. At September 30, 2019, the total lease liabilities were $140,000 and the ROU assets were $131,000.

On January 1, 2018 CytRx adopted Accounting Standards Update 2014-09, Revenue from Contracts with Customers (“ASC 606”) using the modified retrospective method for contracts that were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under the new standard, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. The cumulative effect of initially applying ASC 606 was an adjustment to decrease the opening balance of Accumulated Deficit by $6.7 million as of January 1, 2018.

The guidance provides for a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of the time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers.

Under the new standard the ImmunityBio Licensing Agreement, which was determined to be a functional license agreement, as the underlying intellectual property had standalone functionality, was recognizable in 2017 when ImmunityBio obtained the right to use the intellectual property. The subsequent Reimbursement Agreement was determined to be a contract modification that introduced variable contra revenue for the Company’s reimbursement obligations. In accordance with ASC 606, management estimated its obligations under the Reimbursement Agreement to be $3.2 million which is recognized as a contract liability at the time of revenue recognition. These costs were previously recognized as research and development expense in 2017 in accordance with prior accounting standards. This contract liability was reduced to $50,000 and $9,000, respectively, as of December 31, 2018 and September 30, 2019 as a result of costs incurred under the Reimbursement Agreement and is included within accrued expenses and other current liabilities on the condensed balance sheet as of September 30, 2019. Under prior revenue recognition standards, no revenue was recognized in 2017 under the ImmunityBio Licensing Agreement as a result of revenue recognition criteria not being met, resulting in a deferred revenue balance of $6.9 million as of December 31, 2017.

4. Discontinued Operations

On December 21, 2018, the Company announced that its pre-clinical lab operations had successfully completed its objectives – namely, it has developed four lead compounds, LADR 7, LADR-8, LADR-9 and LADR 10 along with a companion diagnostic (ACDx). Accordingly, the Company terminated the contracts of all its employees at this location.

The Company terminated its lease in Freiburg Germany on April 30, 2019 with no penalty. The Company sold its analytical equipment in March 2019 and wrote down these assets by $7,000. On April 30, 2019 the Company also sold its German office furniture and German leasehold improvements for $0.3 million, realizing a gain on sale of $0.2 million. The net book value of the assets held for sale is $0 at September 30, 2019 and $0.4 million at December 31, 2018. The results of these discontinued operations are presented separately on the Company’s Consolidated Statement of Operations.

	As of
	September 30, 2019		December 31, 2018
Current assets held for sale	$	—	$	81,182
Equipment and furnishings, net		—	$	313,425
Deposit		—		11,401
Non-current assets held for sale	$	—	$	324,826

Accounts payable	$	1,272	$	323,736
Accrued expenses and other current liabilities		—		278,977
Current liabilities of discontinued operations	$	1,272	$	602,713

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Research and development	$	(58	)	$	753,174		$	(171,432	)	$	2,135,840
Loss on impairment of equipment and furnishings		—			—			7,100			—
Employee stock option expense		—			28,683			(2,672	)		89,105
Gain on sale of assets held for sale		—						(192,791	)		—
Other (income) loss		(19,185	)		(861	)		(38,160	)		(7,382	)
Depreciation expense		—			128,340			—			384,051
Loss (gain) from discontinued operations	$	(19,243	)	$	909,336		$	(397,955	)	$	2,601,614

5. Basic and Diluted Net Loss Per Common Share

Basic and diluted net loss per common share is computed based on the weighted-average number of common shares outstanding. Common share equivalents (which consist of options and warrants) are excluded from the computation of diluted net loss per common share where the effect would be anti-dilutive. Common share equivalents that could potentially dilute net loss per share in the future, and which were excluded from the computation of diluted loss per share, totaled 2.6 million shares for each of the three-month and nine-month periods ended September 30, 2019, and 3.5 million shares for each of the three-month and nine-month periods ended September 30, 2018.

6. Warrant Liabilities

Liabilities measured at fair value on a recurring basis include warrant liabilities resulting from our equity financings. In accordance with ASC 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity (“ASC 815-40”), the warrant liabilities are recorded at fair value until they are completely settled. The warrants are valued using the Black-Scholes method, using assumptions consistent with the Company’s application of ASC 505-50, Equity-Based Payments to Non-Employees (“ASC 505-50”). The gain or loss resulting from the change in fair value is shown on the Condensed Statements of Operations as gain (loss) on warrant derivative liability. On July 20, 2018, 2,834,246 warrants classified as liabilities expired and consequently, no gain or loss was recorded in the current period ended September 30, 2019. We recognized a gain of $0 and $0.5 million for the three-month and nine-months periods ended September 30, 2018, respectively. The following reflects the weighted-average assumptions for each of the nine-month periods indicated:

	Nine Months Ended September 30,
	2019		2018

Risk-free interest rate		—		1.77	%
Expected dividend yield		—		0	%
Expected lives		—		0.05
Expected volatility		—		50.2	%
Warrants classified as liabilities (in shares)		—		2,834,246

Our computation of expected volatility is based on the historical daily volatility of our publicly traded stock. The dividend yield assumption of zero is based upon the fact that we have never paid cash dividends and presently have no intention to do so. The risk-free interest rate used for each warrant classified as a derivative is equal to the U.S. Treasury rates in effect at September 30 of each year presented. The expected lives are based on the remaining contractual lives of the related warrants at the valuation date.

7. Leases

The Company determines whether an arrangement is, or contains, a lease at inception. Prior to 2019, the company generally accounted for operating lease payments by charging them to expense as incurred. Beginning in 2019, operating leases that have commenced are included in other assets, other accrued expenses and other long-term liabilities in the consolidated balance sheet. Classification of operating lease liabilities as either current or noncurrent is based on the expected timing of payments due under the company’s obligations.

Because most of the company’s leases do not provide an implicit rate, the company estimates incremental borrowing rates based on the information available at the commencement date in determining the present value of lease payments. The company uses the implicit rate when readily determinable. Lease terms may include the effect of options to extend or terminate the lease when it is reasonably certain that the company will exercise that option.

We lease office space related primarily to the administrative activities and at September 30, 2019, the remaining term of these leases are less than 12 months. See Note 3.

Leases with lease terms of twelve-months or less are expensed on a straight-line basis over the lease term and are not recorded in the Condensed Consolidated Balance Sheet.

In addition, we elected the hindsight practical expedient to determine the lease term for existing leases. In our application of hindsight, we evaluated the Freiburg lease and determined the term would be less than 12 months.

As of September 30, 2019, balance of the right-of-use assets was approximately $131,000, and balance of the total lease liabilities was approximately $140,000. The remaining term of the leases were less than 12 months and as such, balances of the right-of-use assets and lease liabilities were included in prepaid expenses and other current assets, and accrued expenses and other current liabilities, respectively, on the accompanying condensed consolidated balance sheet.

The components of rent expense and supplemental cash flow information related to leases for the period are as follows:

	Nine Months Ended September 30, 2019
Lease Cost
Operating lease cost (included in General and Administrative expenses in the Company’s unaudited condensed consolidated statements of operations)	$	205,520
Other information
Cash paid for amounts included in the measurement of lease liabilities for nine months ended September 30, 2019	$	211,749
Weighted average remaining lease term – operating leases (in years)		0.88
Average discount rate		5.5	%

8. Stock Based Compensation

We have a 2000 Long-Term Incentive Plan, which expired on August 6, 2010. As of September 30, 2019, there were 10,452 shares subject to outstanding stock options under this plan. No further shares are available for future grant under this plan.

We also have a 2008 Stock Incentive Plan. As of September 30, 2019, there were approximately 2.4 million shares subject to outstanding stock options and approximately 0.8 million shares outstanding related to restricted stock grants. This plan expired on November 20, 2018 and thus no further shares are available for future grant under this plan.

We follow ASC 718, Compensation-Stock Compensation, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees.

For stock options and stock warrants paid in consideration of services rendered by non-employees, we recognize compensation expense in accordance with the requirements of ASC 505-50.

Non-employee option grants that do not vest immediately upon grant are recorded as an expense over the vesting period. At the end of each financial reporting period, the value of these options, as calculated using the Black-Scholes option-pricing model, is determined, and compensation expense recognized or recovered during the period is adjusted accordingly. As a result, the amount of the future compensation expense is subject to adjustment until the common stock options are fully vested.

The following table sets forth the total stock-based compensation expense resulting from stock options and warrants included in our Condensed Consolidated Statements of Operations:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019			2018
Research and development — employee	$	—	$	28,683	$	(2,672	)	$	89,105
General and administrative — employee		216,234		243,673		644,113			799,832
Total employee stock-based compensation	$	216,234	$	272,356	$	641,441		$	888,937

Research and development — non-employee	$	—	$	—	$	—		$	—
General and administrative — non-employee	$	—		19,517		—			60,384
Total non-employee stock-based compensation	$	—	$	19,517	$	—		$	60,384

No options were granted during the nine-month period ended September 30, 2019 as compared to 1,667 stock options at an exercise price of $1.89 during the comparative September 30, 2018 period. The fair value of the stock options was estimated using the Black-Scholes option-pricing model, based on the following assumptions:

	Nine Months Ended September 30, 2019		Nine Months Ended September 30, 2018
Risk-free interest rate		—		2.42	%
Expected volatility		—		91.6	%
Expected lives (years)		—		6
Expected dividend yield		—		0.00	%

Our computation of expected volatility is based on the historical daily volatility of our publicly traded stock. We use historical information to compute expected lives. In the nine-month period ended September 30, 2018, the contractual term of the options granted was ten years. The dividend yield assumption of zero is based upon the fact we have never paid cash dividends and presently have no intention to do so. The risk-free interest rate used for each grant and issuance is equal to the U.S. Treasury rates in effect at the time of the grant and issuance for instruments with a similar expected life. On January 1, 2017, the Company adopted ASU 2016-09 and made a policy election to recognize forfeitures as they occur. The adoption of ASU 2016-09 did not have a material impact to the Company’s financial condition or results of operations. No amounts relating to stock-based compensation have been capitalized.

The Company recorded stock compensation expense on vested options of $75,407 and $226,225, respectively, for the three and nine-month periods ended September 30, 2019, as compared to $272,356 and $888,937, respectively, for the three and nine-month periods ended September 30, 2018.

As of September 30, 2019, there remained approximately $0.2 million of unrecognized compensation expense related to unvested stock options granted to current and former employees, directors, to be recognized as expense over a weighted-average period of 0.51 years. Presented below is our stock option activity:

	Nine Months Ended September 30, 2019
	Number of Options (Employees)			Number of Options (Non-Employees)		Total Number of Options			Weighted-Average Exercise Price
Outstanding at January 1, 2019		2,190,835			365,000		2,555,835		$	10.69
Granted		—			—		—		$	—
Exercised, Forfeited or Expired		(181,837	)		—		(181,837	)	$	10.66
Outstanding at September 30, 2019		2,008,998			365,000		2,373,998		$	10.69
Options exercisable at September 30, 2019		1,857,291			365,000		2,222,291		$	11.29

The following table summarizes significant ranges of outstanding stock options under our plans at September 30, 2019:

Range of Exercise Prices		Total Number of Options		Weighted-Average Remaining Contractual Life (years)		Weighted-Average Exercise Price		Total Number of Options Exercisable		Weighted-Average Remaining Contractual Life (years)		Weighted-Average Exercise Price
$	0.77 - $5.00		1,123,449		7.84	$	2.13		971,743		7.81	$	2.16
$	5.01 – $11.00		165,834		3.19	$	10.98		165,834		3.19	$	10.98
$	11.01 – $15.00		623,193		5.54	$	13.89		623,193		5.54	$	13.89
$	15.01 – $98.28		461,523		3.96	$	27.09		461,523		3.96	$	27.09
			2,373,998		6.16	$	10.69		2,222,291		6.03	$	11.29

There was no aggregate intrinsic value to the outstanding options and vested options as of September 30, 2019.

There were 193,196 and 693,196 warrants outstanding at September 30, 2019 and December 31, 2018, respectively at a weighted-average exercise price of $8.60 and $7.16, respectively.

Restricted Stock

No restricted stock was granted in 2019 and 2018. In December 2017, the Company granted to our Chairman and Chief Executive Officer, 387,597 shares of restricted common stock, pursuant to the 2008 Plan. This restricted stock vests in equal annual instalments over three years. The fair value of the restricted stock is based on the market price of the Company’s shares on the grant date less the par value received as consideration. The fair value of the restricted stock on the grant date was $679,000. In December 2016, the Company granted to our Chairman and Chief Executive Officer, 387,597 shares of restricted common stock, pursuant to the 2008 Plan. This restricted stock vests in equal annual instalments over three years. The fair value of the restricted stock is based on the market price of the Company’s shares on the grant date less the par value received as consideration. The fair value of the restricted stock on the grant date was $1,000,000 The Company recorded an employee stock-based compensation expense for restricted stock of $140,827 and $417,889 respectively, for the three and nine-month periods ended September 30, 2019 as compared to $140,827 and $417,889 respectively, for the three and nine-month periods ended September 30, 2018.

9. Fair Value Measurements

Assets and liabilities recorded at fair value on the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure the fair value. Level inputs are as follows:

Level 1 – quoted prices in active markets for identical assets or liabilities.

Level 2 – other significant observable inputs for the assets or liabilities through corroboration with market data at the measurement date.

Level 3 – significant unobservable inputs that reflect management’s best estimate of what market participants would use to price the assets or liabilities at the measurement date.

The following table summarizes fair value measurements by level at September 30, 2019 for assets and liabilities measured at fair value on a recurring basis:

(In thousands)	Level I		Level II		Level III		Total
Cash equivalents	$	6,519	$	—	$	—	$	6,519
Short-term investments		10,024		—		—	$	10,024

The following table summarizes fair value measurements by level at December 31, 2018 for assets and liabilities measured at fair value on a recurring basis:

(In thousands)		Level I				Level II				Level III				Total
Cash equivalents		$	19,731			$	—			$	—			$	19,731

We consider carrying amounts of accounts receivable, accounts payable and accrued expenses to approximate fair value due to the short-term nature of these financial instruments.

Our non-financial assets are measured at fair value when there is an indicator of impairment and recorded at fair value only when an impairment charge is recognized.

10. Liquidity and Capital Resources

At September 30, 2019, the Company had cash and cash equivalents and short-term investments of approximately $18.5 million. Management believes that our current cash and cash equivalents will be sufficient to fund our operations for the foreseeable future. The estimate is based, in part, upon our currently projected expenditures for the remainder of 2019 and the first ten months of 2020 of approximately $5.0 million. These projected expenditures are also based upon numerous other assumptions and subject to many uncertainties, and our actual expenditures may be significantly different from these projections.

While these projections represent the Company’s current expected expenditures, the Company has the ability to reduce the amounts as needed to manage its liquidity needs while still advancing its corporate objectives. The Company will ultimately be required to obtain additional funding in order to execute its long-term business plans, although it does not currently have commitments from any third parties to provide it with long term debt, capital or non-dilutive up-front payments from a potential strategic partner. The Company cannot assure that additional funding will be available on favorable terms, or at all. If the Company fails to obtain additional funding when needed, it may not be able to execute its business plans and its business may suffer, which would have a material adverse effect on its financial position, results of operations and cash flows.

11. Income Taxes

At December 31, 2018, we had federal and state net operating loss carryforwards as of $310.6 million and $235.6 million, respectively, available to offset against future taxable income, which expire in 2019 through 2038, of which $237.9 million and $235.6 million, respectively, are not subject to limitation under Section 382 of the Internal Revenue Code.

12. Commitments and contingencies

Commitments

We have an agreement with Vergell Medical (formerly KTB Tumorforschungs GmbH, or KTB) (“Vergell”) for the Company’s exclusive license of patent rights held by Vergell for the worldwide development and commercialization of aldoxorubicin. Under the agreement, we must make payments to Vergell in the aggregate of $7.5 million upon meeting clinical and regulatory milestones up to and including the product’s second final marketing approval. We also have agreed to pay:

	●	commercially reasonable royalties based on a percentage of net sales (as defined in the agreement);

	●	a percentage of non-royalty sub-licensing income (as defined in the agreement); and

	●	milestones of $1 million for each additional final marketing approval that we obtain.

In the event that we must pay a third party in order to exercise our right to the intellectual property under the agreement, we will deduct a percentage of those payments from the royalties due Vergell, up to an agreed upon cap.

Contingencies

We applied the disclosure provisions of ASC 460, Guarantees (“ASC 460”) to our agreements that contain guarantees or indemnities by us. We provide (i) indemnifications of varying scope and size to certain investors and other parties for certain losses suffered or incurred by the indemnified party in connection with various types of third-party claims; and (ii) indemnifications of varying scope and size to officers and directors against third party claims arising from the services they provide to us.

During 2018, the Company successfully resolved various shareholder derivative actions and a class action lawsuit that were pending against it. The Company has directors’ and officers’ liability insurance, which would be utilized in the defense of any such matters.

The Company may from time to time be subject to third-party claims or proceedings, include those claiming that we are infringing the proprietary rights of others or that we owe royalty, milestone or other payments to third parties. The Company evaluates developments in legal proceedings and other matters on a quarterly basis. The Company records accruals for loss contingencies to the extent that the Company concludes that it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated.

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

Forward Looking Statements

All statements in this Quarterly Report, including statements in this section, other than statements of historical fact are forward-looking statements, including statements of our current views with respect to the recent developments regarding our business strategy, business plan and research and development activities, our future financial results, and other future events. These statements include forward-looking statements both with respect to us, specifically, and the biotechnology industry, in general. In some cases, forward-looking statements can be identified by the use of terminology such as “may,” “will,” “expects,” “plans,” “anticipates,” “estimates,” “potential” or “could” or the negative thereof or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements contained herein are reasonable, there can be no assurance that such expectations or any of the forward-looking statements will prove to be correct, and actual results could differ materially from those projected or assumed in the forward-looking statements.

All forward-looking statements involve inherent risks and uncertainties, and there are or will be important factors that could cause actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, the factors discussed in this section and under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018, which should be reviewed carefully. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we anticipate. Please consider our forward-looking statements in light of those risks as you read this Quarterly Report. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Overview

LADR Drug Discovery Platform and Centurion

CytRx and Centurion have been working on identifying partnership opportunities for LADR™ ultra-high potency drug conjugates and its albumin companion diagnostic.However, no partnerships or any source of financing has become available after twenty-one months of effort.

Aldoxorubicin

On July 27, 2017, the Company entered into an exclusive worldwide license with ImmunityBio, Inc. (“ImmunityBio”), granting to ImmunityBio the exclusive rights to develop, manufacture and commercialize aldoxorubicin in all indications, and our company is no longer directly working on development of aldoxorubicin. As part of the license, ImmunityBio made a strategic investment of $13 million in CytRx common stock at $6.60 per share (adjusted to reflect our 2017 reverse stock split), a premium of 92% to the market price on that date. The Company also issued ImmunityBio a warrant to purchase up to 500,000 shares of common stock at $6.60, which expired on January 26, 2019. The Company is entitled to receive up to an aggregate of $343 million in potential milestone payments, contingent upon achievement of certain regulatory approvals and commercial milestones. The Company is also entitled to receive ascending double-digit royalties for net sales for soft tissue sarcomas and mid to high single digit royalties for other indications.

Molecular Chaperone Assets

Current Business Strategy

The Company is investigating new opportunities and lines of business. For this reason and others, including the closure of the lab, its operating expenses are expected to be significantly lower in the near future. Therefore, period to period comparisons should not be relied upon as predictive of the results in future periods.

Critical Accounting Policies and Estimates

Management’s discussion and analysis of our financial condition and results of operations are based on our financial statements, which have been prepared in accordance with accounting principles generally accepted in the U.S. The preparation of these financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, impairment of long-lived assets, including finite-lived intangible assets, research and development expenses and clinical trial expenses and stock-based compensation expense.

We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions or conditions.

Our significant accounting policies are summarized in Note 2 to our financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2018. We believe the following critical accounting policies affect our more significant judgments and estimates used in the preparation of our financial statements.

Revenue Recognition

Revenue consists of license fees from strategic alliances with pharmaceutical companies, as well as grant revenues. Grant revenues consist of government and private grants.

Under the new standard the ImmunityBio Licensing Agreement, which was determined to be a functional license agreement, as the underlying intellectual property had standalone functionality, was recognizable in 2017 when ImmunityBio obtained the right to use the intellectual property. The subsequent Reimbursement Agreement was determined to be a contract modification that introduced variable contra revenue for the Company’s reimbursement obligations. In accordance with ASC 606, management estimated its obligations under the Reimbursement Agreement to be $3.2 million which is recognized as a contract liability at the time of revenue recognition. These costs were previously recognized as research and development expense in 2017 in accordance with prior accounting standards. This contract liability was reduced to $0.3 million as of January 1, 2018 as a result of costs incurred under the Reimbursement Agreement. This amount was further reduced to $50,000 as of December 31, 2018 and $9,000 as of September 30, 2019.

Additionally, CytRx is eligible to receive tiered high single to low double-digit royalties on product sales. The royalty term is determined on a licensed-product-by-licensed-product and country-by-country basis and begins on the first commercial sale of a licensed product in a country and ends on the expiration of the last to expire of specified patents or regulatory exclusivity covering such licensed product in such country or, with a customary royalty reduction, ten years after the first commercial sale if there is no such exclusivity. These revenues will be recognized when earned.

Research and Development Expenses

Research and development expenses consist of direct and overhead-related research expenses and are expensed as incurred. Costs to acquire technologies, including licenses, that are utilized in research and development and that have no alternative future use are expensed when incurred. Costs of technology developed for use in our products are expensed as incurred until technological feasibility has been established.

Stock-Based Compensation

Our stock-based employee compensation plans are described in Note 8 of the Notes to Condensed Financial Statements included in this Quarterly Report. We follow ASC 718, Compensation-Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for all stock-based awards made to employees.

For stock options and warrants paid in consideration of services rendered by non-employees, we recognize compensation expense in accordance with the requirements of ASC 505-50, Equity-Based Payments to Non-Employees (“ASC 505-50”).

Non-employee option grants that do not vest immediately upon grant are recorded as an expense over the vesting period. At the end of each financial reporting period prior to performance, the value of these options is determined using the Black-Scholes option-pricing model, and compensation expense recognized or recovered during the period is adjusted accordingly. Since the fair market value of options granted or issued to non-employees is subject to change in the future, the amount of the future compensation expense is subject to adjustment until the common stock options or warrants are fully vested.

The fair value of each stock option and warrant is estimated using the Black-Scholes option-pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the stock options and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes option-pricing model, based on an expected forfeiture rate that is adjusted for our actual experience. If our Black-Scholes option-pricing model assumptions or our actual or estimated forfeiture rate are different in the future, it could materially affect our compensation expense recorded in future periods.

Net Income (Loss) per Share

Basic and diluted net loss per common share is computed using the weighted-average number of common shares outstanding. Potentially dilutive stock options and warrants to purchase 2.6 million shares for each of the three-month and nine-month periods ended September 30, 2019, and 3.5 million shares for each of the three-month and nine-month periods ended September 30, 2018, were excluded from the computation of diluted net loss per share, because the effect would be anti-dilutive.

Liquidity and Capital Resources

We have relied primarily upon proceeds from sales of our equity securities and the exercise of options and warrants, and to a much lesser extent upon payments from our strategic partners and licensees, to generate funds needed to finance our business and operation.

At September 30, 2019, the Company had cash and cash equivalents and short-term investments of approximately $18.5 million. We believe that our current cash and cash equivalents will be sufficient to fund our operations for the foreseeable future. The estimate is based, in part, upon our currently projected expenditures for the remainder of 2019 and the first ten months of 2020 of approximately $5.0 million. These projected expenditures are also based upon numerous other assumptions and subject to many uncertainties, and our actual expenditures may be significantly different from these projections.

We recorded a net loss in the nine-months ended September 30, 2019 of $4.2 million as compared to a net loss in the nine-months ended September 30, 2018 of $10.4 million, or a decrease of $6.2 million. CytRx closed its drug development operations in Freiburg Germany in December 2018, resulting in a comparative decrease of approximately $3.0 million in these discontinued operations. There were also reductions in research and development expenditures of $0.6 million, a decrease of $1.7 million in general and administrative expenditures and a reduction in interest expense of $1.7 million, offset by the gain on warrant derivative liabilities of $0.5 million in 2018 as compared to none in 2019 We also received no milestone revenues in 2019 as compared to $0.3 million in the comparative 2018 period.

We purchased $10 million of short-term investments in the current nine-month period, and realized $0.5 million from the sale of fixed assets from the discontinued operations in the nine-month period ended September 30, 2019, as compared to capital expenditures of $11,000 in the nine-month period ended September 30, 2018. We do not expect any significant capital spending during the next 12 months.

There were no financing transactions in the nine-month period ended September 30, 2019. In the comparative 2018 period, we made principal term loan and loan end-fee payments on our now expired term loan of $11.8 million, partially offset by the receipt of a net amount of $6.5 million from the proceeds of a public offering in May 2018.

We continue to evaluate potential future sources of capital, as we do not currently have commitments from any third parties to provide us with additional capital. The results of our technology licensing efforts and the actual proceeds of any fund-raising activities will determine our ongoing ability to operate as a going concern. Our ability to obtain future financings through joint ventures, product licensing arrangements, royalty sales, equity financings, grants or otherwise is subject to market conditions, the ability of our partner to commercialize aldoxorubicin and our ability to identify parties that are willing and able to enter into such arrangements related to our drug development efforts in our German lab on terms that are satisfactory to us. Depending upon the outcome of our fundraising efforts, the accompanying financial information may not necessarily be indicative of our future financial condition.

There can be no assurance that we will be able to generate revenues from our product candidates and become profitable. Even if we become profitable, we may not be able to sustain that profitability.

Results of Operations

We recorded a net loss of approximately $1.5 million and $4.2 million for the three-month and nine-month periods ended September 30, 2019, respectively, as compared to a net loss of approximately $3.3 million and $10.4 million for the three-month and nine-month periods ended September 30, 2018, respectively. The closure of our drug development operations in Freiburg Germany resulted in a comparative decrease of approximately $0.9 million and $3.0 million in expenditures for these discontinued operations for the three-month and nine-month 2019 periods. There were no research and development expenditures in the 2019 periods as compared to $0.6 million for the nine-month period ended September 30, 2018, since our aldoxorubicin program had been licensed to ImmunityBio.

We did not recognize any licensing revenue in 2019 as compared to $250,000 of licensing revenue in the three and nine-month periods ended September 30, 2018. All future licensing fees under our current licensing agreements are dependent upon successful development milestones being achieved by the licensors. During the remainder of 2019, we do not anticipate receiving any significant licensing fees.

Research and Development

	Three-Month Period Ended September 30,					Nine-Month Period Ended September 30,
	2019		2018			2019		2018
	(In thousands)					(In thousands)
Research and development expenses	$	—	$	(3	)	$	1	$	570
Employee stock option expense		—		—			—		—
Depreciation and amortization		—		3			—		8
	$	—	$	—		$	1	$	578

Research expenses are incurred by us in the discovery of new information that will assist us in the creation and the development of new drugs or treatments. Development expenses are incurred by us in our efforts to commercialize the findings generated through our research efforts. Research and development expenses incurred during the three-month and nine-month periods ended September 30, 2018 related primarily to our aldoxorubicin program which is licensed to ImmunityBio.

General and Administrative Expenses

	Three-Month Period Ended September 30,				Nine-Month Period Ended September 30,
	2019		2018		2019		2018
	(In thousands)				(In thousands)
General and administrative expenses	$	1,325	$	1,952	$	4,154	$	5,220
Non-cash general and administrative expenses		—		20		—		60
Employee stock option expense		216		384		644		1,218
Depreciation and amortization		5		5		16		16
	$	1,546	$	2,361	$	4,814	$	6,514

General and administrative expenses include all administrative salaries and general corporate expenses, including legal expenses. Our general and administrative expenses, excluding stock option expense, non-cash expenses and depreciation and amortization, were $1.3 million and $4.2 million for the three and nine-month periods ended September 30, 2019, respectively, and $2.0 million and 5.2 million, respectively, for the same periods in 2018. Our general and administrative expenses in the comparative nine-month periods excluding stock option expense, non-cash expenses and depreciation and amortization, decreased by approximately $0.6 million, primarily due to a decrease in legal fees and a reduction in head count

Employee stock option expense relates to options granted to retain and compensate directors, officers and other employees. We recorded, in total, approximately $0.2 million and 0.6 million of employee stock option expense in the three-month and nine-month periods ended September 30, 2019, respectively, as compared to $0.4 million and $1.2 million, respectively, for the same periods in 2018. We recorded no non-employee stock option expense in the three-month and nine-month periods, ended September 30, 2019, respectively, as compared to $20,000 and $60,000 for the comparative 2018 periods.

Depreciation and Amortization

Depreciation expense reflects the depreciation of our equipment and furnishings.

Interest Income and Expense

Interest income was approximately $91,000 and $284,000 for the three-month and nine-month periods ended September 30, 2019, respectively, as compared to $93,000 and $269,000, respectively, for the same periods in 2018.

There was no interest expense in 2019 as compared to $0.4 million and $1.7 million for the comparative 2018 periods

Item 3. — Quantitative and Qualitative Disclosures About Market Risk

Our exposure to market risk is limited primarily to interest income sensitivity, which is affected by changes in the general level of U.S. interest rates, particularly because a significant portion of our investments are in short-term debt securities issued by the U.S. government and institutional money market funds. The primary objective of our investment activities is to preserve principal. Due to the nature of our short-term investments, we believe that we are not subject to any material market risk exposure. We do not have any speculative or hedging derivative financial instruments or foreign currency instruments. If interest rates had varied by 10% in the three-month period ended September 30, 2019, it would not have had a material effect on our results of operations or cash flows for that period.

Item 4. — Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, performed an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Securities Exchange Act Rule 13a-15(e)) as of the end of the quarterly period covered by this Quarterly Report. Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures were effective to ensure that information required to be disclosed by us in reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC.

Changes in Controls over Financial Reporting

There was no change in our internal control over financial reporting that occurred during the quarter ended September 30, 2019 that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. We continually seek to assure that all of our controls and procedures are adequate and effective. Any failure to implement and maintain improvements in the controls over our financial reporting could cause us to fail to meet our reporting obligations under the SEC’s rules and regulations. Any failure to improve our internal controls to address the weakness we have identified could also cause investors to lose confidence in our reported financial information, which could have a negative impact on the trading price of our common stock.

PART II — OTHER INFORMATION

Item 1. — Legal Proceedings

None.

Item 1A. Risk Factors

You should carefully consider and evaluate the information in this Quarterly Report and the risk factors set forth under the caption “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (the “Form 10-K”), which was filed with the SEC on March 29, 2019. The risk factors associated with our business have not materially changed compared to the risk factors disclosed in the Form 10-K.

Item 6. — Exhibits

The exhibits listed in the accompanying Index to Exhibits are filed as part of this Quarterly Report and incorporated herein by reference.

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.

	CytRx Corporation

Date: November 14, 2019	By:	/s/ JOHN Y. CALOZ
		John Y. Caloz
		Chief Financial Officer

INDEX TO EXHIBITS

Exhibit Number		Description
31.1		Certification of Chief Executive Officer Pursuant to 17 CFR 240.13a-14(a)
31.2		Certification of Chief Financial Officer Pursuant to 17 CFR 240.13a-14(a)
32.1		Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2		Certification of Chief 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 Schema Document
101.CAL		XBRL Calculation Linkbase Document
101.DEF		XBRL Definition Linkbase Document
101.LAB		XBRL Label Linkbase Document
101.PRE		XBRL Presentation Linkbase Document

EX-31.1 2 ex31-1.htm

Exhibit 31.1

CERTIFICATIONS

I, Steven A. Kriegsman, Chairman and Chief Executive Officer of CytRx Corporation, certify that:

1. I have reviewed this quarterly report on Form 10-Q of CytRx Corporation;

2. Based on my knowledge, this quarterly 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 periods covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly 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 quarterly report;

4. The registrant’s other certifying officer and I are 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 Rules713a-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 our supervision, to ensure that material information relating to the registrant, including its subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our 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 our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the periods 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 (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our 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.

Date: November 14, 2019	By:	/s/ STEVEN A. KRIEGSMAN
		Steven A. Kriegsman
		Chairman and Chief Executive Officer

EX-31.2 3 ex31-2.htm

Exhibit 31.2

CERTIFICATIONS

I, John Y. Caloz, Chief Financial Officer of CytRx Corporation, certify that:

1. I have reviewed this quarterly report on Form 10-Q of CytRx Corporation;

4. The registrant’s other certifying officer and I are 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:

(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.

Date: November 14, 2019	By:	/s/ JOHN Y. CALOZ
		John Y. Caloz
		Chief Financial Officer

EX-32.1 4 ex32-1.htm

Exhibit 32.1

Certification of Chief Executive Officer

Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of CytRx Corporation (the “Company”) hereby certifies based on his knowledge that:

(i) the accompanying Quarterly Report on Form 10-Q of the Company for the period ended September 30, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the periods covered in the Report.

Date: November 14, 2019	By:	/s/ STEVEN A. KRIEGSMAN
		Steven A. Kriegsman
		Chairman and Chief Executive Officer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 (Section 906), or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to CytRx Corporation and will be retained by CytRx Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished to the Securities and Exchange Commission as an Exhibit to the Form 10-Q and shall not be considered filed as part of the Form 10-Q.

EX-32.2 5 ex32-2.htm

Exhibit 32.2

Certification of Chief Financial Officer

Date: November 14, 2019	By:	/s/ JOHN Y. CALOZ
		John Y. Caloz
		Chief Financial Officer

The foregoing certification is being furnished to the Securities and Exchange Commission as an Exhibit to the Form 10-Q and shall not be considered filed as part of the Form 10-Q.

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6. Warrant Liabilities   Liabilities measured at fair value on a recurring basis include warrant liabilities resulting from our equity financings. In accordance with ASC 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity (“ASC 815-40”), the warrant liabilities are recorded at fair value until they are completely settled. The warrants are valued using the Black-Scholes method, using assumptions consistent with the Company’s application of ASC 505-50, Equity-Based Payments to Non-Employees (“ASC 505-50”). The gain or loss resulting from the change in fair value is shown on the Condensed Statements of Operations as gain (loss) on warrant derivative liability. On July 20, 2018, 2,834,246 warrants classified as liabilities expired and consequently, no gain or loss was recorded in the current period ended September 30, 2019. We recognized a gain of $0 and $0.5 million for the three-month and nine-months periods ended September 30, 2018, respectively. The following reflects the weighted-average assumptions for each of the nine-month periods indicated:   <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"> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Nine Months Ended September 30,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%">Risk-free interest rate</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">1.77</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Expected dividend yield</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Expected lives</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.05</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Expected volatility</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">50.2</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Warrants classified as liabilities (in shares)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,834,246</td> <td> </td></tr> </table>   Our computation of expected volatility is based on the historical daily volatility of our publicly traded stock. The dividend yield assumption of zero is based upon the fact that we have never paid cash dividends and presently have no intention to do so. The risk-free interest rate used for each warrant classified as a derivative is equal to the U.S. Treasury rates in effect at September 30 of each year presented. The expected lives are based on the remaining contractual lives of the related warrants at the valuation date.

8. Stock Based Compensation   We have a 2000 Long-Term Incentive Plan, which expired on August 6, 2010. As of September 30, 2019, there were 10,452 shares subject to outstanding stock options under this plan. No further shares are available for future grant under this plan.   We also have a 2008 Stock Incentive Plan. As of September 30, 2019, there were approximately 2.4 million shares subject to outstanding stock options and approximately 0.8 million shares outstanding related to restricted stock grants. This plan expired on November 20, 2018 and thus no further shares are available for future grant under this plan.   We follow ASC 718, Compensation-Stock Compensation, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees.   For stock options and stock warrants paid in consideration of services rendered by non-employees, we recognize compensation expense in accordance with the requirements of ASC 505-50.   Non-employee option grants that do not vest immediately upon grant are recorded as an expense over the vesting period. At the end of each financial reporting period, the value of these options, as calculated using the Black-Scholes option-pricing model, is determined, and compensation expense recognized or recovered during the period is adjusted accordingly. As a result, the amount of the future compensation expense is subject to adjustment until the common stock options are fully vested.   The following table sets forth the total stock-based compensation expense resulting from stock options and warrants included in our Condensed Consolidated Statements of Operations:   <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"> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Three Months Ended September 30,</td> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Nine Months Ended September 30,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 36%; padding-left: 5.05pt; text-indent: -5.05pt">Research and development — employee</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">28,683</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">(2,672</td> <td style="width: 1%">)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">89,105</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.05pt; text-indent: -5.05pt">General and administrative — employee</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">216,234</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">243,673</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">644,113</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">799,832</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Total employee stock-based compensation</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">216,234</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">272,356</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">641,441</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">888,937</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 24.45pt; text-indent: -5.05pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.05pt; text-indent: -5.05pt">Research and development — non-employee</td> <td> </td> <td>$</td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.05pt; text-indent: -5.05pt">General and administrative — non-employee</td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">19,517</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">60,384</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Total non-employee stock-based compensation</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">19,517</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">60,384</td> <td> </td></tr> </table>   No options were granted during the nine-month period ended September 30, 2019 as compared to 1,667 stock options at an exercise price of $1.89 during the comparative September 30, 2018 period. The fair value of the stock options was estimated using the Black-Scholes option-pricing model, based on the following assumptions:   <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"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Nine Months Ended September 30, 2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Nine Months Ended September 30, 2018</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%">Risk-free interest rate</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 21%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 21%; text-align: right">2.42</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Expected volatility</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">91.6</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Expected lives (years)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Expected dividend yield</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.00</td> <td>%</td></tr> </table>   Our computation of expected volatility is based on the historical daily volatility of our publicly traded stock. We use historical information to compute expected lives. In the nine-month period ended September 30, 2018, the contractual term of the options granted was ten years. The dividend yield assumption of zero is based upon the fact we have never paid cash dividends and presently have no intention to do so. The risk-free interest rate used for each grant and issuance is equal to the U.S. Treasury rates in effect at the time of the grant and issuance for instruments with a similar expected life. On January 1, 2017, the Company adopted ASU 2016-09 and made a policy election to recognize forfeitures as they occur. The adoption of ASU 2016-09 did not have a material impact to the Company’s financial condition or results of operations. No amounts relating to stock-based compensation have been capitalized.   The Company recorded stock compensation expense on vested options of $75,407 and $226,225, respectively, for the three and nine-month periods ended September 30, 2019, as compared to $272,356 and $888,937, respectively, for the three and nine-month periods ended September 30, 2018.   As of September 30, 2019, there remained approximately $0.2 million of unrecognized compensation expense related to unvested stock options granted to current and former employees, directors, to be recognized as expense over a weighted-average period of 0.51 years. Presented below is our stock option activity:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center">Nine Months Ended September 30, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Number of Options (Employees)</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Number of Options (Non-Employees)</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Total Number of Options</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted-Average Exercise Price</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 34%; padding-left: 5.05pt; text-indent: -5.05pt">Outstanding at January 1, 2019</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">2,190,835</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">365,000</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">2,555,835</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">10.69</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 14.75pt; text-indent: -5.05pt">Granted</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 14.75pt; text-indent: -5.05pt">Exercised, Forfeited or Expired</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(181,837</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(181,837</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">10.66</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.05pt; text-indent: -5.05pt">Outstanding at September 30, 2019</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,008,998</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">365,000</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,373,998</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">10.69</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.05pt; text-indent: -5.05pt">Options exercisable at September 30, 2019</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1,857,291</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">365,000</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,222,291</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">11.29</td> <td> </td></tr> </table>   The following table summarizes significant ranges of outstanding stock options under our plans at September 30, 2019:   <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="border-bottom: black 1.5pt solid; text-align: center">Range of Exercise Prices</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Total Number of Options</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted-Average Remaining Contractual Life (years)</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted-Average Exercise Price</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Total Number of Options Exercisable</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted-Average Remaining Contractual Life (years)</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted-Average Exercise Price</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">0.77 - $5.00</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">1,123,449</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">7.84</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">2.13</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">971,743</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">7.81</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">2.16</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>$</td> <td style="text-align: right">5.01 – $11.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">165,834</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3.19</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">10.98</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">165,834</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3.19</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">10.98</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>$</td> <td style="text-align: right">11.01 – $15.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">623,193</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5.54</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">13.89</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">623,193</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5.54</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">13.89</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>$</td> <td style="text-align: right">15.01 – $98.28</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">461,523</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3.96</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">27.09</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">461,523</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3.96</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">27.09</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,373,998</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6.16</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">10.69</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,222,291</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6.03</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">11.29</td> <td> </td></tr> </table>   There was no aggregate intrinsic value to the outstanding options and vested options as of September 30, 2019.   There were 193,196 and 693,196 warrants outstanding at September 30, 2019 and December 31, 2018, respectively at a weighted-average exercise price of $8.60 and $7.16, respectively.   Restricted Stock   No restricted stock was granted in 2019 and 2018. In December 2017, the Company granted to our Chairman and Chief Executive Officer, 387,597 shares of restricted common stock, pursuant to the 2008 Plan. This restricted stock vests in equal annual instalments over three years. The fair value of the restricted stock is based on the market price of the Company’s shares on the grant date less the par value received as consideration. The fair value of the restricted stock on the grant date was $679,000. In December 2016, the Company granted to our Chairman and Chief Executive Officer, 387,597 shares of restricted common stock, pursuant to the 2008 Plan. This restricted stock vests in equal annual instalments over three years. The fair value of the restricted stock is based on the market price of the Company’s shares on the grant date less the par value received as consideration. The fair value of the restricted stock on the grant date was $1,000,000 The Company recorded an employee stock-based compensation expense for restricted stock of $140,827 and $417,889 respectively, for the three and nine-month periods ended September 30, 2019 as compared to $140,827 and $417,889 respectively, for the three and nine-month periods ended September 30, 2018.

11. Income Taxes   At December 31, 2018, we had federal and state net operating loss carryforwards as of $310.6 million and $235.6 million, respectively, available to offset against future taxable income, which expire in 2019 through 2038, of which $237.9 million and $235.6 million, respectively, are not subject to limitation under Section 382 of the Internal Revenue Code.

12. Commitments and contingencies   Commitments   We have an agreement with Vergell Medical (formerly KTB Tumorforschungs GmbH, or KTB) (“Vergell”) for the Company’s exclusive license of patent rights held by Vergell for the worldwide development and commercialization of aldoxorubicin. Under the agreement, we must make payments to Vergell in the aggregate of $7.5 million upon meeting clinical and regulatory milestones up to and including the product’s second final marketing approval. We also have agreed to pay:   <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"> </td> <td style="width: 24px; text-align: justify">●</td> <td style="text-align: justify">commercially reasonable royalties based on a percentage of net sales (as defined in the agreement);</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify">●</td> <td style="text-align: justify">a percentage of non-royalty sub-licensing income (as defined in the agreement); and</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify">●</td> <td style="text-align: justify">milestones of $1 million for each additional final marketing approval that we obtain.</td></tr> </table>   In the event that we must pay a third party in order to exercise our right to the intellectual property under the agreement, we will deduct a percentage of those payments from the royalties due Vergell, up to an agreed upon cap.   Contingencies   We applied the disclosure provisions of ASC 460, Guarantees (“ASC 460”) to our agreements that contain guarantees or indemnities by us. We provide (i) indemnifications of varying scope and size to certain investors and other parties for certain losses suffered or incurred by the indemnified party in connection with various types of third-party claims; and (ii) indemnifications of varying scope and size to officers and directors against third party claims arising from the services they provide to us.   During 2018, the Company successfully resolved various shareholder derivative actions and a class action lawsuit that were pending against it. The Company has directors’ and officers’ liability insurance, which would be utilized in the defense of any such matters.   The Company may from time to time be subject to third-party claims or proceedings, include those claiming that we are infringing the proprietary rights of others or that we owe royalty, milestone or other payments to third parties. The Company evaluates developments in legal proceedings and other matters on a quarterly basis. The Company records accruals for loss contingencies to the extent that the Company concludes that it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated.

The following reflects the weighted-average assumptions for each of the nine-month periods indicated:   <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"> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Nine Months Ended September 30,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%">Risk-free interest rate</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">1.77</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Expected dividend yield</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Expected lives</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.05</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Expected volatility</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">50.2</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Warrants classified as liabilities (in shares)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,834,246</td> <td> </td></tr> </table>

The fair value of the stock options was estimated using the Black-Scholes option-pricing model, based on the following assumptions:   <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"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Nine Months Ended September 30, 2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Nine Months Ended September 30, 2018</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%">Risk-free interest rate</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 21%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 21%; text-align: right">2.42</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Expected volatility</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">91.6</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Expected lives (years)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Expected dividend yield</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.00</td> <td>%</td></tr> </table>

Presented below is our stock option activity:   <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"> </td> <td> </td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center">Nine Months Ended September 30, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Number of Options (Employees)</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Number of Options (Non-Employees)</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Total Number of Options</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted-Average Exercise Price</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 34%; padding-left: 5.05pt; text-indent: -5.05pt">Outstanding at January 1, 2019</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">2,190,835</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">365,000</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">2,555,835</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">10.69</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 14.75pt; text-indent: -5.05pt">Granted</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 14.75pt; text-indent: -5.05pt">Exercised, Forfeited or Expired</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(181,837</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(181,837</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">10.66</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.05pt; text-indent: -5.05pt">Outstanding at September 30, 2019</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,008,998</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">365,000</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,373,998</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">10.69</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.05pt; text-indent: -5.05pt">Options exercisable at September 30, 2019</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1,857,291</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">365,000</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,222,291</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">11.29</td> <td> </td></tr> </table>

The following table summarizes significant ranges of outstanding stock options under our plans at September 30, 2019:   <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="border-bottom: black 1.5pt solid; text-align: center">Range of Exercise Prices</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Total Number of Options</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted-Average Remaining Contractual Life (years)</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted-Average Exercise Price</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Total Number of Options Exercisable</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted-Average Remaining Contractual Life (years)</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted-Average Exercise Price</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">0.77 - $5.00</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">1,123,449</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">7.84</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">2.13</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">971,743</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">7.81</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">2.16</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>$</td> <td style="text-align: right">5.01 – $11.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">165,834</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3.19</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">10.98</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">165,834</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3.19</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">10.98</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>$</td> <td style="text-align: right">11.01 – $15.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">623,193</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5.54</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">13.89</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">623,193</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5.54</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">13.89</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>$</td> <td style="text-align: right">15.01 – $98.28</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">461,523</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3.96</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">27.09</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">461,523</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3.96</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">27.09</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,373,998</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6.16</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">10.69</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,222,291</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6.03</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">11.29</td> <td> </td></tr> </table>

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2. Foreign Currency Remeasurement   The U.S. dollar has been determined to be the functional currency for the net assets of our German operations. The transactions are recorded in the local currencies and are remeasured at each reporting date using the historical rates for nonmonetary assets and liabilities and current exchange rates for monetary assets and liabilities at the balance sheet date. Exchange gains and losses from the remeasurement of monetary assets and liabilities are recognized in other income (loss). The Company recognized a loss of approximately $16,800 and $8,400, respectively, for the three-month and nine-month periods ended September 30, 2019 and a loss of approximately $1,300 and $7,600, respectively, for the three and nine-month periods ended September 30, 2018, respectively. The Company does not engage in currency hedging transactions.

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4. Discontinued Operations   On December 21, 2018, the Company announced that its pre-clinical lab operations had successfully completed its objectives – namely, it has developed four lead compounds, LADR 7, LADR-8, LADR-9 and LADR 10 along with a companion diagnostic (ACDx). Accordingly, the Company terminated the contracts of all its employees at this location.   The Company terminated its lease in Freiburg Germany on April 30, 2019 with no penalty. The Company sold its analytical equipment in March 2019 and wrote down these assets by $7,000. On April 30, 2019 the Company also sold its German office furniture and German leasehold improvements for $0.3 million, realizing a gain on sale of $0.2 million. The net book value of the assets held for sale is $0 at September 30, 2019 and $0.4 million at December 31, 2018. The results of these discontinued operations are presented separately on the Company’s Consolidated Statement of Operations.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">As of</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2018</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 60%; padding-left: 5.05pt; text-indent: -5.05pt">Current assets held for sale</td> <td style="width: 2%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid">$</td> <td style="width: 16%; border-bottom: black 1.5pt solid; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid">$</td> <td style="width: 16%; border-bottom: black 1.5pt solid; text-align: right">81,182</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.05pt; text-indent: -5.05pt">Equipment and furnishings, net</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">313,425</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.05pt; text-indent: -5.05pt">Deposit</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">11,401</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.05pt; text-indent: -5.05pt">Non-current assets held for sale</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">324,826</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.05pt; text-indent: -5.05pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.05pt; text-indent: -5.05pt">Accounts payable</td> <td> </td> <td>$</td> <td style="text-align: right">1,272</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">323,736</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Accrued expenses and other current liabilities</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">278,977</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Current liabilities of discontinued operations</td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,272</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">602,713</td> <td> </td></tr> </table>     <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"> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Three Months Ended September 30,</td> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Nine Months Ended September 30,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 36%">Research and development</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">(58</td> <td style="width: 1%">)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">753,174</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">(171,432</td> <td style="width: 1%">)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">2,135,840</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Loss on impairment of equipment and furnishings</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">7,100</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Employee stock option expense</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">28,683</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(2,672</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">89,105</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Gain on sale of assets held for sale</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(192,791</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Other (income) loss</td> <td> </td> <td> </td> <td style="text-align: right">(19,185</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(861</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(38,160</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(7,382</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Depreciation expense</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">128,340</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">384,051</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Loss (gain) from discontinued operations</td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">(19,243</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">909,336</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">(397,955</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,601,614</td> <td> </td></tr> </table>

131000

290000

131000

278977

1272

323736

313425

-171432 2135840 753174 -58 7100 -2672 89105 28683

384051

128340

The results of these discontinued operations are presented separately on the Company’s Consolidated Statement of Operations.   <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"> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">As of</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2018</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 60%; padding-left: 5.05pt; text-indent: -5.05pt">Current assets held for sale</td> <td style="width: 2%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid">$</td> <td style="width: 16%; border-bottom: black 1.5pt solid; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid">$</td> <td style="width: 16%; border-bottom: black 1.5pt solid; text-align: right">81,182</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.05pt; text-indent: -5.05pt">Equipment and furnishings, net</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">313,425</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.05pt; text-indent: -5.05pt">Deposit</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">11,401</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.05pt; text-indent: -5.05pt">Non-current assets held for sale</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">324,826</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.05pt; text-indent: -5.05pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.05pt; text-indent: -5.05pt">Accounts payable</td> <td> </td> <td>$</td> <td style="text-align: right">1,272</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">323,736</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Accrued expenses and other current liabilities</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">278,977</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Current liabilities of discontinued operations</td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,272</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">602,713</td> <td> </td></tr> </table>     <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Three Months Ended September 30,</td> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Nine Months Ended September 30,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 36%">Research and development</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">(58</td> <td style="width: 1%">)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">753,174</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">(171,432</td> <td style="width: 1%">)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">2,135,840</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Loss on impairment of equipment and furnishings</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">7,100</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Employee stock option expense</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">28,683</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(2,672</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">89,105</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Gain on sale of assets held for sale</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(192,791</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Other (income) loss</td> <td> </td> <td> </td> <td style="text-align: right">(19,185</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(861</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(38,160</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(7,382</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Depreciation expense</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">128,340</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">384,051</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Loss (gain) from discontinued operations</td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">(19,243</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">909,336</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">(397,955</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,601,614</td> <td></td></tr></table>

6900000

2834246

200000

693196

193196

324853

400000

300000

324826

11401

397955

-909336

-2601614

19243

397955

-2601614

-909336

19243

1. Description of Company and Basis of Presentation   CytRx Corporation (“CytRx”) is a biopharmaceutical research and development company specializing in oncology and rare diseases. The Company’s focus has been on the discovery, research and clinical development of novel anti-cancer drug candidates that employ novel linker technologies to enhance the accumulation and release of cytotoxic anti-cancer agents at the tumor. During 2017, CytRx’s discovery laboratory, located in Freiburg, Germany, synthesized and tested over 75 rationally designed drug conjugates with highly potent payloads, culminating in the creation of two distinct classes of compounds. Four lead candidates (LADR-7 through LADR-10) were selected based on in vitro and animal preclinical studies, stability, and manufacturing feasibility. In 2018, additional animal efficacy and toxicology testing of these lead candidates was conducted. In addition, a novel albumin companion diagnostic, ACDx™, was developed to identify patients with cancer who are most likely to benefit from treatment with these drug candidates.   On June 1, 2018, CytRx launched Centurion BioPharma Corporation (“Centurion”), a private wholly owned subsidiary, and transferred all of its assets, liabilities and personnel associated with the laboratory operations in Freiburg, Germany. In connection with said transfer, the Company and Centurion entered into a Management Services Agreement whereby the Company agreed to render advisory, consulting, financial and administrative services to Centurion, for which Centurion shall reimburse the Company for the cost of such services plus a 5% service charge. The Management Services Agreement may be terminated by either party at any time. Centurion is focused on the development of personalized medicine for solid tumor treatment. On December 21, 2018, CytRx announced that Centurion had concluded the pre-clinical phase of development for its four LADR drug candidates, and for its albumin companion diagnostic (ACDx™). As a result of completing this work, operations taking place at the pre-clinical laboratory in Freiburg, Germany would no longer be needed and, accordingly, the lab was closed at the end of January 2019.   LADR Drug Discovery Platform and Centurion   Centurion’s LADR™ (Linker Activated Drug Release) technology platform is a discovery engine combining expertise in linker chemistry and albumin biology to create a pipeline of anti-cancer molecules that will avoid unacceptable systemic toxicity while delivering highly potent agents directly to the tumor. Centurion has created a “toolbox” of linker technologies that are designed to significantly increase the therapeutic index of ultra-high potency drugs (10-1,000 times more potent than traditional chemotherapies) by controlling the release of the drug payloads and improving drug-like properties.   Centurion’s efforts were focused on two classes of ultra-high potency albumin-binding drug conjugates. These drug conjugates combine the proprietary LADR™ linkers with novel derivatives of the auristatin and maytansinoid drug classes. These payloads historically have required a targeting antibody for successful administration to humans. These drug conjugates eliminate the need for a targeting antibody and provide a small molecule therapeutic option with potential broader applicability.   Centurion’s novel companion diagnostic, ACDx™ (albumin companion diagnostic), was developed to identify patients with cancer who are most likely to benefit from treatment with the four LADR lead assets.   CytRx and Centurion have been working on identifying partnership opportunities for LADR™ ultra-high potency drug conjugates and its albumin companion diagnostic. However, no partnerships or any source of financing has become available after twenty-one months of effort.   Aldoxorubicin   Until July 2017, the Company was focused on the research and clinical development of aldoxorubicin, their modified version of the widely-used chemotherapeutic agent, doxorubicin. Aldoxorubicin combines the chemotherapeutic agent doxorubicin with a novel linker-molecule that binds specifically to albumin in the blood to allow for delivery of higher amounts of doxorubicin (3½ to 4 times) without several of the major dose-limiting toxicities seen with administration of doxorubicin alone.   On July 27, 2017, the Company entered into an exclusive worldwide license with ImmunityBio, Inc. (formerly known as NantCell, Inc. (“ImmunityBio”)), granting to ImmunityBio the exclusive rights to develop, manufacture and commercialize aldoxorubicin in all indications, and our company is no longer directly working on development of aldoxorubicin. As part of the license, ImmunityBio made a strategic investment of $13 million in CytRx common stock at $6.60 per share (adjusted to reflect our 2017 reverse stock split), a premium of 92% to the market price on that date. The Company also issued ImmunityBio a warrant to purchase up to 500,000 shares of common stock at $6.60, which expired on January 26, 2019. The Company is entitled to receive up to an aggregate of $343 million in potential milestone payments, contingent upon achievement of certain regulatory approvals and commercial milestones. The Company is also entitled to receive ascending double-digit royalties for net sales for orphan indications such as soft tissue sarcomas and mid to high single digit royalties for other indications.   Molecular Chaperone Assets   In 2011, CytRx sold the rights to arimoclomol and iroxanadine, based on molecular chaperone regulation technology, to Orphazyme A/S (formerly Orphazyme ApS) in exchange for a one-time, upfront payment and the right to receive up to a total of $120 million (USD) in milestone payments upon the achievement of certain pre-specified regulatory and business milestones, as well as royalty payments based on a specified percentage of any net sales of products derived from arimoclomol. Orphazyme is testing arimoclomol in three additional indications beyond ALS, including Niemann-Pick disease Type C (NPC), Gaucher disease and sporadic Inclusion Body Myositis (sIBM). CytRx received a milestone payment of $250,000 in September 2018. Orphazyme has highlighted positive Phase2/3 clinical trial data in patients with NPC and has announced they remain on track to submit a New Drug Application (NDA) with the U.S. Food and Drug Administration (FDA) and a Marketing Authorization Application (MAA) with the European Medicines Agency (EMA) in the first half of 2020. In such event, CytRx will be entitled to a milestone payment of $4 million upon EMA approval and $6 million upon FDA approval, along with royalties and potential additional milestones.   The accompanying condensed consolidated financial statements at September 30, 2019 and for the three-month and nine-month periods ended September 30, 2019 and 2018, respectively, are unaudited, but include all adjustments, consisting of normal recurring entries, that management believes to be necessary for a fair presentation of the periods presented. Interim results are not necessarily indicative of results for a full year. Balance sheet amounts as of December 31, 2018 have been derived from our audited financial statements as of that date.   The condensed consolidated financial statements included herein have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements contained in its Annual Report on Form 10-K for the year ended December 31, 2018.

3. Recently Adopted Accounting Pronouncement   On January 1, 2019, CytRx adopted Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842),” which requires the recognition of right-of-use (“ROU”) assets and lease liabilities on the consolidated balance sheet. This ASU retains a distinction between finance leases and operating leases, and the classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the current accounting literature. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount , timing, and uncertainty of cash flows arising from leases. We elected the available practical expedients on adoption. Adoption of the new standard resulted in total lease liabilities of $310,000 and ROU assets of $290,000 as of January 1, 2019. At September 30, 2019, the total lease liabilities were $140,000 and the ROU assets were $131,000.   On January 1, 2018 CytRx adopted Accounting Standards Update 2014-09, Revenue from Contracts with Customers (“ASC 606”) using the modified retrospective method for contracts that were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under the new standard, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. The cumulative effect of initially applying ASC 606 was an adjustment to decrease the opening balance of Accumulated Deficit by $6.7 million as of January 1, 2018.   The guidance provides for a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of the time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers.   Under the new standard the ImmunityBio Licensing Agreement, which was determined to be a functional license agreement, as the underlying intellectual property had standalone functionality, was recognizable in 2017 when ImmunityBio obtained the right to use the intellectual property. The subsequent Reimbursement Agreement was determined to be a contract modification that introduced variable contra revenue for the Company’s reimbursement obligations. In accordance with ASC 606, management estimated its obligations under the Reimbursement Agreement to be $3.2 million which is recognized as a contract liability at the time of revenue recognition. These costs were previously recognized as research and development expense in 2017 in accordance with prior accounting standards. This contract liability was reduced to $50,000 and $9,000, respectively, as of December 31, 2018 and September 30, 2019 as a result of costs incurred under the Reimbursement Agreement and is included within accrued expenses and other current liabilities on the condensed balance sheet as of September 30, 2019. Under prior revenue recognition standards, no revenue was recognized in 2017 under the ImmunityBio Licensing Agreement as a result of revenue recognition criteria not being met, resulting in a deferred revenue balance of $6.9 million as of December 31, 2017.

5. Basic and Diluted Net Loss Per Common Share   Basic and diluted net loss per common share is computed based on the weighted-average number of common shares outstanding. Common share equivalents (which consist of options and warrants) are excluded from the computation of diluted net loss per common share where the effect would be anti-dilutive. Common share equivalents that could potentially dilute net loss per share in the future, and which were excluded from the computation of diluted loss per share, totaled 2.6 million shares for each of the three-month and nine-month periods ended September 30, 2019, and 3.5 million shares for each of the three-month and nine-month periods ended September 30, 2018.

3200000

9000

50000

7.16 8.60

2563666

3131653

7. Leases   The Company determines whether an arrangement is, or contains, a lease at inception. Prior to 2019, the company generally accounted for operating lease payments by charging them to expense as incurred. Beginning in 2019, operating leases that have commenced are included in other assets, other accrued expenses and other long-term liabilities in the consolidated balance sheet. Classification of operating lease liabilities as either current or noncurrent is based on the expected timing of payments due under the company’s obligations.   Because most of the company’s leases do not provide an implicit rate, the company estimates incremental borrowing rates based on the information available at the commencement date in determining the present value of lease payments. The company uses the implicit rate when readily determinable. Lease terms may include the effect of options to extend or terminate the lease when it is reasonably certain that the company will exercise that option.   We lease office space related primarily to the administrative activities and at September 30, 2019, the remaining term of these leases are less than 12 months. See Note 3.   Leases with lease terms of twelve-months or less are expensed on a straight-line basis over the lease term and are not recorded in the Condensed Consolidated Balance Sheet.   In addition, we elected the hindsight practical expedient to determine the lease term for existing leases. In our application of hindsight, we evaluated the Freiburg lease and determined the term would be less than 12 months.   As of September 30, 2019, balance of the right-of-use assets was approximately $131,000, and balance of the total lease liabilities was approximately $140,000. The remaining term of the leases were less than 12 months and as such, balances of the right-of-use assets and lease liabilities were included in prepaid expenses and other current assets, and accrued expenses and other current liabilities, respectively, on the accompanying condensed consolidated balance sheet.   The components of rent expense and supplemental cash flow information related to leases for the period are as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Nine Months Ended September 30, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Lease Cost</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 79%">Operating lease cost (included in General and Administrative expenses in the Company’s unaudited condensed consolidated statements of operations)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 17%; text-align: right">205,520</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Other information</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Cash paid for amounts included in the measurement of lease liabilities for nine months ended September 30, 2019</td> <td> </td> <td>$</td> <td style="text-align: right">211,749</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Weighted average remaining lease term – operating leases (in years)</td> <td> </td> <td> </td> <td style="text-align: right">0.88</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Average discount rate</td> <td> </td> <td> </td> <td style="text-align: right">5.5</td> <td>%</td></tr> </table>

310000

140000

9. Fair Value Measurements   Assets and liabilities recorded at fair value on the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure the fair value. Level inputs are as follows:   Level 1 – quoted prices in active markets for identical assets or liabilities.   Level 2 – other significant observable inputs for the assets or liabilities through corroboration with market data at the measurement date.   Level 3 – significant unobservable inputs that reflect management’s best estimate of what market participants would use to price the assets or liabilities at the measurement date.   The following table summarizes fair value measurements by level at September 30, 2019 for assets and liabilities measured at fair value on a recurring basis:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid">(In thousands)</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Level I</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Level II</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Level III</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Total</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%">Cash equivalents</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">6,519</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">6,519</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Short-term investments</td> <td> </td> <td> </td> <td style="text-align: right">10,024</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">10,024</td> <td> </td></tr> </table>   The following table summarizes fair value measurements by level at December 31, 2018 for assets and liabilities measured at fair value on a recurring basis:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid">(In thousands)</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Level I</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Level II</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Level III</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Total</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%">Cash equivalents</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">19,731</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">19,731</td> <td style="width: 1%"> </td></tr> <tr> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table>   We consider carrying amounts of accounts receivable, accounts payable and accrued expenses to approximate fair value due to the short-term nature of these financial instruments.   Our non-financial assets are measured at fair value when there is an indicator of impairment and recorded at fair value only when an impairment charge is recognized.

10. Liquidity and Capital Resources   At September 30, 2019, the Company had cash and cash equivalents and short-term investments of approximately $18.5 million. Management believes that our current cash and cash equivalents will be sufficient to fund our operations for the foreseeable future. The estimate is based, in part, upon our currently projected expenditures for the remainder of 2019 and the first ten months of 2020 of approximately $5.0 million. These projected expenditures are also based upon numerous other assumptions and subject to many uncertainties, and our actual expenditures may be significantly different from these projections.   While these projections represent the Company’s current expected expenditures, the Company has the ability to reduce the amounts as needed to manage its liquidity needs while still advancing its corporate objectives. The Company will ultimately be required to obtain additional funding in order to execute its long-term business plans, although it does not currently have commitments from any third parties to provide it with long term debt, capital or non-dilutive up-front payments from a potential strategic partner. The Company cannot assure that additional funding will be available on favorable terms, or at all. If the Company fails to obtain additional funding when needed, it may not be able to execute its business plans and its business may suffer, which would have a material adverse effect on its financial position, results of operations and cash flows. 5000000

7500000

1000000

-30523

343000000 120000000 250000

-4569977

-2381708

-7774589

-1490782

The following table sets forth the total stock-based compensation expense resulting from stock options and warrants included in our Condensed Consolidated Statements of Operations:   <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"> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Three Months Ended September 30,</td> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Nine Months Ended September 30,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 36%; padding-left: 5.05pt; text-indent: -5.05pt">Research and development — employee</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">28,683</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">(2,672</td> <td style="width: 1%">)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">89,105</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.05pt; text-indent: -5.05pt">General and administrative — employee</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">216,234</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">243,673</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">644,113</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">799,832</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Total employee stock-based compensation</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">216,234</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">272,356</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">641,441</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">888,937</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 24.45pt; text-indent: -5.05pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.05pt; text-indent: -5.05pt">Research and development — non-employee</td> <td> </td> <td>$</td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.05pt; text-indent: -5.05pt">General and administrative — non-employee</td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">19,517</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">60,384</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Total non-employee stock-based compensation</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">19,517</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">60,384</td> <td> </td></tr> </table>

The following table summarizes fair value measurements by level at September 30, 2019 for assets and liabilities measured at fair value on a recurring basis:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid">(In thousands)</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Level I</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Level II</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Level III</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Total</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%">Cash equivalents</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">6,519</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">6,519</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Short-term investments</td> <td> </td> <td> </td> <td style="text-align: right">10,024</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">10,024</td> <td> </td></tr> </table>   The following table summarizes fair value measurements by level at December 31, 2018 for assets and liabilities measured at fair value on a recurring basis:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid">(In thousands)</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Level I</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Level II</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Level III</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Total</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%">Cash equivalents</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">19,731</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">19,731</td> <td style="width: 1%"> </td></tr> </table>

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The components of rent expense and supplemental cash flow information related to leases for the period are as follows:   <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"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Nine Months Ended September 30, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Lease Cost</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 79%">Operating lease cost (included in General and Administrative expenses in the Company’s unaudited condensed consolidated statements of operations)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 17%; text-align: right">205,520</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Other information</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Cash paid for amounts included in the measurement of lease liabilities for nine months ended September 30, 2019</td> <td> </td> <td>$</td> <td style="text-align: right">211,749</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Weighted average remaining lease term – operating leases (in years)</td> <td> </td> <td> </td> <td style="text-align: right">0.88</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Average discount rate</td> <td> </td> <td> </td> <td style="text-align: right">5.5</td> <td>%</td></tr> </table>

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Warrant Liabilities (Tables)

9 Months Ended

Sep. 30, 2019

Warrant Liabilities [Abstract]

Schedule of Weighted-average Assumptions

The following reflects the weighted-average assumptions for each of the nine-month periods indicated:

	Nine Months Ended September 30,
	2019		2018

Risk-free interest rate		—		1.77	%
Expected dividend yield		—		0	%
Expected lives		—		0.05
Expected volatility		—		50.2	%
Warrants classified as liabilities (in shares)		—		2,834,246

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Description of Company and Basis of Presentation (Details Narrative) - USD ($)		1 Months Ended	9 Months Ended	12 Months Ended
	Jul. 27, 2017	Sep. 30, 2018	Sep. 30, 2019	Dec. 31, 2011	Jun. 01, 2018
Cash investment	$ 13,000,000
Investment in common stock per share	$ 6.60
Common stock market price premium percentage	92.00%
Number of warrants issued to purchase shares of common stock	500,000
Warrants exercise price per share	$ 6.60
Warrant expiration	Jan. 26, 2019
Milestone payments receivable	$ 343,000,000	$ 250,000
EMA [Member]
Payments for milestone			$ 4,000,000
FDA [Member]
Payments for milestone			$ 6,000,000
Management Services Agreement [Member]
Service charge, percentage					5.00%
Orphazyme A/S [Member]
Milestone payments receivable				$ 120,000,000

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Discontinued Operations - Schedule of Discontinued Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Current assets held for sale					$ 81,182
Non-current assets held for sale					324,853
Current liabilities of discontinued operations	1,272		1,272		602,713
Loss (gain) from discontinued operations	(19,243)	$ 909,336	(397,955)	$ 2,601,614
Discontinued Operations [Member]
Current assets held for sale					81,182
Equipment and furnishings, net					313,425
Deposit					11,401
Non-current assets held for sale					324,826
Accounts payable	1,272		1,272		323,736
Accrued expenses and other current liabilities					278,977
Current liabilities of discontinued operations	1,272		1,272		$ 602,713
Research and development	(58)	753,174	(171,432)	2,135,840
Loss on impairment of equipment and furnishings			7,100
Employee stock option expense		28,683	(2,672)	89,105
Gain on sale of assets held for sale			(192,791)
Other (income) loss	(19,185)	(861)	(38,160)	(7,382)
Depreciation expense		128,340		384,051
Loss (gain) from discontinued operations	$ (19,243)	$ 909,336	$ (397,955)	$ 2,601,614

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Income Taxes (Details Narrative)	12 Months Ended
Income Taxes (Details Narrative)	Dec. 31, 2018 USD ($)
Earliest Tax Year [Member]
Expiration date	Dec. 31, 2019
Latest Tax Year [Member]
Expiration date	Dec. 31, 2038
Federal [Member]
Operating loss carryforwards	$ 310,600,000
Federal [Member] \| Earliest Tax Year [Member]
Operating loss carryforwards	237,900,000
State [Member]
Operating loss carryforwards	235,600,000
State [Member] \| Latest Tax Year [Member]
Operating loss carryforwards	$ 235,600,000

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Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 8,491,265	$ 21,373,273
Short-term investments	10,023,850
Receivables	4,789	148,527
Prepaid expenses and other current assets	1,410,277	913,162
Current assets held for sale		81,182
Total current assets	19,930,181	22,516,144
Equipment and furnishings, net	23,071	44,326
Other assets	10,119	40,642
Non-current assets held for sale		324,853
Total assets	19,963,371	22,925,965
Current liabilities:
Accounts payable	2,194,276	1,234,762
Accrued expenses and other current liabilities	936,105	726,191
Current liabilities of discontinued operations	1,272	602,713
Total liabilities	3,131,653	2,563,666
Commitments and contingencies
Stockholders' equity:
Preferred Stock, value
Common stock, $0.001 par value, 41,666,667 shares authorized; 33,637,501 shares issued and outstanding at September 30, 2019 and December 31, 2018	33,637	33,637
Additional paid-in capital	477,834,188	477,192,747
Accumulated deficit	(461,036,107)	(456,864,085)
Total stockholders' equity	16,831,718	20,362,299
Total liabilities and stockholders' equity	19,963,371	22,925,965
Series A Junior Participating Preferred Stock [Member]
Stockholders' equity:
Preferred Stock, value

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Warrant Liabilities

9 Months Ended

Sep. 30, 2019

Warrant Liabilities [Abstract]

Warrant Liabilities

6. Warrant Liabilities

	Nine Months Ended September 30,
	2019		2018

Risk-free interest rate		—		1.77	%
Expected dividend yield		—		0	%
Expected lives		—		0.05
Expected volatility		—		50.2	%
Warrants classified as liabilities (in shares)		—		2,834,246

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Liquidity and Capital Resources

9 Months Ended

Sep. 30, 2019

Liquidity and Capital Resources [Abstract]

Liquidity and Capital Resources

10. Liquidity and Capital Resources

XML 19 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Stockholders Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2017	$ 28,037	$ 468,969,445	$ (450,852,427)	$ 18,145,055
Balance, shares at Dec. 31, 2017	28,037,501
Cumulative affect of adopting ASC 606 Adoption			6,701,950	6,701,950
Issuance of stock options/restricted stock and warrants for compensation and services		481,311		481,311
Net loss			(4,075,574)	(4,075,574)
Balance at Mar. 31, 2018	$ 28,037	469,450,756	(448,226,051)	21,252,742
Balance, shares at Mar. 31, 2018	28,037,501
Balance at Dec. 31, 2017	$ 28,037	468,969,445	(450,852,427)	18,145,055
Balance, shares at Dec. 31, 2017	28,037,501
Net loss				(10,376,203)
Balance at Sep. 30, 2018	$ 33,637	476,843,206	(454,526,680)	22,350,163
Balance, shares at Sep. 30, 2018	33,637,501
Balance at Mar. 31, 2018	$ 28,037	469,450,756	(448,226,051)	21,252,742
Balance, shares at Mar. 31, 2018	28,037,501
Stock issued in connection with a public offering	$ 5,600	6,506,551		$ 6,512,151
Stock issued in connection with a public offering, shares	5,600,000
Issuance of stock options/restricted stock and warrants for compensation and services		453,199		$ 453,199
Net loss			(3,009,588)	(3,009,588)
Balance at Jun. 30, 2018	$ 33,637	476,410,506	(451,235,639)	25,208,504
Balance, shares at Jun. 30, 2018	33,637,501
Issuance of stock options/restricted stock and warrants for compensation and services		432,700		432,700
Net loss			(3,291,041)	(3,291,044)
Balance at Sep. 30, 2018	$ 33,637	476,843,206	(454,526,680)	22,350,163
Balance, shares at Sep. 30, 2018	33,637,501
Balance at Dec. 31, 2018	$ 33,637	477,192,747	(456,864,085)	20,362,299
Balance, shares at Dec. 31, 2018	33,637,501
Issuance of stock options/warrants for compensation and services		$ 210,502		$ 210,502
Issuance of stock options/warrants for compensation and services, shares
Net loss			$ (1,425,988)	$ (1,425,988)
Balance at Mar. 31, 2019	$ 33,637	477,403,249	(458,290,073)	19,146,813
Balance, shares at Mar. 31, 2019	33,637,501
Balance at Dec. 31, 2018	$ 33,637	477,192,747	(456,864,085)	20,362,299
Balance, shares at Dec. 31, 2018	33,637,501
Net loss				(4,172,022)
Balance at Sep. 30, 2019	$ 33,637	477,834,188	(461,036,107)	16,831,718
Balance, shares at Sep. 30, 2019	33,637,501
Balance at Mar. 31, 2019	$ 33,637	477,403,249	(458,290,073)	19,146,813
Balance, shares at Mar. 31, 2019	33,637,501
Issuance of stock options/restricted stock and warrants for compensation and services		214,706		214,706
Net loss			(1,274,495)	(1,274,495)
Balance at Jun. 30, 2019	$ 33,637	$ 477,617,955	$ (459,564,568)	$ 18,087,024
Balance, shares at Jun. 30, 2019	33,637,501
Issuance of stock options/warrants for compensation and services		$ 216,233		$ 216,233
Issuance of stock options/warrants for compensation and services, shares
Net loss			$ (1,471,539)	$ (1,471,539)
Balance at Sep. 30, 2019	$ 33,637	$ 477,834,188	$ (461,036,107)	$ 16,831,718
Balance, shares at Sep. 30, 2019	33,637,501

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

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Fair Value Measurements - Schedule of Fair Value Measurements by Level for Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Cash equivalents	$ 6,519	$ 19,731
Short-term investments	10,024
Level 1 [Member] \| Recurring [Member]
Cash equivalents	6,519	19,731
Short-term investments	10,024
Level 2 [Member] \| Recurring [Member]
Cash equivalents
Short-term investments
Level 3 [Member] \| Recurring [Member]
Cash equivalents
Short-term investments

XML 21 R35.htm IDEA: XBRL DOCUMENT

Stock Based Compensation - Schedule of Total Stock-based Compensation Expense from Stock Options, Restricted Stock and Warrants (Details) - Stock Options, Restricted Stock and Warrants [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Employees [Member]
Allocated employee and non-employee stock-based compensation expense, Total	$ 216,234	$ 272,356	$ 641,441	$ 888,937
Non Employees [Member]
Allocated employee and non-employee stock-based compensation expense, Total		19,517		60,384
Research and Development Expense [Member] \| Employees [Member]
Allocated employee and non-employee stock-based compensation expense, Total		28,683	(2,672)	89,105
Research and Development Expense [Member] \| Non Employees [Member]
Allocated employee and non-employee stock-based compensation expense, Total
General and Administrative Expense [Member] \| Employees [Member]
Allocated employee and non-employee stock-based compensation expense, Total	216,234	243,673	644,113	799,832
General and Administrative Expense [Member] \| Non Employees [Member]
Allocated employee and non-employee stock-based compensation expense, Total		$ 19,517		$ 60,384

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Warrant Liabilities - Schedule of Weighted-average Assumptions (Details) - Warrants [Member]	9 Months Ended
	Sep. 30, 2019 shares	Sep. 30, 2018 shares
Weighted average assumptions, expected lives	0 years	18 days
Warrants classified as liabilities (in shares)		2,834,246
Risk Free Interest Rate [Member]
Weighted average assumptions, input	0.00	1.77
Expected Dividend Yield [Member]
Weighted average assumptions, input	0.00	0.00
Expected Volatility [Member]
Weighted average assumptions, input	0.00	50.2

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Preferred stock, stated value	$ 1,000	$ 1,000
Preferred stock, shares authorized	650	650
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	41,666,667	41,666,667
Common stock, shares issued	33,637,501	33,637,501
Common stock, shares outstanding	33,637,501	33,637,501
Series A Junior Participating Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	833,334
Preferred stock, additional shares authorized	4,167
Preferred stock, shares issued
Preferred stock, shares outstanding

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Leases

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Leases

7. Leases

We lease office space related primarily to the administrative activities and at September 30, 2019, the remaining term of these leases are less than 12 months. See Note 3.

Leases with lease terms of twelve-months or less are expensed on a straight-line basis over the lease term and are not recorded in the Condensed Consolidated Balance Sheet.

The components of rent expense and supplemental cash flow information related to leases for the period are as follows:

	Nine Months Ended September 30, 2019
Lease Cost
Operating lease cost (included in General and Administrative expenses in the Company’s unaudited condensed consolidated statements of operations)	$	205,520
Other information
Cash paid for amounts included in the measurement of lease liabilities for nine months ended September 30, 2019	$	211,749
Weighted average remaining lease term – operating leases (in years)		0.88
Average discount rate		5.5	%

XML 27 R17.htm IDEA: XBRL DOCUMENT

Income Taxes

9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

XML 28 R7.htm IDEA: XBRL DOCUMENT

Description of Company and Basis of Presentation

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Description of Company and Basis of Presentation

1. Description of Company and Basis of Presentation

LADR Drug Discovery Platform and Centurion

Aldoxorubicin

Molecular Chaperone Assets

XML 29 R34.htm IDEA: XBRL DOCUMENT

Stock Based Compensation (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
Stock Based Compensation (Details Narrative) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Share-based compensation, shares subject to stock options			2,373,998		2,373,998		2,555,835
Weighted average exercise price of stock options granted
Expected dividend yield					0.00%	0.00%
Stock compensation expense on vested options			$ 75,407	$ 272,356	$ 226,225	$ 888,937
Warrants [Member]
Warrants outstanding			193,196		193,196		693,196
Weighted-average exercise price of warrants outstanding			$ 8.60		$ 8.60		$ 7.16
Current Employees [Member]
Unrecognized compensation expense related to unvested stock options, granted			$ 200,000		$ 200,000
Unrecognized compensation cost, recognized as expense over a weighted-average period					6 months 3 days
Restricted Stock [Member]
Restricted stock expense			$ 140,827	$ 140,827	$ 417,889	$ 417,889
Stock Options [Member]
Number of stock options granted to purchase common stock						1,667
Weighted average exercise price of stock options granted						$ 1.89
Expected dividend yield						0.00%
2000 Long Term Incentive Plan [Member]
Expiration date					Aug. 06, 2010
Share-based compensation, shares subject to stock options			10,452		10,452
2008 Stock Incentive Plan [Member]
Share-based compensation, shares subject to stock options			2,400,000		2,400,000
2008 Stock Incentive Plan [Member] \| Restricted Stock [Member]
Share-based compensation, outstanding stock options			800,000		800,000
2008 Stock Incentive Plan [Member] \| Restricted Stock [Member] \| Chairman and Chief Executive Officer [Member]
Share based compensation arranged by share based payment award restricted stock granted	387,597	387,597
Vesting period	3 years	3 years
Share based compensation of fair value of restricted stock on grant	$ 679,000	$ 1,000,000

XML 30 R30.htm IDEA: XBRL DOCUMENT

Warrant Liabilities (Details Narrative) - USD ($)		3 Months Ended		9 Months Ended
Warrant Liabilities (Details Narrative) - USD ($)	Jul. 20, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Gain loss on warrant liabilities					$ 527,025
Warrants [Member]
Number of warrants classified as liabilities	2,834,246
Gain loss on warrant liabilities			$ 0		$ 500,000

XML 31 R38.htm IDEA: XBRL DOCUMENT

Stock Based Compensation - Schedule of Outstanding Stock Options (Details)	9 Months Ended
	Sep. 30, 2019 $ / shares shares
Number of Options Outstanding \| shares	2,373,998
Weighted-Average Remaining Contractual Life (years)	6 years 1 month 27 days
Weighted-Average Exercise Price	$ 10.69
Number of Options Exercisable \| shares	2,222,291
Weighted-Average Remaining Contractual Life (years)	6 years 11 days
Weighted-Average Exercise Price, Options Exercisable	$ 11.29
Stock Options [Member] \| Exercise Price Range One [Member]
Range of Exercise Prices, Lower Range	0.77
Range of Exercise Prices, Upper Range	$ 5.00
Number of Options Outstanding \| shares	1,123,449
Weighted-Average Remaining Contractual Life (years)	7 years 10 months 3 days
Weighted-Average Exercise Price	$ 2.13
Number of Options Exercisable \| shares	971,743
Weighted-Average Remaining Contractual Life (years)	7 years 9 months 22 days
Weighted-Average Exercise Price, Options Exercisable	$ 2.16
Stock Options [Member] \| Exercise Price Range Two [Member]
Range of Exercise Prices, Lower Range	5.01
Range of Exercise Prices, Upper Range	$ 11.00
Number of Options Outstanding \| shares	165,834
Weighted-Average Remaining Contractual Life (years)	3 years 2 months 8 days
Weighted-Average Exercise Price	$ 10.98
Number of Options Exercisable \| shares	165,834
Weighted-Average Remaining Contractual Life (years)	3 years 2 months 8 days
Weighted-Average Exercise Price, Options Exercisable	$ 10.98
Stock Options [Member] \| Exercise Price Range Three [Member]
Range of Exercise Prices, Lower Range	11.01
Range of Exercise Prices, Upper Range	$ 15.00
Number of Options Outstanding \| shares	623,193
Weighted-Average Remaining Contractual Life (years)	5 years 6 months 14 days
Weighted-Average Exercise Price	$ 13.89
Number of Options Exercisable \| shares	623,193
Weighted-Average Remaining Contractual Life (years)	5 years 6 months 14 days
Weighted-Average Exercise Price, Options Exercisable	$ 13.89
Stock Options [Member] \| Exercise Price Range Four [Member]
Range of Exercise Prices, Lower Range	15.01
Range of Exercise Prices, Upper Range	$ 98.28
Number of Options Outstanding \| shares	461,523
Weighted-Average Remaining Contractual Life (years)	3 years 11 months 15 days
Weighted-Average Exercise Price	$ 27.09
Number of Options Exercisable \| shares	461,523
Weighted-Average Remaining Contractual Life (years)	3 years 11 months 15 days
Weighted-Average Exercise Price, Options Exercisable	$ 27.09

XML 32 R29.htm IDEA: XBRL DOCUMENT

Basic and Diluted Net Loss Per Common Share (Details Narrative) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Jun. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share	2,600,000	3,500,000	2,600,000	3,500,000

XML 33 R21.htm IDEA: XBRL DOCUMENT

Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Schedule of Rent Expense and Supplemental Cash Flow Information Related to Leases

The components of rent expense and supplemental cash flow information related to leases for the period are as follows:

	Nine Months Ended September 30, 2019
Lease Cost
Operating lease cost (included in General and Administrative expenses in the Company’s unaudited condensed consolidated statements of operations)	$	205,520
Other information
Cash paid for amounts included in the measurement of lease liabilities for nine months ended September 30, 2019	$	211,749
Weighted average remaining lease term – operating leases (in years)		0.88
Average discount rate		5.5	%

XML 34 R25.htm IDEA: XBRL DOCUMENT

Foreign Currency Remeasurement (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Foreign Currency [Abstract]
Foreign currency transaction loss, recognized	$ 16,800	$ 1,300	$ 8,400	$ 7,600

XML 35 R40.htm IDEA: XBRL DOCUMENT

Liquidity and Capital Resources (Details Narrative)	9 Months Ended
Liquidity and Capital Resources (Details Narrative)	Sep. 30, 2019 USD ($)
Liquidity and Capital Resources [Abstract]
Cash and cash equivalents and short-term investments	$ 18,500,000
Projected expenditures for preclinical programs	$ 5,000,000

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Stock Based Compensation - Schedule of Share-based Payment Award, Fair Value of the Stock Options Granted, Assumptions (Details)
9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Share-based Payment Arrangement [Abstract]

Risk-free interest rate 0.00% 2.42%

Expected volatility 0.00% 91.60%

Expected lives (years) 0 years 6 years

Expected dividend yield 0.00% 0.00%

XML 39 R32.htm IDEA: XBRL DOCUMENT v3.19.3

Leases (Details Narrative)

Sep. 30, 2019

USD ($)

Right-of-use assets $ 131,000

Lease liabilities $ 140,000

Maximum [Member]

Operating lease, term of contract 12 months

X

- Definition
Term of lessee's operating lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.
+ References
Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (a)(3)
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918673-209980
+ Details

Name: us-gaap_LesseeOperatingLeaseTermOfContract

Namespace Prefix: us-gaap_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: instant

X

- Definition
Present value of lessee's discounted obligation for lease payments from operating lease, classified as current.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 45
-Paragraph 1
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Document and Entity Information - shares
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Basic and Diluted Net Loss Per Common Share
9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Basic and Diluted Net Loss Per Common Share

5. Basic and Diluted Net Loss Per Common Share

Basic and diluted net loss per common share is computed based on the weighted-average number of common shares outstanding. Common share equivalents (which consist of options and warrants) are excluded from the computation of diluted net loss per common share where the effect would be anti-dilutive. Common share equivalents that could potentially dilute net loss per share in the future, and which were excluded from the computation of diluted loss per share, totaled 2.6 million shares for each of the three-month and nine-month periods ended September 30, 2019, and 3.5 million shares for each of the three-month and nine-month periods ended September 30, 2018.

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Fair Value Measurements
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Fair Value Disclosures [Abstract]

Fair Value Measurements

9. Fair Value Measurements

Assets and liabilities recorded at fair value on the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure the fair value. Level inputs are as follows:

Level 1 – quoted prices in active markets for identical assets or liabilities.

Level 2 – other significant observable inputs for the assets or liabilities through corroboration with market data at the measurement date.

Level 3 – significant unobservable inputs that reflect management’s best estimate of what market participants would use to price the assets or liabilities at the measurement date.

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(In thousands) Level I Level II Level III Total

Cash equivalents $ 6,519 $ — $ — $ 6,519

Short-term investments 10,024 — — $ 10,024

The following table summarizes fair value measurements by level at December 31, 2018 for assets and liabilities measured at fair value on a recurring basis:

(In thousands) Level I Level II Level III Total

Cash equivalents $ 19,731 $ — $ — $ 19,731

We consider carrying amounts of accounts receivable, accounts payable and accrued expenses to approximate fair value due to the short-term nature of these financial instruments.

Our non-financial assets are measured at fair value when there is an indicator of impairment and recorded at fair value only when an impairment charge is recognized.

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Cash flows from operating activities:

Net loss $ (4,172,022) $ (10,376,203)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization 15,824 23,819

Stock-based compensation expense 644,113 1,278,105

Fair value adjustment on warrant liabilities (527,025)

Amortization of loan cost and discount 1,157,817

Loss on retirement of fixed assets 5,432

Gain on disposal from discontinued operations (186,691)

Stock compensation from discontinued operations (2,672) 89,105

Depreciation from discontinued operations 384,051

Changes in assets and liabilities:

Receivables 143,738 1,557,584

Prepaid expenses and other current assets (497,040) 665,323

Other assets 30,523

Current assets held for sale 92,508 88,941

Accounts payable 959,514 (1,464,496)

Current liabilities held for sale (601,441) 195,042

Accrued expenses and other current liabilities 209,914 (688,224)

Net cash used in operations (3,358,300) (7,616,161)

Cash flows from investing activities:

Purchase of short-term investments (10,023,850)

Sale of fixed assets held for sale 500,142

Purchases of equipment and furnishings (11,478)

Net cash used in investing activities (9,523,708) (11,478)

Cash flows from financing activities:

Proceeds from public offering 6,512,151

Loan end fee payment (1,771,250)

Payment of principal on term loan (9,986,362)

Net cash provided by (used in) financing activities (5,245,461)

Net decrease in cash and cash equivalents (12,882,008) (12,873,100)

Cash and cash equivalents at beginning of period 21,373,273 37,497,691

Cash and cash equivalents at end of period 8,491,265 24,624,591

Supplemental disclosure of cash flow information:

Cash paid during the period for interest 647,308

Cash paid for income taxes $ 800 $ 800

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Recently Adopted Accounting Pronouncement
9 Months Ended

Sep. 30, 2019

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Recently Adopted Accounting Pronouncement

3. Recently Adopted Accounting Pronouncement

On January 1, 2019, CytRx adopted Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842),” which requires the recognition of right-of-use (“ROU”) assets and lease liabilities on the consolidated balance sheet. This ASU retains a distinction between finance leases and operating leases, and the classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the current accounting literature. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount , timing, and uncertainty of cash flows arising from leases. We elected the available practical expedients on adoption. Adoption of the new standard resulted in total lease liabilities of $310,000 and ROU assets of $290,000 as of January 1, 2019. At September 30, 2019, the total lease liabilities were $140,000 and the ROU assets were $131,000.

On January 1, 2018 CytRx adopted Accounting Standards Update 2014-09, Revenue from Contracts with Customers (“ASC 606”) using the modified retrospective method for contracts that were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under the new standard, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. The cumulative effect of initially applying ASC 606 was an adjustment to decrease the opening balance of Accumulated Deficit by $6.7 million as of January 1, 2018.

The guidance provides for a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of the time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers.

Under the new standard the ImmunityBio Licensing Agreement, which was determined to be a functional license agreement, as the underlying intellectual property had standalone functionality, was recognizable in 2017 when ImmunityBio obtained the right to use the intellectual property. The subsequent Reimbursement Agreement was determined to be a contract modification that introduced variable contra revenue for the Company’s reimbursement obligations. In accordance with ASC 606, management estimated its obligations under the Reimbursement Agreement to be $3.2 million which is recognized as a contract liability at the time of revenue recognition. These costs were previously recognized as research and development expense in 2017 in accordance with prior accounting standards. This contract liability was reduced to $50,000 and $9,000, respectively, as of December 31, 2018 and September 30, 2019 as a result of costs incurred under the Reimbursement Agreement and is included within accrued expenses and other current liabilities on the condensed balance sheet as of September 30, 2019. Under prior revenue recognition standards, no revenue was recognized in 2017 under the ImmunityBio Licensing Agreement as a result of revenue recognition criteria not being met, resulting in a deferred revenue balance of $6.9 million as of December 31, 2017.

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Discontinued Operations (Tables)
9 Months Ended

Sep. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations
The results of these discontinued operations are presented separately on the Company’s Consolidated Statement of Operations.

As of

September 30, 2019 December 31, 2018

Current assets held for sale $ — $ 81,182

Equipment and furnishings, net — $ 313,425

Deposit — 11,401

Non-current assets held for sale $ — $ 324,826

Accounts payable $ 1,272 $ 323,736

Accrued expenses and other current liabilities — 278,977

Current liabilities of discontinued operations $ 1,272 $ 602,713

Three Months Ended September 30, Nine Months Ended September 30,

2019 2018 2019 2018

Research and development $ (58 ) $ 753,174 $ (171,432 ) $ 2,135,840

Loss on impairment of equipment and furnishings — — 7,100 —

Employee stock option expense — 28,683 (2,672 ) 89,105

Gain on sale of assets held for sale — (192,791 ) —

Other (income) loss (19,185 ) (861 ) (38,160 ) (7,382 )

Depreciation expense — 128,340 — 384,051

Loss (gain) from discontinued operations $ (19,243 ) $ 909,336 $ (397,955 ) $ 2,601,614

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Fair Value Measurements (Tables)
9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements by Level for Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes fair value measurements by level at September 30, 2019 for assets and liabilities measured at fair value on a recurring basis:

(In thousands) Level I Level II Level III Total

Cash equivalents $ 6,519 $ — $ — $ 6,519

Short-term investments 10,024 — — $ 10,024

The following table summarizes fair value measurements by level at December 31, 2018 for assets and liabilities measured at fair value on a recurring basis:

(In thousands) Level I Level II Level III Total

Cash equivalents $ 19,731 $ — $ — $ 19,731

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Discontinued Operations (Details Narrative) - USD ($)

Apr. 30, 2019

Sep. 30, 2019

Dec. 31, 2018

Assets held for sale $ 324,853

Freiburg Germany [Member]

Written down on assets held for sale $ 7,000

Assets held for sale $ 0 $ 400,000

Freiburg Germany [Member] | Office Furniture and Leasehold Improvements [Member]

Assets held for sale 300,000

Gain on sale of property $ 200,000

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Commitments and Contingencies (Details Narrative)

Sep. 30, 2019

USD ($)

Commitments and Contingencies Disclosure [Abstract]

Amount of milestone payment payable $ 7,500,000

Potential future milestone payments on each additional final marketing approval $ 1,000,000

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Stock Based Compensation (Tables)
9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

Schedule of Total Stock-based Compensation Expense from Stock Options, Restricted Stock and Warrants

The following table sets forth the total stock-based compensation expense resulting from stock options and warrants included in our Condensed Consolidated Statements of Operations:

Three Months Ended September 30, Nine Months Ended September 30,

2019 2018 2019 2018

Research and development — employee $ — $ 28,683 $ (2,672 ) $ 89,105

General and administrative — employee 216,234 243,673 644,113 799,832

Total employee stock-based compensation $ 216,234 $ 272,356 $ 641,441 $ 888,937

Research and development — non-employee $ — $ — $ — $ —

General and administrative — non-employee $ — 19,517 — 60,384

Total non-employee stock-based compensation $ — $ 19,517 $ — $ 60,384

Schedule of Share-based Payment Award, Fair Value of the Stock Options Granted, Assumptions

The fair value of the stock options was estimated using the Black-Scholes option-pricing model, based on the following assumptions:

Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018

Risk-free interest rate — 2.42 %

Expected volatility — 91.6 %

Expected lives (years) — 6

Expected dividend yield — 0.00 %

Schedule of Share-based Compensation, Stock Options, Activity

Presented below is our stock option activity:

Nine Months Ended September 30, 2019

Number of Options (Employees) Number of Options (Non-Employees) Total Number
of Options Weighted-Average Exercise Price

Outstanding at January 1, 2019 2,190,835 365,000 2,555,835 $ 10.69

Granted — — — $ —

Exercised, Forfeited or Expired (181,837 ) — (181,837 ) $ 10.66

Outstanding at September 30, 2019 2,008,998 365,000 2,373,998 $ 10.69

Options exercisable at September 30, 2019 1,857,291 365,000 2,222,291 $ 11.29

Schedule of Outstanding Stock Options

The following table summarizes significant ranges of outstanding stock options under our plans at September 30, 2019:

Range of
Exercise Prices Total Number of Options Weighted-Average Remaining Contractual Life (years) Weighted-Average Exercise Price Total Number of Options Exercisable Weighted-Average Remaining Contractual Life (years) Weighted-Average Exercise Price

$ 0.77 - $5.00 1,123,449 7.84 $ 2.13 971,743 7.81 $ 2.16

$ 5.01 – $11.00 165,834 3.19 $ 10.98 165,834 3.19 $ 10.98

$ 11.01 – $15.00 623,193 5.54 $ 13.89 623,193 5.54 $ 13.89

$ 15.01 – $98.28 461,523 3.96 $ 27.09 461,523 3.96 $ 27.09

2,373,998 6.16 $ 10.69 2,222,291 6.03 $ 11.29

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Recently Adopted Accounting Pronouncement (Details Narrative) - USD ($)
12 Months Ended

Dec. 31, 2017

Sep. 30, 2019

Jan. 02, 2019

Dec. 31, 2018

Jan. 02, 2018

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

ROU assets $ 131,000

Nant Cell Licensing Agreement [Member]

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

Deferred revenue $ 6,900,000

Difference Between Revenue Guidance In Effect Before and After Topic 606 [Member]

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

Contract liability 9,000 $ 50,000

Accounting Standards Update 2016-02 [Member]

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

Total lease liabilities 140,000 $ 310,000

ROU assets $ 131,000 $ 290,000

Accounting Standards Update 2014-09 [Member]

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

Contract with customer, liability, revenue recognized $ 3,200,000

Accounting Standards Update 2014-09 [Member] | Accumulated Deficit [Member]

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

Cumulative effect adjustment $ 6,700,000

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Stock Based Compensation - Schedule of Share-based Compensation, Stock Options, Activity (Details) - $ / shares
9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Number of Options Outstanding at beginning of period 2,555,835

Number of Options Granted

Number of Options Exercised, Forfeited or Expired (181,837)

Number of Options Outstanding at end of period 2,373,998

Number of Options exercisable at end of period 2,222,291

Weighted-Average Exercise Price Options Outstanding at beginning of period $ 10.69

Weighted-Average Exercise Price Options Granted

Weighted-Average Exercise Price Options Exercised, Forfeited or Expired 10.66

Weighted-Average Exercise Price Options Outstanding at end of period 10.69

Weighted-Average Exercise Price Options exercisable at end of period $ 11.29

Stock Options [Member]

Weighted-Average Exercise Price Options Granted $ 1.89

Stock Options [Member] | Employees [Member]

Number of Options Outstanding at beginning of period 2,190,835

Number of Options Granted

Number of Options Exercised, Forfeited or Expired (181,837)

Number of Options Outstanding at end of period 2,008,998

Number of Options exercisable at end of period 1,857,291

Stock Options [Member] | Non Employees [Member]

Number of Options Outstanding at beginning of period 365,000

Number of Options Granted

Number of Options Exercised, Forfeited or Expired

Number of Options Outstanding at end of period 365,000

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Leases - Schedule of Rent Expense and Supplemental Cash Flow Information Related to Leases (Details)
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USD ($)

Leases [Abstract]

Operating lease cost (included in General and Administrative expenses in the Company's unaudited condensed consolidated statements of operations) $ 205,520

Cash paid for amounts included in the measurement of lease liabilities for nine months ended September 30, 2019 $ 211,749

Weighted average remaining lease term - perating leases (in years) 10 months 17 days

Average discount rate 5.50%

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Foreign Currency Remeasurement
9 Months Ended

Sep. 30, 2019

Foreign Currency [Abstract]

Foreign Currency Remeasurement

2. Foreign Currency Remeasurement

The U.S. dollar has been determined to be the functional currency for the net assets of our German operations. The transactions are recorded in the local currencies and are remeasured at each reporting date using the historical rates for nonmonetary assets and liabilities and current exchange rates for monetary assets and liabilities at the balance sheet date. Exchange gains and losses from the remeasurement of monetary assets and liabilities are recognized in other income (loss). The Company recognized a loss of approximately $16,800 and $8,400, respectively, for the three-month and nine-month periods ended September 30, 2019 and a loss of approximately $1,300 and $7,600, respectively, for the three and nine-month periods ended September 30, 2018, respectively. The Company does not engage in currency hedging transactions.

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Commitments and Contingencies
9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and contingencies

Commitments

We have an agreement with Vergell Medical (formerly KTB Tumorforschungs GmbH, or KTB) (“Vergell”) for the Company’s exclusive license of patent rights held by Vergell for the worldwide development and commercialization of aldoxorubicin. Under the agreement, we must make payments to Vergell in the aggregate of $7.5 million upon meeting clinical and regulatory milestones up to and including the product’s second final marketing approval. We also have agreed to pay:

● commercially reasonable royalties based on a percentage of net sales (as defined in the agreement);

● a percentage of non-royalty sub-licensing income (as defined in the agreement); and

● milestones of $1 million for each additional final marketing approval that we obtain.

In the event that we must pay a third party in order to exercise our right to the intellectual property under the agreement, we will deduct a percentage of those payments from the royalties due Vergell, up to an agreed upon cap.

Contingencies

We applied the disclosure provisions of ASC 460, Guarantees (“ASC 460”) to our agreements that contain guarantees or indemnities by us. We provide (i) indemnifications of varying scope and size to certain investors and other parties for certain losses suffered or incurred by the indemnified party in connection with various types of third-party claims; and (ii) indemnifications of varying scope and size to officers and directors against third party claims arising from the services they provide to us.

During 2018, the Company successfully resolved various shareholder derivative actions and a class action lawsuit that were pending against it. The Company has directors’ and officers’ liability insurance, which would be utilized in the defense of any such matters.

The Company may from time to time be subject to third-party claims or proceedings, include those claiming that we are infringing the proprietary rights of others or that we owe royalty, milestone or other payments to third parties. The Company evaluates developments in legal proceedings and other matters on a quarterly basis. The Company records accruals for loss contingencies to the extent that the Company concludes that it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated.

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Discontinued Operations
9 Months Ended

Sep. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

4. Discontinued Operations

On December 21, 2018, the Company announced that its pre-clinical lab operations had successfully completed its objectives – namely, it has developed four lead compounds, LADR 7, LADR-8, LADR-9 and LADR 10 along with a companion diagnostic (ACDx). Accordingly, the Company terminated the contracts of all its employees at this location.

The Company terminated its lease in Freiburg Germany on April 30, 2019 with no penalty. The Company sold its analytical equipment in March 2019 and wrote down these assets by $7,000. On April 30, 2019 the Company also sold its German office furniture and German leasehold improvements for $0.3 million, realizing a gain on sale of $0.2 million. The net book value of the assets held for sale is $0 at September 30, 2019 and $0.4 million at December 31, 2018. The results of these discontinued operations are presented separately on the Company’s Consolidated Statement of Operations.

As of

September 30, 2019 December 31, 2018

Current assets held for sale $ — $ 81,182

Equipment and furnishings, net — $ 313,425

Deposit — 11,401

Non-current assets held for sale $ — $ 324,826

Accounts payable $ 1,272 $ 323,736

Accrued expenses and other current liabilities — 278,977

Current liabilities of discontinued operations $ 1,272 $ 602,713

Three Months Ended September 30, Nine Months Ended September 30,

2019 2018 2019 2018

Research and development $ (58 ) $ 753,174 $ (171,432 ) $ 2,135,840

Loss on impairment of equipment and furnishings — — 7,100 —

Employee stock option expense — 28,683 (2,672 ) 89,105

Gain on sale of assets held for sale — (192,791 ) —

Other (income) loss (19,185 ) (861 ) (38,160 ) (7,382 )

Depreciation expense — 128,340 — 384,051

Loss (gain) from discontinued operations $ (19,243 ) $ 909,336 $ (397,955 ) $ 2,601,614

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Stock Based Compensation
9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

Stock Based Compensation

8. Stock Based Compensation

We have a 2000 Long-Term Incentive Plan, which expired on August 6, 2010. As of September 30, 2019, there were 10,452 shares subject to outstanding stock options under this plan. No further shares are available for future grant under this plan.

We also have a 2008 Stock Incentive Plan. As of September 30, 2019, there were approximately 2.4 million shares subject to outstanding stock options and approximately 0.8 million shares outstanding related to restricted stock grants. This plan expired on November 20, 2018 and thus no further shares are available for future grant under this plan.

We follow ASC 718, Compensation-Stock Compensation, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees.

For stock options and stock warrants paid in consideration of services rendered by non-employees, we recognize compensation expense in accordance with the requirements of ASC 505-50.

Non-employee option grants that do not vest immediately upon grant are recorded as an expense over the vesting period. At the end of each financial reporting period, the value of these options, as calculated using the Black-Scholes option-pricing model, is determined, and compensation expense recognized or recovered during the period is adjusted accordingly. As a result, the amount of the future compensation expense is subject to adjustment until the common stock options are fully vested.

The following table sets forth the total stock-based compensation expense resulting from stock options and warrants included in our Condensed Consolidated Statements of Operations:

Three Months Ended September 30, Nine Months Ended September 30,

2019 2018 2019 2018

Research and development — employee $ — $ 28,683 $ (2,672 ) $ 89,105

General and administrative — employee 216,234 243,673 644,113 799,832

Total employee stock-based compensation $ 216,234 $ 272,356 $ 641,441 $ 888,937

Research and development — non-employee $ — $ — $ — $ —

General and administrative — non-employee $ — 19,517 — 60,384

Total non-employee stock-based compensation $ — $ 19,517 $ — $ 60,384

No options were granted during the nine-month period ended September 30, 2019 as compared to 1,667 stock options at an exercise price of $1.89 during the comparative September 30, 2018 period. The fair value of the stock options was estimated using the Black-Scholes option-pricing model, based on the following assumptions:

Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018

Risk-free interest rate — 2.42 %

Expected volatility — 91.6 %

Expected lives (years) — 6

Expected dividend yield — 0.00 %

Our computation of expected volatility is based on the historical daily volatility of our publicly traded stock. We use historical information to compute expected lives. In the nine-month period ended September 30, 2018, the contractual term of the options granted was ten years. The dividend yield assumption of zero is based upon the fact we have never paid cash dividends and presently have no intention to do so. The risk-free interest rate used for each grant and issuance is equal to the U.S. Treasury rates in effect at the time of the grant and issuance for instruments with a similar expected life. On January 1, 2017, the Company adopted ASU 2016-09 and made a policy election to recognize forfeitures as they occur. The adoption of ASU 2016-09 did not have a material impact to the Company’s financial condition or results of operations. No amounts relating to stock-based compensation have been capitalized.

The Company recorded stock compensation expense on vested options of $75,407 and $226,225, respectively, for the three and nine-month periods ended September 30, 2019, as compared to $272,356 and $888,937, respectively, for the three and nine-month periods ended September 30, 2018.

As of September 30, 2019, there remained approximately $0.2 million of unrecognized compensation expense related to unvested stock options granted to current and former employees, directors, to be recognized as expense over a weighted-average period of 0.51 years. Presented below is our stock option activity:

Nine Months Ended September 30, 2019

Number of Options (Employees) Number of Options (Non-Employees) Total Number
of Options Weighted-Average Exercise Price

Outstanding at January 1, 2019 2,190,835 365,000 2,555,835 $ 10.69

Granted — — — $ —

Exercised, Forfeited or Expired (181,837 ) — (181,837 ) $ 10.66

Outstanding at September 30, 2019 2,008,998 365,000 2,373,998 $ 10.69

Options exercisable at September 30, 2019 1,857,291 365,000 2,222,291 $ 11.29

The following table summarizes significant ranges of outstanding stock options under our plans at September 30, 2019:

Range of
Exercise Prices Total Number of Options Weighted-Average Remaining Contractual Life (years) Weighted-Average Exercise Price Total Number of Options Exercisable Weighted-Average Remaining Contractual Life (years) Weighted-Average Exercise Price

$ 0.77 - $5.00 1,123,449 7.84 $ 2.13 971,743 7.81 $ 2.16

$ 5.01 – $11.00 165,834 3.19 $ 10.98 165,834 3.19 $ 10.98

$ 11.01 – $15.00 623,193 5.54 $ 13.89 623,193 5.54 $ 13.89

$ 15.01 – $98.28 461,523 3.96 $ 27.09 461,523 3.96 $ 27.09

2,373,998 6.16 $ 10.69 2,222,291 6.03 $ 11.29

There was no aggregate intrinsic value to the outstanding options and vested options as of September 30, 2019.

There were 193,196 and 693,196 warrants outstanding at September 30, 2019 and December 31, 2018, respectively at a weighted-average exercise price of $8.60 and $7.16, respectively.

Restricted Stock

No restricted stock was granted in 2019 and 2018. In December 2017, the Company granted to our Chairman and Chief Executive Officer, 387,597 shares of restricted common stock, pursuant to the 2008 Plan. This restricted stock vests in equal annual instalments over three years. The fair value of the restricted stock is based on the market price of the Company’s shares on the grant date less the par value received as consideration. The fair value of the restricted stock on the grant date was $679,000. In December 2016, the Company granted to our Chairman and Chief Executive Officer, 387,597 shares of restricted common stock, pursuant to the 2008 Plan. This restricted stock vests in equal annual instalments over three years. The fair value of the restricted stock is based on the market price of the Company’s shares on the grant date less the par value received as consideration. The fair value of the restricted stock on the grant date was $1,000,000 The Company recorded an employee stock-based compensation expense for restricted stock of $140,827 and $417,889 respectively, for the three and nine-month periods ended September 30, 2019 as compared to $140,827 and $417,889 respectively, for the three and nine-month periods ended September 30, 2018.

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Revenue:

Licensing revenue $ 250,000 $ 250,000

Expenses:

Research and development 374 (485) 1,430 577,843

General and administrative 1,546,213 2,360,996 4,814,436 6,514,107

Total operating expenses 1,546,587 2,360,511 4,815,866 7,091,950

Loss before other income (expense) (1,546,587) (2,110,511) (4,815,866) (6,841,950)

Other income (loss):

Interest income 91,403 93,391 283,808 269,299

Interest expense (363,086) (1,715,733)

Other income (loss), net (35,598) (1,502) (37,919) (13,230)

Gain on warrant derivative liabilities 527,025

Net loss from continuing operations (1,490,782) (2,381,708) (4,569,977) (7,774,589)

Gain (loss) from discontinued operations 19,243 (909,336) 397,955 (2,601,614)

Net loss $ (1,471,539) $ (3,291,044) $ (4,172,022) $ (10,376,203)

Basic and diluted loss per share

Continuing operations $ (0.04) $ (0.07) $ (0.14) $ (0.26)

Discontinued operations (0.03) 0.01 (0.08)

Total basic and diluted loss per share $ (0.04) $ (0.10) $ (0.13) $ (0.34)

Basic and diluted weighted-average shares outstanding 33,249,904 32,991,506 33,249,904 30,242,788

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Stock Based Compensation - Schedule of Share-based Payment Award, Fair Value of the Stock Options Granted, Assumptions (Details)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Share-based Payment Arrangement [Abstract]
Risk-free interest rate	0.00%	2.42%
Expected volatility	0.00%	91.60%
Expected lives (years)	0 years	6 years
Expected dividend yield	0.00%	0.00%

Leases (Details Narrative)	Sep. 30, 2019 USD ($)
Right-of-use assets	$ 131,000
Lease liabilities	$ 140,000
Maximum [Member]
Operating lease, term of contract	12 months

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2019	Nov. 02, 2019
Document And Entity Information
Entity Registrant Name	CYTRX CORP
Entity Central Index Key	0000799698
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity's Reporting Status Current	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,637,501
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net loss	$ (4,172,022)	$ (10,376,203)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	15,824	23,819
Stock-based compensation expense	644,113	1,278,105
Fair value adjustment on warrant liabilities		(527,025)
Amortization of loan cost and discount		1,157,817
Loss on retirement of fixed assets	5,432
Gain on disposal from discontinued operations	(186,691)
Stock compensation from discontinued operations	(2,672)	89,105
Depreciation from discontinued operations		384,051
Changes in assets and liabilities:
Receivables	143,738	1,557,584
Prepaid expenses and other current assets	(497,040)	665,323
Other assets	30,523
Current assets held for sale	92,508	88,941
Accounts payable	959,514	(1,464,496)
Current liabilities held for sale	(601,441)	195,042
Accrued expenses and other current liabilities	209,914	(688,224)
Net cash used in operations	(3,358,300)	(7,616,161)
Cash flows from investing activities:
Purchase of short-term investments	(10,023,850)
Sale of fixed assets held for sale	500,142
Purchases of equipment and furnishings		(11,478)
Net cash used in investing activities	(9,523,708)	(11,478)
Cash flows from financing activities:
Proceeds from public offering		6,512,151
Loan end fee payment		(1,771,250)
Payment of principal on term loan		(9,986,362)
Net cash provided by (used in) financing activities		(5,245,461)
Net decrease in cash and cash equivalents	(12,882,008)	(12,873,100)
Cash and cash equivalents at beginning of period	21,373,273	37,497,691
Cash and cash equivalents at end of period	8,491,265	24,624,591
Supplemental disclosure of cash flow information:
Cash paid during the period for interest		647,308
Cash paid for income taxes	$ 800	$ 800

Discontinued Operations (Details Narrative) - USD ($)	Apr. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Assets held for sale			$ 324,853
Freiburg Germany [Member]
Written down on assets held for sale	$ 7,000
Assets held for sale		$ 0	$ 400,000
Freiburg Germany [Member] \| Office Furniture and Leasehold Improvements [Member]
Assets held for sale	300,000
Gain on sale of property	$ 200,000

Commitments and Contingencies (Details Narrative)	Sep. 30, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Amount of milestone payment payable	$ 7,500,000
Potential future milestone payments on each additional final marketing approval	$ 1,000,000

Recently Adopted Accounting Pronouncement (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2017	Sep. 30, 2019	Jan. 02, 2019	Dec. 31, 2018	Jan. 02, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
ROU assets		$ 131,000
Nant Cell Licensing Agreement [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Deferred revenue	$ 6,900,000
Difference Between Revenue Guidance In Effect Before and After Topic 606 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract liability		9,000		$ 50,000
Accounting Standards Update 2016-02 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total lease liabilities		140,000	$ 310,000
ROU assets		$ 131,000	$ 290,000
Accounting Standards Update 2014-09 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract with customer, liability, revenue recognized	$ 3,200,000
Accounting Standards Update 2014-09 [Member] \| Accumulated Deficit [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cumulative effect adjustment					$ 6,700,000

Stock Based Compensation - Schedule of Share-based Compensation, Stock Options, Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Number of Options Outstanding at beginning of period	2,555,835
Number of Options Granted
Number of Options Exercised, Forfeited or Expired	(181,837)
Number of Options Outstanding at end of period	2,373,998
Number of Options exercisable at end of period	2,222,291
Weighted-Average Exercise Price Options Outstanding at beginning of period	$ 10.69
Weighted-Average Exercise Price Options Granted
Weighted-Average Exercise Price Options Exercised, Forfeited or Expired	10.66
Weighted-Average Exercise Price Options Outstanding at end of period	10.69
Weighted-Average Exercise Price Options exercisable at end of period	$ 11.29
Stock Options [Member]
Weighted-Average Exercise Price Options Granted		$ 1.89
Stock Options [Member] \| Employees [Member]
Number of Options Outstanding at beginning of period	2,190,835
Number of Options Granted
Number of Options Exercised, Forfeited or Expired	(181,837)
Number of Options Outstanding at end of period	2,008,998
Number of Options exercisable at end of period	1,857,291
Stock Options [Member] \| Non Employees [Member]
Number of Options Outstanding at beginning of period	365,000
Number of Options Granted
Number of Options Exercised, Forfeited or Expired
Number of Options Outstanding at end of period	365,000
Number of Options exercisable at end of period	365,000