SIGNIFICANT ACCOUNTING POLICIES (Policies) |
6 Months Ended | |
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Jun. 30, 2015 | ||
| Accounting Policies [Abstract] | ||
| Interim Financial Statements, Policy [Policy Text Block] |
Interim financial statements The unaudited condensed consolidated interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The condensed consolidated balance sheet as of December 31, 2014 contained herein has been derived from audited financial statements. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of results that may be expected for the year ending December 31, 2015. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on February 27, 2015. |
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| Concentration Risk, Credit Risk, Policy [Policy Text Block] |
Risks and uncertainties The Company's primary efforts are devoted to conducting research and development for the treatment of disorders of the central nervous system. The Company has experienced net losses and negative cash flows from operations since inception and expects these conditions to continue for the foreseeable future. Further, the Company does not have any commercial products available for sale and has not generated revenues and there is no assurance that if its products are approved for sale that the Company will be able to generate cash flow to fund operations. In addition, there can be no assurance that the Company's research and development will be successfully completed or that any product will be approved or commercially viable. At June 30, 2015, the Company had working capital of approximately $45.7 million, after raising approximately $29.0 million, net of expenses through the sale of common stock in an underwritten public offering in February 2015. In addition, in July 2015, the Company raised approximately $18.7 million, net of expenses, through the sale of common stock in an underwritten public offering (see Note 8). Management believes that the Company has sufficient funds to meet its research and development and other funding requirements for at least the next 12 months. The Company expects that cash used in operations for research and development will increase significantly over the next several years. In the event the funding obtained is not sufficient to complete the development and commercialization of its current product candidates, the Company intends to raise additional funds through equity or debt financing. If the Company is unsuccessful in raising additional financing, it will need to reduce costs and operations in the future. |
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| Use of Estimates, Policy [Policy Text Block] |
Use of estimates
The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the useful life of fixed assets, assumptions used in the fair value of stock-based compensation and other equity instruments, and the percent of completion of research and development contracts. |
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| Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy [Policy Text Block] |
Intangible assets with indefinite lives During the six months ended June 30, 2015, the Company purchased certain internet domain rights, which were determined to have an indefinite life. Identifiable intangibles with indefinite lives are reviewed for impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable, or at least annually.
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| Research and Development Expense, Policy [Policy Text Block] |
Research and development costs The Company outsources its research and development efforts and expenses these costs as incurred, including the cost of manufacturing products for testing, as well as licensing fees and costs associated with planning and conducting clinical trials. The value ascribed to patents and other intellectual property acquired has been expensed as research and development costs, as such property related to particular research and development projects and had no alternative future uses (see Note 6). |
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| Income Tax, Policy [Policy Text Block] |
Income taxes Income tax provisions or benefits for interim periods are computed based on the Company’s estimated annual effective tax rate. Based on the Company's historical losses and its expectation of continuation of losses for the foreseeable future, the Company has determined that it is more likely than not that deferred tax assets will not be realized and, accordingly, has provided a full valuation allowance. As the Company anticipates or anticipated that its net deferred tax assets at December 31, 2015 and 2014 would be fully offset by a valuation allowance, there is no federal or state income tax benefit for the periods ended June 30, 2015 and 2014 related to losses incurred during such periods. |
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| Earnings Per Share, Policy [Policy Text Block] |
Per share data Basic and diluted net loss per common share is calculated by dividing net loss by the weighted average number of outstanding shares of common stock. As of June 30, 2015 and 2014, there were outstanding warrants to purchase an aggregate of 1,731,217 and 1,975,431 shares, respectively, of the Company’s common stock. In addition, the Company has issued to employees, directors and consultants, options to acquire shares of the Company’s common stock, of which 1,607,643 and 905,100 were outstanding at June 30, 2015 and 2014, respectively, and restricted stock units issued to non-employee directors to acquire shares of the Company’s common stock of which 42,000 and -0- were outstanding at June 30, 2015 and 2014, respectively (see Note 4). In computing diluted net loss per share for the three and six months ended June 30, 2015 and 2014, no effect has been given to such options, warrants and restricted stock units as their effect would be anti-dilutive. |