Document and Entity Information

3 Months Ended

Mar. 31, 2014

May 1, 2014

Document Type

10-Q

Amendment Flag

false

Document Period End Date

Mar. 31, 2014

Document Fiscal Year Focus

2014

Document Fiscal Period Focus

Q1

Trading Symbol

OPXA

Entity Registrant Name

OPEXA THERAPEUTICS, INC.

Entity Central Index Key

0001069308

Current Fiscal Year End Date

--12-31

Entity Filer Category

Smaller Reporting Company

Entity Common Stock, Shares Outstanding

27,661,675

Consolidated Balance Sheets (USD $)

Mar. 31, 2014

Dec. 31, 2013

Current assets:

Cash and cash equivalents

$ 19,659,525

$ 23,644,542

Other current assets

1,565,648

1,122,576

Total current assets

21,225,173

24,767,118

Property & equipment, net of accumulated depreciation of $1,807,196 and $1,718,477, respectively

1,289,623

1,295,024

Other long-term assets

166,649

177,666

Total assets

22,681,445

26,239,808

Current liabilities:

Accounts payable

715,319

696,155

Accrued expenses

1,228,667

1,232,990

Deferred revenue

1,395,348

Total current liabilities

3,339,334

3,324,493

Long term liabilities:

Deferred revenue, net of current portion

1,989,204

2,338,041

Total liabilities

5,328,538

5,662,534

Commitments and contingencies

Stockholders' equity:

Preferred stock, no par value, 10,000,000 shares authorized, none issued and outstanding

Common stock, $0.01 par value, 100,000,000 shares authorized, 27,661,675 and 27,546,058 shares issued and outstanding

276,617

275,461

Additional paid in capital

146,999,809

146,569,758

Deficit accumulated during the development stage

(129,923,519)

(126,267,945)

Total stockholders' equity

17,352,907

20,577,274

Total liabilities and stockholders' equity

$ 22,681,445

$ 26,239,808

Consolidated Balance Sheets (Parenthetical) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Property & equipment, accumulated depreciation

$ 1,807,196

$ 1,718,477

Preferred stock, no par value

Preferred stock, shares authorized

10,000,000

Preferred stock, shares issued

Preferred stock, shares outstanding

Common stock, par value

$ 0.01

Common stock, shares authorized

100,000,000

Common stock, shares issued

27,661,675

27,546,058

Common stock, shares outstanding

27,661,675

27,546,058

Consolidated Statements of Operations (USD $)

3 Months Ended

134 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Revenue:

Option Revenue

$ 348,837

$ 220,100

$ 1,615,448

Research and development

2,811,139

1,621,366

88,489,580

General and administrative

1,102,880

1,102,435

34,891,265

Depreciation and amortization

95,586

78,311

2,081,341

Loss on disposal of assets

515,506

Operating loss

(3,660,768)

(2,582,012)

(124,362,244)

Interest income

5,194

1,874

1,378,876

Other income and expense, net

37,910

699,056

Gain on extinguishment of debt

(906,472)

Gain on derivative instruments

1,941,826

Gain on sale of technology

3,000,000

Interest expense

(1,635,254)

(11,674,561)

Net loss

$ (3,655,574)

$ (4,177,482)

$ (129,923,519)

Basic and diluted loss per share

$ (0.13)

$ (0.58)

Weighted average shares outstanding - Basic and diluted

27,584,615

7,239,102

Consolidated Statements of Changes in Stockholders' Equity (USD $)

Total

Common Stock

Additional Paid in Capital

Accumulated Deficit

Beginning Balances at Dec. 31, 2013

$ 20,577,274

$ 275,461

$ 146,569,758

$ (126,267,945)

Beginning Balances (in shares) at Dec. 31, 2013

27,546,058

Shares issued for:

Shares issued for services (in shares)

115,617

Shares issued for services

100,176

1,156

99,020

Stock-based compensation expense

331,031

Net loss

(3,655,574)

Ending Balances at Mar. 31, 2014

$ 17,352,907

$ 276,617

$ 146,999,809

$ (129,923,519)

Ending Balances (in shares) at Mar. 31, 2014

27,661,675

Consolidated Statements of Cash Flows (USD $)

3 Months Ended

134 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Cash flows from operating activities

Net loss

$ (3,655,574)

$ (4,177,482)

$ (129,923,519)

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

Stock payable for acquired research and development

112,440

Stock issued for acquired research and development

26,286,589

Stock issued for services

1,993,182

Restricted stock issued to employees

100,176

238,636

Stock issued for debt in excess of principal

109,070

Amortization of discount on notes payable due to warrants and beneficial conversion feature

1,237,662

8,470,084

Loss on extinguishment of debt

906,472

Depreciation

95,586

78,311

2,081,341

Amortization of debt financing costs

52,939

708,265

Option and warrant expense

331,031

411,187

17,726,604

(Gain) loss on derivative instruments

(1,941,826)

Loss on disposition of fixed assets

515,506

Changes in:

Other current assets

(425,605)

(115,589)

(1,474,607)

Accounts payable - third parties and related parties

(12,614)

418,562

(25,342)

Accrued expenses

(4,323)

457,240

1,529,464

Other assets

11,017

(104,027)

(166,650)

Deferred revenue

(348,837)

4,779,900

3,384,552

Net cash provided by (used in) operating activities

(3,909,143)

3,038,703

(69,469,739)

Cash flows from investing activities

Purchase of property & equipment

(75,874)

(2,598)

(2,557,297)

Restricted cash

500,000

Net cash provided by (used in) investing activities

(75,874)

497,402

(2,557,297)

Cash flows from financing activities

Common stock and warrants sold for cash, net of offering costs

3,623,738

77,938,675

Common stock repurchased and canceled

(325)

Proceeds from exercise of warrants and options

1,248,588

Deferred financing and offering costs

(17,511)

(657,339)

Repayments on notes payable

(450,000)

(761,222)

Net cash provided by financing activities

3,706,227

91,686,561

Net change in cash and cash equivalents

(3,985,017)

7,242,332

19,659,525

Cash and cash equivalents at beginning of period

23,644,542

592,004

Cash and cash equivalents at end of period

19,659,525

7,834,336

19,659,525

Cash paid for:

Income tax

Interest

18,647

174,757

NON-CASH TRANSACTIONS

Issuance of common stock to Sportan shareholders

147,733

Issuance of common stock for accrued interest

977,830

Issuance of warrants to placement agent

37,453

Conversion of notes payable and accrued interest to common stock

1,000,000

11,985,033

Conversion of accrued liabilities to common stock

197,176

Conversion of accounts payable to note payable

93,364

Discount on convertible notes relating to:

Warrants

195,969

6,170,341

Beneficial conversion feature

141,829

3,444,982

Stock attached to notes

1,287,440

Fair value of derivative instrument

4,680,220

Derivative reclassified to equity

2,349,266

Unpaid additions to property and equipment

14,311

122,827

Amortization of deferred offering costs to paid-in capital

45,450

47,339

Shares issued as deferred offering costs

1,234

150,365

Unpaid offering costs

17,467

Third Parties

Cash flows from financing activities

Proceeds from convertible debt

550,000

13,288,184

Related Parties

Cash flows from financing activities

Proceeds from convertible debt

100,000

730,000

Repayments on notes payable

$ (100,000)

Basis of Presentation

Note 1. Basis of Presentation

The accompanying interim unaudited consolidated financial statements of Opexa Therapeutics, Inc. (“Opexa” or the “Company”), a development stage company, have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the audited financial statements and notes thereto contained in Opexa’s latest Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year as reported in Form 10-K have been omitted.

The accompanying consolidated financial statements include the accounts of Opexa and its wholly owned subsidiary, Opexa Hong Kong Limited (“Opexa Hong Kong”). All intercompany balances and transactions have been eliminated in the consolidation.

Significant Accounting Polices

Note 2. Significant Accounting Polices

Revenue Recognition. Opexa recognizes revenue in accordance with FASB ASC 605, Revenue Recognition. ASC 605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services rendered; (3) consideration is fixed or determinable; and (4) collectability is reasonably assured.

On February 4, 2013, Opexa entered into an Option and License Agreement (the “Merck Agreement”) with Ares Trading SA (“Merck”), a wholly owned subsidiary of Merck Serono S.A. Pursuant to the terms, Merck has an option to acquire an exclusive, worldwide (excluding Japan) license of the Company’s Tcelna® program for the treatment of multiple sclerosis (“MS”). Tcelna is currently in a Phase IIb clinical trial in patients with Secondary Progressive MS (“SPMS”). The option may be exercised by Merck prior to or upon the Company’s completion of the Phase IIb Trial.

Opexa received an upfront payment of $5 million for granting the option. If the option is exercised, Merck would pay the Company an upfront license fee of $25 million unless Merck is unable to advance directly into a Phase III clinical trial of Tcelna for SPMS without a further Phase II clinical trial (as determined by Merck), in which event the upfront license fee would be $15 million. After exercising the option, Merck would be solely responsible for funding development, regulatory and commercialization activities for Tcelna in MS, although the Company would retain an option to co-fund certain development in exchange for increased royalty rates. The Company would also retain rights to Tcelna in Japan, certain rights with respect to the manufacture of Tcelna, and rights outside of MS.

Opexa evaluated the Merck Agreement and determined that the $5 million upfront payment from Merck has “stand-alone value.” Opexa’s continuing performance obligations, in connection with the $5 million payment, include the execution and completion of the Phase IIb clinical trial in SPMS using commercially reasonable efforts at the Company’s own costs. As a “stand-alone value” term in the Merck Agreement, the $5 million upfront payment is determined to be a single unit of accounting, and is recognized as revenue on a straight-line basis over the exclusive option period based on the expected completion term of the Phase IIb clinical trial in SPMS. Opexa includes the unrecognized portion of the $5 million as deferred revenue on the consolidated balance sheets.

Cash and Cash Equivalents. Opexa considers all highly liquid investments with an original maturity of three months or less, when purchased, to be cash equivalents. Investments with maturities in excess of three months but less than one year are classified as short-term investments and are stated at fair market value.

Opexa primarily maintains cash balances on deposit in accounts at a U.S.-based financial institution. The aggregate cash balance on deposit in these accounts is insured by the Federal Deposit Insurance Corporation up to $250,000. Opexa’s cash balances on deposit in these accounts may, at times, exceed the federally insured limits. Opexa has not experienced any losses in such accounts.

At March 31, 2014, Opexa invested approximately $18.8 million in a savings account. For the three months ended March 31, 2014, the savings account recognized an average market yield of 0.10%. Interest income of $5,194 was recognized for the three months ended March 31, 2014 in the consolidated statements of operations.

Other Current Assets

Note 3. Other Current Assets

Other current assets consisted of the following at March 31, 2014 and December 31, 2013:


Description	March 31, 2014		December 31, 2013
Prepaid expenses	$	724,750	$	315,014
Supplies Inventory		688,913		673,044
Deferred offering costs		151,985		134,518
	$	1,565,648	$	1,122,576

Prepaid expenses at March 31, 2014 and December 31, 2013 include advance payments totaling $453,800 and $21,982, respectively, made to vendors and consultants for the conduct of the Phase IIb clinical trial in SPMS.

Prepaid expenses at March 31, 2014 and December 31, 2013 also include costs incurred from third parties in connection with the Merck Agreement (see Note 2). As of March 31, 2014 and December 31, 2013, the remaining costs of $44,069 in connection with the Merck Agreement that are expected to be amortized over the upcoming 12-month period are capitalized and included in other current assets in the consolidated balance sheets. The remaining costs of $63,013 in connection with the Merck Agreement that are expected to be amortized beyond the upcoming 12-month period are capitalized and included in other long term assets in the consolidated balance sheets (see Note 4).

Supplies inventory at March 31, 2014 and December 31, 2013 includes reagents and supplies that will be used to manufacture Tcelna and placebo product in Opexa’s Phase IIb clinical study. Opexa expects to amortize these prepaid reagents and supplies to research and development costs in the consolidated statements of operations over the course of the clinical study.

Deferred offering costs at March 31, 2014 and December 31, 2013 include costs incurred from third parties in connection with the implementation of a $1.5 million Purchase Agreement in November 2012 pursuant to which Opexa has the right to sell to Lincoln Park Capital Fund, LLC (“Lincoln Park”) up to $1.5 million in shares of its common stock, subject to certain conditions and limitations. As of March 31, 2014 and December 31, 2013, the remaining costs of $134,518 in connection with the implementation of the $1.5 million Purchase Agreement remained capitalized and are included in other current assets in the consolidated balance sheets. Upon the sales of shares of common stock under the $1.5 million Purchase Agreement, the remaining capitalized costs are offset against the proceeds of such sales of shares of common stock.

Deferred offering costs at March 31, 2014 also include costs incurred from third parties in connection with the implementation of an at-the-market program (“ATM Agreement”) in March 2014 pursuant to which Opexa may sell shares of its common stock from time to time depending upon market demand through a sales agent in transactions deemed to be an “at-the-market” offering as defined in Rule 415 of the Securities Act of 1933. As of March 31, 2014, the remaining costs of $17,467 in connection with the implementation of the ATM Agreement remained capitalized and are included in other current assets in the consolidated balance sheets. Upon the sales of shares of common stock under the ATM Agreement, the remaining capitalized costs are offset against the proceeds of such sales of shares of common stock.

Other Long Term Assets

Note 4. Other Long Term Assets

Other long term assets at March 31, 2014 and December 31, 2013 include deferred offering costs of $103,636 which were incurred from third parties in connection with the implementation of a $15.0 million Purchase Agreement in November 2012 pursuant to which Opexa has the right to sell to Lincoln Park up to $15.0 million in shares of its common stock, subject to certain conditions and limitations.

Other long term assets at March 31, 2014 and December 31, 2013 also include costs incurred from third parties in connection with the Merck Agreement (see Note 2) amount to $63,013 that are expected to be amortized beyond the upcoming 12-month period.

Equity

Note 5. Equity

For the quarter ended March 31, 2014, equity related transactions were as follows:

●

Opexa recognized stock based compensation expense of $77,814 related to shares of restricted common stock issued to certain members of Opexa’s management on November 8, 2013 during the three months ended March 31, 2014.

●

On February 28, 2014, 109,617 shares of restricted common stock with an aggregate fair value of $199,503 were issued to certain members of Opexa’s management and certain non-employee directors for service on Opexa’s Board. Opexa recognized stock based compensation expense of $21,896 related to these shares during the three months ended March 31, 2014. The restricted shares issued to management vest in full on the earlier of the first anniversary of the grant date or termination of employment without cause following a change of control. The restricted shares issued to non-employee directors vest in four quarterly increments beginning on March 31, 2014.

●

On March 19, 2014, 6,000 shares of restricted common stock with an aggregate fair value of $12,000 were issued to a non-employee director for service on Opexa’s Board. Opexa recognized stock based compensation of $466 related to these shares during the three months ended March 31, 2014. The shares vest in three quarterly increments beginning on June 30, 2014.

Stock-Based Compensation

Note 6. Stock-Based Compensation

Stock Options

The 2010 Stock Incentive Plan (the “2010 Plan”) provides for the grant of equity incentive awards to employees, directors and consultants of Opexa in the form of incentive stock options or nonqualified stock options, as well as restricted stock, stock appreciation rights, restricted stock units and performance awards that may be settled in cash, stock or other property. The 2010 Plan is the successor to and continuation of Opexa’s June 2004 Compensatory Stock Option Plan (the “2004 Plan”). A total of 625,000 shares of common stock are authorized to be issued for awards made under the 2010 Plan through September 2020, plus (i) the number of shares subject to stock options outstanding under the 2004 Plan that are forfeited or terminate prior to exercise and would otherwise be returned to the share reserves under the 2004 Plan and (ii) any reserved shares under the 2004 Plan that were not issued or subject to outstanding grants. In addition, shares subject to awards granted under the 2010 Plan that terminate or expire before being exercised or settled will become available for grant under the 2010 Plan. As of March 31, 2014, options to purchase an aggregate of 2,457,628 shares were issued and outstanding.

Opexa accounts for share-based compensation, including options and nonvested shares, according to the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 718, "Share Based Payment.” During the three months ended March 31, 2014, Opexa recognized option expense of $331,031. Unamortized stock compensation expense as of March 31, 2014 amounted to $2,031,730.

Stock Option Activity

A summary of stock option activity for the three months ended March 31, 204 is presented below:

	Number of Shares			Wtd. Avg. Exercise Price		Wtd. Avg. Remaining Contract Term (# years)		Intrinsic Value
Outstanding at January 1, 2014		1,162,449		$	4.30
Granted		1,340,690			1.82
Exercised		-			-
Forfeited and canceled		(45,511	)		3.65

Outstanding at March 31, 2014		2,457,628		$	2.96		8.7	$	153,522

Exercisable at March 31, 2014		762,793		$	5.02		6.8	$	68,356

Employee Options:

Option awards are granted with an exercise price equal to the market price of Opexa’s stock at the date of issuance, generally have a ten-year life, and have various vesting dates that range from no vesting or partial vesting upon date of grant to full vesting on a specified date. Opexa estimates the fair value of stock options using the Black-Scholes option-pricing model and records the compensation expense ratably over the service period.

During the three months ended March 31, 2014, performance-based options to purchase an aggregate of 510,125 shares at an exercise price of $1.82 were granted to senior management. These options have a term of ten years and vest 100% upon the earlier of achievement of a performance-based, strategic milestone objective or termination of employment without cause following a change of control. Fair value of $918,554 was calculated using the Black-Scholes option-pricing model. Variables used in the Black-Scholes option-pricing model for these options include (1) discount rate of 2.65%, (2) expected term of 10 years, (3) expected volatility of 172% and (4) zero expected dividends.

During the three months ended March 31, 2014, time-based options to purchase an aggregate of 710,125 shares at exercise prices ranging from $1.78 to $1.82 were granted to employees. These options have a term of ten years and have a vesting schedule of the earlier of four years or termination of employment without cause following a change of control. Fair value of $1,260,913 was calculated using the Black-Scholes option-pricing model. Variables used in the Black-Scholes option-pricing model for these options include (1) discount rate range of 2.65% and 2.79%, (2) expected term of 6.25 years, (3) expected volatility 186% and (4) zero expected dividends.

During the three months ended March 31, 2014, options to purchase 45,511 shares were forfeited and cancelled.

Non-Employee Options:

During the three months ended March 31, 2014, options to purchase an aggregate of 120,440 shares at exercise prices ranging from $1.82 to $2.00 were granted to non-employee directors for service on Opexa’s Board. Options to purchase an aggregate of 78,858 shares will expire on the earlier of 10 years or a change in control of the Company, with 50% of the shares vesting immediately and 50% vesting on December 31, 2014. Options to purchase an aggregate of 26,288 shares have terms of 10 years, with 50% of the shares vesting immediately and 50% vesting on February 28, 2015. An option to purchase 8,844 shares will expire on the earlier of 10 years or a change in control of the Company, with vesting in quarterly increments beginning on March 31, 2014. An option to purchase 6,450 shares will expire on the earlier of 10 years or a change in control of the Company, with vesting in three quarterly increments beginning June 30, 2014. Fair value of $211,097 was calculated using the Black-Scholes option-pricing model. Variables used in the Black-Scholes option-pricing model for these options include (1) discount rate range of 2.65% and 2.77%, (2) expected term of 5.25 years, (3) expected volatility range of 155% and 157% and (4) zero expected dividends.

Restricted Stock

See Note 5 for a description of restricted stock awards made to employees and non-employee directors under the 2010 Plan during the three months ended March 31, 2014.

Warrant Activity

A summary of warrant activity for the three months ended March 31, 2014 is presented below:

	Number of Shares		Wtd. Avg. Exercise Price		Wtd. Avg. Remaining Contract Term (# years)		Intrinsic Value
Outstanding at January 1, 2014		3,069,113	$	4.12
Granted		-		-
Exercised		-		-
Forfeited and canceled		-		-

Outstanding at March 31, 2014		3,069,113	$	4.12		2.9	$	277,313

Exercisable at March 31, 2014		3,069,113	$	4.12		2.9	$	277,313

Significant Accounting Polices (Policies)

Revenue Recognition

Revenue Recognition. Opexa recognizes revenue in accordance with FASB ASC 605, Revenue Recognition. ASC 605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services rendered; (3) consideration is fixed or determinable; and (4) collectability is reasonably assured.

On February 4, 2013, Opexa entered into an Option and License Agreement (the “Merck Agreement”) with Ares Trading SA (“Merck”), a wholly owned subsidiary of Merck Serono S.A. Pursuant to the terms, Merck has an option to acquire an exclusive, worldwide (excluding Japan) license of the Company’s Tcelna® program for the treatment of multiple sclerosis (“MS”). Tcelna is currently in a Phase IIb clinical trial in patients with Secondary Progressive MS (“SPMS”). The option may be exercised by Merck prior to or upon the Company’s completion of the Phase IIb Trial.

Opexa received an upfront payment of $5 million for granting the option. If the option is exercised, Merck would pay the Company an upfront license fee of $25 million unless Merck is unable to advance directly into a Phase III clinical trial of Tcelna for SPMS without a further Phase II clinical trial (as determined by Merck), in which event the upfront license fee would be $15 million. After exercising the option, Merck would be solely responsible for funding development, regulatory and commercialization activities for Tcelna in MS, although the Company would retain an option to co-fund certain development in exchange for increased royalty rates. The Company would also retain rights to Tcelna in Japan, certain rights with respect to the manufacture of Tcelna, and rights outside of MS.

Opexa evaluated the Merck Agreement and determined that the $5 million upfront payment from Merck has “stand-alone value.” Opexa’s continuing performance obligations, in connection with the $5 million payment, include the execution and completion of the Phase IIb clinical trial in SPMS using commercially reasonable efforts at the Company’s own costs. As a “stand-alone value” term in the Merck Agreement, the $5 million upfront payment is determined to be a single unit of accounting, and is recognized as revenue on a straight-line basis over the exclusive option period based on the expected completion term of the Phase IIb clinical trial in SPMS. Opexa includes the unrecognized portion of the $5 million as deferred revenue on the consolidated balance sheets.

Cash and Cash Equivalents

Cash and Cash Equivalents. Opexa considers all highly liquid investments with an original maturity of three months or less, when purchased, to be cash equivalents. Investments with maturities in excess of three months but less than one year are classified as short-term investments and are stated at fair market value.

Opexa primarily maintains cash balances on deposit in accounts at a U.S.-based financial institution. The aggregate cash balance on deposit in these accounts is insured by the Federal Deposit Insurance Corporation up to $250,000. Opexa’s cash balances on deposit in these accounts may, at times, exceed the federally insured limits. Opexa has not experienced any losses in such accounts.

At March 31, 2014, Opexa invested approximately $18.8 million in a savings account. For the three months ended March 31, 2014, the savings account recognized an average market yield of 0.10%. Interest income of $5,194 was recognized for the three months ended March 31, 2014 in the consolidated statements of operations.

Other Current Assets (Tables)

Other Current Assets

Other current assets consisted of the following at March 31, 2014 and December 31, 2013:


Description	March 31, 2014		December 31, 2013
Prepaid expenses	$	724,750	$	315,014
Supplies Inventory		688,913		673,044
Deferred offering costs		151,985		134,518
	$	1,565,648	$	1,122,576

Stock-Based Compensation (Tables)

Stock Option Activity

A summary of stock option activity for the three months ended March 31, 204 is presented below:

	Number of Shares			Wtd. Avg. Exercise Price		Wtd. Avg. Remaining Contract Term (# years)		Intrinsic Value
Outstanding at January 1, 2014		1,162,449		$	4.30
Granted		1,340,690			1.82
Exercised		-			-
Forfeited and canceled		(45,511	)		3.65

Outstanding at March 31, 2014		2,457,628		$	2.96		8.7	$	153,522

Exercisable at March 31, 2014		762,793		$	5.02		6.8	$	68,356

Warrant Activity

A summary of warrant activity for the three months ended March 31, 2014 is presented below:

	Number of Shares		Wtd. Avg. Exercise Price		Wtd. Avg. Remaining Contract Term (# years)		Intrinsic Value
Outstanding at January 1, 2014		3,069,113	$	4.12
Granted		-		-
Exercised		-		-
Forfeited and canceled		-		-

Outstanding at March 31, 2014		3,069,113	$	4.12		2.9	$	277,313

Exercisable at March 31, 2014		3,069,113	$	4.12		2.9	$	277,313

Significant Accounting Policies - Additional Information (Detail) (USD $)

3 Months Ended

Mar. 31, 2014

Summary Of Significant Accounting Policies [Line Items]

Investment in savings account

$ 18,800,000

Percentage of interest recognized from savings account investment

0.10%

Interest income from savings account investment

5,194

Maximum

Summary Of Significant Accounting Policies [Line Items]

Deposit insured by the Federal Deposit Insurance Corporation

250,000

Option and License Agreement

Summary Of Significant Accounting Policies [Line Items]

Proceeds from up front cash payment

5,000,000

Licensing milestone

25,000,000

Option and License Agreement, deferred revenue

5,000,000

Option and License Agreement |
Licensing fee if Merck is unable to advance directly to Phase III trials of Tcelna

Summary Of Significant Accounting Policies [Line Items]

Licensing milestone

$ 15,000,000

Other Current Assets (Detail) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Other Assets, Current [Line Items]

Prepaid expenses

$ 724,750

$ 315,014

Supplies Inventory

688,913

673,044

Deferred offering costs

151,985

134,518

Other current assets

$ 1,565,648

$ 1,122,576

Other Current Assets - Additional Information (Detail) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items]

Advance payments to vendors and consultants

$ 453,800

$ 21,982

Deferred financing cost

151,985

134,518

Other Long-term Assets

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items]

Deferred financing cost

63,013

$1.5 Million Purchase Agreement with Lincoln Park

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items]

Purchase agreement, aggregate shares opexa has right to sell

1,500,000

Purchase Agreements |
Other Current Assets

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items]

Deferred financing cost

134,518

Purchase Agreements |
$1.5 Million Purchase Agreement with Lincoln Park

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items]

Purchase agreement, aggregate shares opexa has right to sell

1,500,000

Merck Agreement |
Other Current Assets

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items]

Deferred financing cost

44,069

Merck Agreement |
Other Long-term Assets

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items]

Deferred financing cost

63,013

ATM Agreement |
Third Party

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items]

Deferred financing cost

$ 17,467

Other Long Term Assets - Additional Information (Detail) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Other Noncurrent Assets [Line Items]

Deferred financing cost

$ 151,985

$ 134,518

Purchase Agreements

Other Noncurrent Assets [Line Items]

Deferred financing cost, non current

103,636

Other Long-term Assets

Other Noncurrent Assets [Line Items]

Deferred financing cost

63,013

Other Long-term Assets |
$15 Million Purchase Agreement with Lincoln Park

Other Noncurrent Assets [Line Items]

Purchase agreement, aggregate shares opexa has right to sell

$ 15,000,000

Equity - Additional Information (Detail) (USD $)

134 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

Mar. 31, 2014

Senior management

Mar. 19, 2014

Director

Mar. 31, 2014

Director

Feb. 28, 2014

Board and Management

Mar. 31, 2014

Board and Management

Equity [Line Items]

Stock issued for services

$ 1,993,182

$ 77,814

$ 466

$ 21,896

Restricted common stock shares issued

6,000

109,617

Restricted common stock shares issued, aggregate fair value

$ 12,000

$ 199,503

Stock-Based Compensation - Additional Information (Detail) (USD $)

3 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share based compensation, common stock shares issued and outstanding

2,457,628

1,162,449

Stock-based compensation expense

$ 331,031

Unamortized stock-based compensation expense

2,031,730

Number of Shares, Granted

1,340,690

Weighted average exercise price, Granted

$ 1.82

Number of Shares, Forfeited and canceled

45,511

2010 Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock based compensation, common stock shares authorized

625,000

Share based compensation, common stock shares issued and outstanding

2,457,628

Employee Options

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock option, term

10 years

Number of Shares, Forfeited and canceled

45,511

Employee Options |
Senior management

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock option, term

10 years

Number of Shares, Granted

510,125

Weighted average exercise price, Granted

$ 1.82

Stock options vesting percentage

100.00%

Vesting period

3 years

Fair value of stock granted during period

918,554

Discount rate

2.65%

Stock option expected term

10 years

Volatility rate

172.00%

Expected dividends

0

Employee Options |
Employee

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock option, term

10 years

Number of Shares, Granted

710,125

Vesting period

4 years

Fair value of stock granted during period

1,260,913

Stock option expected term

6 years 3 months

Volatility rate

186.00%

Expected dividends

0

Employee Options |
Employee |
Minimum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Weighted average exercise price, Granted

$ 1.78

Discount rate

265.00%

Employee Options |
Employee |
Maximum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Weighted average exercise price, Granted

$ 1.82

Discount rate

2.79%

Non Employee Director Stock Option

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of Shares, Granted

120,440

Stock option expected term

5 years 3 months

Expected dividends

$ 0

Fair value stock granted during period

$ 211,097

Non Employee Director Stock Option |
Minimum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Weighted average exercise price, Granted

$ 1.82

Discount rate

2.65%

Volatility rate

155.00%

Non Employee Director Stock Option |
Maximum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Weighted average exercise price, Granted

$ 2.00

Discount rate

2.77%

Volatility rate

157.00%

Non Employee Director Stock Option |
Options to purchase an aggregate of 78,858 shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock option, term

10 years

Number of Shares, Granted

78,858

Stock options vesting percentage

50.00%

Non Employee Director Stock Option |
Options to purchase an aggregate of 78,858 shares |
Vest at 12/31/2014

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock options vesting percentage, remaining of period

50.00%

Non Employee Director Stock Option |
Options to purchase an aggregate of 26,288 shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock option, term

10 years

Number of Shares, Granted

26,288

Non Employee Director Stock Option |
Options to purchase an aggregate of 26,288 shares |
Vest After One Year From Grant Date

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock options vesting percentage, remaining of period

50.00%

Non Employee Director Stock Option |
Options to purchase an aggregate of 8,844 shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock option, term

10 years

Number of Shares, Granted

8,844

Non Employee Director Stock Option |
Options to purchase an aggregate of 6,450 shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock option, term

10 years

Number of Shares, Granted

6,450

Stock Option Activity (Detail) (USD $)

3 Months Ended

Mar. 31, 2014

Number of Shares

Number of Shares, Outstanding at beginning of period

1,162,449

Number of Shares, Granted

1,340,690

Number of Shares, Exercised

Number of Shares, Forfeited and canceled

(45,511)

Number of Shares, Outstanding at end of period

2,457,628

Number of Shares, Exercisable at end of period

762,793

Weighted average exercise price

Weighted average exercise price, Outstanding at beginning of period

$ 4.30

Weighted average exercise price, Granted

$ 1.82

Weighted average exercise price, Exercised

Weighted average exercise price, Forfeited and canceled

$ 3.65

Weighted average exercise price, Outstanding at end of period

$ 2.96

Weighted average exercise price, Exercisable at end of period

$ 5.02

Weighted average remaining contract term

Weighted average remaining contract term, Outstanding at end of period

8 years 8 months 12 days

Weighted average remaining contract term, Exercisable at end of period

6 years 9 months 18 days

Intrinsic Value

Intrinsic Value, Outstanding at end of period

$ 153,522

Intrinsic Value, Exercisable at end of period

$ 68,356

Warrant Activity (Detail) (Warrants, USD $)

3 Months Ended

Mar. 31, 2014

Warrants

Number of Shares

Number of Shares, Outstanding at beginning of period

3,069,113

Number of Shares, Granted

Number of Shares, Exercised

Number of Shares, Forfeited and canceled

Number of Shares, Outstanding at end of period

3,069,113

Number of Shares, Exercisable at end of period

3,069,113

Weighted average exercise price

Weighted average exercise price, Outstanding at beginning of period

$ 4.12

Weighted average exercise price, Granted

Weighted average exercise price, Exercised

Weighted average exercise price, Forfeited and canceled

Weighted average exercise price, Outstanding at end of period

$ 4.12

Weighted average exercise price, Exercisable at end of period

$ 4.12

Weighted average remaining contract term

Weighted average remaining contract term, Outstanding at end of period

2 years 10 months 24 days

Weighted average remaining contract term, Exercisable at end of period

2 years 10 months 24 days

Intrinsic Value

Intrinsic Value, Outstanding at end of period

$ 277,313

Intrinsic Value, Exercisable at end of the period

$ 277,313