OPEXA THERAPEUTICS, INC., 10-Q filed on 8/13/2012
Quarterly Report
Document and Entity Information
6 Months Ended
Jun. 30, 2012
Jul. 31, 2012
Document Type
10-Q 
 
Amendment Flag
false 
 
Document Period End Date
Jun. 30, 2012 
 
Document Fiscal Year Focus
2012 
 
Document Fiscal Period Focus
Q2 
 
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
 
23,048,488 
BALANCE SHEETS (USD $)
Jun. 30, 2012
Dec. 31, 2011
Current assets:
 
 
Cash and cash equivalents
$ 1,570,148 
$ 7,109,215 
Other current assets
953,440 
124,773 
Total current assets
2,523,588 
7,233,988 
Property & equipment, net of accumulated depreciation of $1,336,830 and $1,193,601, respectively
1,385,919 
1,029,236 
Deferred financing costs
27,076 
 
Total assets
3,936,583 
8,263,224 
Current liabilities:
 
 
Accounts payable
556,101 
476,315 
Accounts payable - related parties
15,000 
15,000 
Accrued expenses
337,365 
576,545 
Total current liabilities
908,466 
1,067,860 
Total liabilities
908,466 
1,067,860 
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, 23,048,488 shares issued and outstanding
230,485 
230,485 
Additional paid in capital
108,017,115 
107,645,666 
Deficit accumulated during the development stage
(105,219,483)
(100,680,787)
Total stockholders' equity
3,028,117 
7,195,364 
Total liabilities and stockholders' equity
$ 3,936,583 
$ 8,263,224 
BALANCE SHEETS (Parenthetical) (USD $)
Jun. 30, 2012
Dec. 31, 2011
Property & equipment, accumulated depreciation
$ 1,336,830 
$ 1,193,601 
Preferred stock, no par value
   
   
Preferred stock, shares authorized
10,000,000 
10,000,000 
Preferred stock, shares issued
   
   
Preferred stock, shares outstanding
   
   
Common stock, par value
$ 0.01 
$ 0.01 
Common stock, shares authorized
100,000,000 
100,000,000 
Common stock, shares issued
23,048,488 
23,048,488 
Common stock, shares outstanding
23,048,488 
23,048,488 
STATEMENTS OF EXPENSES (USD $)
3 Months Ended 6 Months Ended 113 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Research and development
$ 1,558,208 
$ 854,208 
$ 3,048,305 
$ 1,539,369 
$ 73,227,180 
General and administrative
529,566 
560,834 
1,345,762 
1,152,892 
28,954,837 
Depreciation and amortization
76,496 
70,732 
143,851 
100,366 
1,490,332 
Loss on disposal of assets
 
 
 
 
510,248 
Operating loss
(2,164,270)
(1,485,774)
(4,537,918)
(2,792,627)
(104,182,597)
Interest income
59 
260 
195 
471 
1,358,612 
Other income, net
 
 
 
 
661,146 
Gain on extinguishment of debt
 
 
 
 
1,612,440 
Gain on derivative instruments
 
 
 
 
1,388,848 
Gain on sale of technology
 
 
 
 
3,000,000 
Interest expense
(486)
(870)
(973)
(2,005)
(9,057,932)
Net loss
$ (2,164,697)
$ (1,486,384)
$ (4,538,696)
$ (2,794,161)
$ (105,219,483)
Basic and diluted loss per share
$ (0.09)
$ (0.06)
$ (0.20)
$ (0.13)
 
Weighted average shares outstanding
23,048,488 
23,048,488 
23,048,488 
22,007,955 
 
STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended 113 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Cash flows from operating activities
 
 
 
Net loss
$ (4,538,696)
$ (2,794,161)
$ (105,219,483)
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
 
87,028 
2,061,743 
Stock issued for debt in excess of principal
 
 
109,070 
Amortization of discount on notes payable due to warrants and beneficial conversion feature
 
 
6,752,698 
Gain on extinguishment of debt
 
 
(1,612,440)
Depreciation
143,851 
100,366 
1,490,332 
Amortization of debt financing costs
 
 
524,378 
Option expense
371,449 
291,873 
15,946,656 
Gain on derivative instruments
 
 
(1,388,848)
Loss on disposition of fixed assets
 
 
510,248 
Changes in:
 
 
 
Other current assets
(805,756)
(34,094)
(1,347,202)
Accounts payable - third parties and related parties
52,336 
100,534 
(36,905)
Accrued expenses
(289,167)
(97,806)
233,053 
Net cash used in operating activities
(5,065,983)
(2,346,260)
(55,577,671)
Cash flows from investing activities
 
 
 
Purchase of property & equipment
(473,084)
(172,150)
(2,144,894)
Net cash used in investing activities
(473,084)
(172,150)
(2,144,894)
Cash flows from financing activities
 
 
 
Common stock and warrants sold for cash, net of offering costs
 
8,618,157 
49,072,488 
Common stock repurchased and canceled
 
 
(325)
Proceeds from exercise of warrants and options
 
 
1,248,588 
Proceeds from debt
 
 
9,283,184 
Repayments on notes payable
 
(35,607)
(311,222)
Net cash provided by financing activities
 
8,582,550 
59,292,713 
Net change in cash and cash equivalents
(5,539,067)
6,064,140 
1,570,148 
Cash and cash equivalents at beginning of period
7,109,215 
3,812,535 
 
Cash and cash equivalents at end of period
1,570,148 
9,876,675 
1,570,148 
Cash paid for:
 
 
 
Income tax
   
   
   
Interest
973 
2,005 
154,136 
NON-CASH TRANSACTIONS
 
 
 
Issuance of common stock to Sportan shareholders
 
 
147,733 
Issuance of common stock for accrued interest
 
 
603,604 
Issuance of warrants to placement agent
 
 
37,453 
Conversion of notes payable to common stock
 
 
7,709,980 
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
 
 
3,659,737 
Beneficial conversion feature
 
 
1,805,519 
Stock attached to notes
 
 
1,287,440 
Fair value of derivative instrument
 
 
4,680,220 
Derivative reclassified to equity
 
 
587,609 
Unpaid additions to property and equipment
27,450 
42,399 
27,450 
Unpaid additions to deferred financing costs
$ 49,987 
 
$ 49,987 
Basis of Presentation
Basis of Presentation
Note 1.  Basis of Presentation

The accompanying interim unaudited financial statements of Opexa Therapeutics, Inc. (“Opexa”), 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 and should be read in conjunction with the audited financial statements and notes thereto contained in Opexa’s latest Annual Report on Form 10-K filed with the SEC.  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.
Cash and Cash Equivalents
Cash and Cash Equivalents
Note 2.  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.

At June 30, 2012, Opexa invested approximately $1.4 million in a money market fund investing exclusively in high-quality, short-term money market instruments consisting of U.S. government obligations and repurchase agreements collateralized by the U.S. Government. While this fund seeks current income while preserving capital and liquidity, the fund is subject to risk, including U.S. government obligations risk, and is not federally insured or guaranteed by or obligations of the Federal Deposit Insurance Corporation or any other agency. For the six months ended June 30, 2012, the money market fund recognized an average market yield of 0.01%. Interest income of $195 was recognized for the six months ended June 30, 2012 in the statement of expenses.
Other Current Assets
Other Current Assets
Note 3.  Other Current Assets

Other current assets at June 30, 2012 include prepaid reagents and supplies amounting to $775,251 that will be used in the Company’s planned clinical study. Opexa expects to amortize these prepaid reagents and supplies to research and development costs upon initiation of the planned clinical study.
Deferred Financing Costs
Deferred Financing Costs
Note 4.  Deferred Financing Costs

Deferred financing costs at June 30, 2012 consist of costs incurred from third parties in connection with obtaining debt financing. These costs were capitalized and will be amortized to interest expense over the term of the related debt.  As of June 30, 2012, the current portion of the unamortized deferred financing costs totaling $22,911 is included in other current assets. The remaining portion of the unamortized deferred financing costs totaling $27,076 is reported as a non-current asset in deferred financing costs.
Stock-Based Compensation
Stock-Based Compensation
Note 5.  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 2,500,000 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 June 30, 2012, options to purchase an aggregate of 3,206,639 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 six months ended June 30, 2012, Opexa recognized option expense of $371,449 which includes the related expense for the options that are expected to vest based on achievement of their related performance conditions (see below). Unamortized stock compensation expense as of June 30, 2012 amounted to $834,710.

Stock Option Activity
     
         A summary of stock option activity for the six months ended June 30, 2012 is presented below:
 
   
Number of
Shares
    
Wtd. Avg.
Exercise Price
    
Wtd. Avg.
Remaining
Contract Term
(# years)
    
Intrinsic
Value
  
Outstanding at January 1, 2012
     1,771,705     $ 1.93              
Granted
     1,541,767       0.95              
Exercised
     -       -              
Forfeited and canceled
     (106,833 )     3.20              
                             
Outstanding at June 30, 2012
     3,206,639     $ 1.41       8.1     $ 21,715  
                                 
Exercisable at June 30, 2012
     1,589,016     $ 1.81       6.7     $ 21,715  
 
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 six months ended June 30, 2012, options to purchase an aggregate of 375,331 shares were granted to employees, based on 2011 performance objectives, at an exercise price of $0.95.  These options have terms of ten years and have a vesting schedule of three years. Fair value of $344,309 was calculated using the Black-Scholes option-pricing model.  Variables used in the Black-Scholes option-pricing model for the options issued to employees during the six months ended June 30, 2012 include (1) discount rate of 1.98%, (2) expected term of 5.25 years, (3) expected volatility of 183% and (4) zero expected dividends.

During the six months ended June 30, 2012, options to purchase an aggregate of 1,019,036 shares were granted to senior management, based on the achievement of future performance-based, strategic milestone objectives, at an exercise price of $0.95. These options have terms of ten years and have vesting schedules of three years commencing after the two specific milestone objectives have been met. Fair value of $964,715 was calculated using the Black-Scholes option-pricing model.  Variables used in the Black-Scholes option-pricing model for the options issued to senior management during the six months ended June 30, 2012 include (1) discount rate of 1.98%, (2) expected term of ten years, (3) expected volatility of 183% and (4) zero expected dividends.

During the six months ended June 30, 2012, options to purchase an aggregate of 25,000 shares were granted to recently hired employees at exercise prices ranging from $0.92 to $0.95. These options have terms of ten years and have a vesting schedule of three years commencing after the one-year anniversary of the individual employee’s date of hire. Fair value of $23,103 was calculated using the Black-Scholes option-pricing model. Variables used in the Black-Scholes option-pricing model for the options issued to recently hired employees during the six months ended June 30, 2012 include (1) discount rate of 1.40%, (2) expected term of seven years, (3) expected volatility of 183% and (4) zero expected dividends.

During the six months ended June 30, 2012, options to purchase an aggregate of 122,400 shares were granted to directors for service on Opexa’s Board at an exercise price of $0.94. Options to purchase an aggregate of 40,000 shares have terms of 10 years, with 50% of the shares vesting immediately and 50% vesting in one year from the date of grant. Options to purchase the remaining 82,400 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, 2012. Fair value of $111,428 was calculated using the Black-Scholes option-pricing model. Variables used in the Black-Scholes option-pricing model for the options issued to directors during the six months ended June 30, 2012 include (1) discount rate of 2.03%, (2) expected term of 5.25 years, (3) expected volatility of 186% and (4) zero expected dividends.
 
Warrant Activity

A summary of warrant activity for the six months ended June 30, 2012 is presented below:
 
   
Number of
Shares
    
Wtd. Avg.
Exercise Price
    
Wtd. Avg.
Remaining
Contract Term
(# years)
  
Intrinsic
Value
  
Outstanding at January 1, 2012
     10,430,286     $ 1.90              
Granted
     -       -              
Exercised
     -       -              
Forfeited and canceled
     -       -              
                             
Outstanding at June 30, 2012
     10,430,286     $ 1.90       1.3     $ 34,097  
                                 
Exercisable at June 30, 2012
     10,430,286     $ 1.90       1.3     $ 34,097  
Subsequent Events
Subsequent Events
Note 6.  Subsequent Events

On July 25, 2012, Opexa closed a private offering consisting of convertible secured notes and warrants to purchase shares of common stock which generated approximately $4.1 million in gross proceeds. The notes mature on July 25, 2014 and accrue interest at the rate of 12% per annum, compounded annually. Interest is payable semi-annually in either cash or registered shares of common stock at the Company’s election. The notes are secured by substantially all of the Company’s assets and are convertible into a new class of non-voting Series A Convertible Preferred Stock. The notes can be converted into Series A Convertible Preferred Stock at the option of the investors at a price of $100.00 per share, subject to certain limitations and adjustments. Additionally, the Company can elect to convert the notes into Series A Convertible Preferred Stock if (i) the Company’s common stock closes at or above $2.50 per share for 20 consecutive trading days or (ii) the Company achieves certain additional funding milestones to continue its clinical trial program. These milestones include (x) executing a strategic agreement with a partner or potential partner by which the Company will receive a minimum of $5 million to partially fund, or an option to partner with the Company for, its Phase II clinical trial for Tcelna in patients with secondary progressive multiple sclerosis and (y) receiving a minimum of $25 million in additional capital (including the note offering proceeds) from any partner, potential partner or any other source. The Series A Convertible Preferred Stock accrues dividends at the rate of 8% per annum, which are cumulative and payable semi-annually in either cash or registered shares of the common stock at the Company’s election.  The Series A Convertible Preferred Stock is convertible into shares of the Company’s common stock at the option of the investors at a price of $0.80 per share, subject to certain limitations and adjustments. Additionally, the Company can elect to convert the Series A Convertible Preferred Stock into common stock if the Company’s common stock closes at or above $4.00 per share for 20 consecutive trading days. The warrants have an exercise price of $1.25 per share, a five-year term and are exercisable for 75% of the number of shares of common stock into which the notes are ultimately convertible, subject to certain limitations and adjustments.  The Company can redeem the warrants at $0.01 per share if the Company’s common stock closes at or above $2.50 per share for 20 consecutive trading days. As part of the security interest granted by the Company to the investors, $1,000,000 of the proceeds will be maintained in a controlled account.  The investors were granted certain registration rights for the shares of underlying common stock.
Stock-Based Compensation (Tables)
Stock Option Activity 
A summary of stock option activity for the six months ended June 30, 2012 is presented below:
 
   
Number of
Shares
    
Wtd. Avg.
Exercise Price
    
Wtd. Avg.
Remaining
Contract Term
(# years)
    
Intrinsic
Value
  
Outstanding at January 1, 2012
     1,771,705     $ 1.93              
Granted
     1,541,767       0.95              
Exercised
     -       -              
Forfeited and canceled
     (106,833 )     3.20              
                             
Outstanding at June 30, 2012
     3,206,639     $ 1.41       8.1     $ 21,715  
                                 
Exercisable at June 30, 2012
     1,589,016     $ 1.81       6.7     $ 21,715  
Warrant Activity 
A summary of warrant activity for the six months ended June 30, 2012 is presented below:
 
   
Number of
Shares
    
Wtd. Avg.
Exercise Price
    
Wtd. Avg.
Remaining
Contract Term
(# years)
  
Intrinsic
Value
  
Outstanding at January 1, 2012
     10,430,286     $ 1.90              
Granted
     -       -              
Exercised
     -       -              
Forfeited and canceled
     -       -              
                             
Outstanding at June 30, 2012
     10,430,286     $ 1.90       1.3     $ 34,097  
                                 
Exercisable at June 30, 2012
     10,430,286     $ 1.90       1.3     $ 34,097  
Cash and Cash Equivalents - Additional Information (Detail) (USD $)
3 Months Ended 6 Months Ended 113 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Cash and Cash Equivalents [Line Items]
 
 
 
 
 
Cash and cash equivalents, money market accounts
$ 1,400,000 
 
$ 1,400,000 
 
$ 1,400,000 
Percentage of interest recognized from money market fund
0.01% 
 
0.01% 
 
0.01% 
Interest income
$ 59 
$ 260 
$ 195 
$ 471 
$ 1,358,612 
Other Current Assets - Additional Information (Detail) (USD $)
Jun. 30, 2012
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items]
 
Prepaid Reagents and Supplies
$ 775,251 
Deferred Financing Cost -Additional Information (Detail) (USD $)
Jun. 30, 2012
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items]
 
Deferred financing costs, current
$ 22,911 
Deferred financing costs
$ 27,076 
Stock-Based Compensation - Additional Information (Detail) (USD $)
6 Months Ended
Jun. 30, 2012
Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Share based compensation, common stock shares issued and outstanding
3,206,639 
1,771,705 
Unamortized stock compensation expense
$ 834,710 
 
Number of Shares, Granted
1,541,767 
 
Weighted average exercise price, Granted
$ 0.95 
 
Stock Options
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Option expense
$ 371,449 
 
Stock option, term
10 years 
 
Employee Options
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Stock option, term
10 years 
 
Number of Shares, Granted
375,331 
 
Weighted average exercise price, Granted
$ 0.95 
 
Vesting period
3 years 
 
Fair value of stock granted during period
$ 344,309 
 
Discount rate
1.98% 
 
Stock option expected term
5 years 91 days 
 
Volatility rate
183.00% 
 
Dividends equivalent
0.00% 
 
Senior management
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Stock option, term
10 years 
 
Number of Shares, Granted
1,019,036 
 
Weighted average exercise price, Granted
$ 0.95 
 
Vesting period
3 years 
 
Fair value of stock granted during period
$ 964,715 
 
Discount rate
1.98% 
 
Stock option expected term
10 years 
 
Volatility rate
183.00% 
 
Dividends equivalent
0.00% 
 
Recently Hired Employees
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Stock option, term
10 years 
 
Number of Shares, Granted
25,000 
 
Vesting period
3 years 
 
Fair value of stock granted during period
$ 23,103 
 
Discount rate
1.40% 
 
Stock option expected term
7 years 
 
Volatility rate
183.00% 
 
Dividends equivalent
0.00% 
 
Recently Hired Employees |
Minimum
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Weighted average exercise price, Granted
$ 0.92 
 
Recently Hired Employees |
Maximum
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Weighted average exercise price, Granted
$ 0.95 
 
Directors
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Number of Shares, Granted
122,400 
 
Weighted average exercise price, Granted
$ 0.94 
 
Fair value of stock granted during period
$ 111,428 
 
Discount rate
2.03% 
 
Stock option expected term
5 years 91 days 
 
Volatility rate
186.00% 
 
Dividends equivalent
0.00% 
 
Directors |
Options to purchase an aggregate of 40,000 shares
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Stock option, term
10 years 
 
Number of Shares, Granted
40,000 
 
Stock options vesting percentage, immediately from date of grant
50.00% 
 
Stock options vesting percentage, remaining of period
50.00% 
 
Directors |
Options to purchase an aggregate of 82,400 shares
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Stock option, term
10 years 
 
Number of Shares, Granted
82,400 
 
Stock options vesting percentage, immediately from date of grant
50.00% 
 
Stock options vesting percentage, remaining of period
50.00% 
 
2010 Plan
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Share based compensation, common stock shares issued and outstanding
3,206,639 
 
2010 Plan |
Stock Options
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Stock based compensation, common stock shares authorized
2,500,000 
 
Stock Option Activity (Detail) (USD $)
6 Months Ended
Jun. 30, 2012
Number of Shares
 
Number of Shares, Outstanding at beginning of period
1,771,705 
Number of Shares, Granted
1,541,767 
Number of Shares, Exercised
   
Number of Shares, Forfeited and canceled
(106,833)
Number of Shares, Outstanding at end of period
3,206,639 
Number of Shares, Exercisable at end of period
1,589,016 
Weighted average exercise price
 
Weighted average exercise price, Outstanding at beginning of period
$ 1.93 
Weighted average exercise price, Granted
$ 0.95 
Weighted average exercise price, Exercised
   
Weighted average exercise price, Forfeited and canceled
$ 3.20 
Weighted average exercise price, Outstanding at end of period
$ 1.41 
Weighted average exercise price, Exercisable at end of period
$ 1.81 
Weighted average remaining contract term
 
Weighted average remaining contract term, Outstanding at end of period
8 years 37 days 
Weighted average remaining contract term, Exercisable at end of period
6 years 256 days 
Intrinsic Value
 
Intrinsic Value, Outstanding at end of period
$ 21,715 
Intrinsic Value, Exercisable at end of period
$ 21,715 
Warrant Activity (Detail) (Warrant, USD $)
6 Months Ended
Jun. 30, 2012
Warrant
 
Number of Shares
 
Number of Shares, Outstanding at beginning of period
10,430,286 
Number of Shares, Granted
   
Number of Shares, Exercised
   
Number of Shares, Forfeited and canceled
   
Number of Shares, Outstanding at end of period
10,430,286 
Number of Shares, Exercisable at end of period
10,430,286 
Weighted average exercise price
 
Weighted average exercise price, Outstanding at beginning of period
$ 1.90 
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
$ 1.90 
Weighted average exercise price, Exercisable at end of period
$ 1.90 
Weighted average remaining contract term
 
Weighted average remaining contract term, Outstanding at end of period
1 year 110 days 
Weighted average remaining contract term, Exercisable at end of period
1 year 110 days 
Intrinsic Value
 
Intrinsic Value, Outstanding at end of period
$ 34,097 
Intrinsic Value, Exercisable at end of the period
$ 34,097 
Subsequent Events - Additional Information (Detail) (USD $)
1 Months Ended
Jul. 25, 2012
Subsequent Event [Line Items]
 
Series A Convertible Preferred Stock, dividend accrual rate
8.00% 
Secured convertible note
 
Subsequent Event [Line Items]
 
Gross proceeds from a private offering of secured convertible notes and warrants
$ 4,100,000 
Secured convertible notes, maturity date
Jul. 25, 2014 
Secured convertible notes, interest rate
12.00% 
Secured convertible note |
Minimum
 
Subsequent Event [Line Items]
 
Amount of proceed to be kept in controlled account as part of security interest to investor
1,000,000 
Conversion of Notes into Series A Preferred Stock
 
Subsequent Event [Line Items]
 
Secured convertible notes, conversion price at the option of the investors
$ 100.00 
Conversion of Notes into Series A Preferred Stock |
Minimum
 
Subsequent Event [Line Items]
 
Conversion into stock, common stock average closing price for 20 consecutive trading days to convert at the option of the company
$ 2.50 
Conversion of Notes into Series A Preferred Stock |
Product Financing Arrangement |
Minimum
 
Subsequent Event [Line Items]
 
Conversion into stock, criteria one of two, milestone through potential partner agreement
5,000,000 
Conversion into stock, criteria one of two, milestone through additional financing
$ 25,000,000 
Conversion of Series A Convertible Preferred Stock into common stock
 
Subsequent Event [Line Items]
 
Conversion price at the option of the investors
$ 0.80 
Conversion of Series A Convertible Preferred Stock into common stock |
Minimum
 
Subsequent Event [Line Items]
 
Conversion into stock, common stock average closing price for 20 consecutive trading days to convert at the option of the company
$ 4.00 
Warrant
 
Subsequent Event [Line Items]
 
Warrant exercise price
$ 1.25 
Warrant term
5 years 
Percentage of common stock exercisable
75.00% 
Warrant redemption price per share at the option of the company
$ 0.01 
Warrant redemption per share at the option of the company |
Minimum
 
Subsequent Event [Line Items]
 
Optional redemption of warrants, minimum per share price of common stock for 20 consecutive trading days at the option of the company
$ 2.50