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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2015
Accounting Policies [Abstract] |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Stock-based compensation cost that has been expensed in the statements of operations amounted to $1.2 million and $1.9 million for the years ended December 31, 2015 and 2014, allocated as follows:
|  | Year Ended December 31, |
|  | 2015 |  | 2014 |
Research and development |  | $ | 287,491 |  | $ | 579,711 |
General and administrative |  |  | 862,927 |  |  | 1,313,124 |
|  | $ | 1,150,418 |  | $ | 1,892,835 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For options granted in 2015 and 2014, the Company calculated the fair value of each option grant on the respective dates of grant using the following weighted average assumptions:
|  | 2015 |  |  | 2014 |
Expected term |  |  | 5.75 years |  |  |  | 5.87 years |
Risk-free interest rate |  |  | 1.63 | % |  |  | 1.75 | %
Expected dividend yield |  |  | — |  |  |  | — |
Expected volatility |  |  | 81.39 | % |  |  | 76.30 | %
Fair Value Measurements, Nonrecurring [Table Text Block] | The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis at December 31, 2015:
|  | December 31, |  | Fair value measurements at reporting date using |
|  | 2015 |  | Level 1 inputs |  | Level 2 inputs |  | Level 3 inputs |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents - money market funds |  | $ | 127,905 |  | $ | 127,905 |  | $ | - |  | $ | - |
Government notes |  |  | 802,112 |  |  | 802,112 |  |  | - |  |  | - |
Corporate bonds and notes |  |  | 23,973,308 |  |  | - |  |  | 23,973,308 |  |  | - |
|  | $ | 24,903,325 |  | $ | 930,017 |  | $ | 23,973,308 |  | $ | - |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings (loss) per share of common stock for the years ended December 31, 2015 and 2014.
|  | Year Ended December 31, |
|  | 2015 |  | 2014 |
Basic loss per share attributable to common stock: |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |
Net loss |  | $ | (18,208,378) |  | $ | (20,372,676) |
Denominator |  |  |  |  |  |  |
Weighted avg. common shares outstanding |  |  | 16,470,814 |  |  | 12,766,295 |
Basic loss per share attributable to common stock |  | $ | (1.11) |  | $ | (1.60) |
Diluted loss per share attributable to common stock: |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |
Net loss |  | $ | (18,208,378) |  | $ | (20,372,676) |
Denominator |  |  |  |  |  |  |
Weighted avg. common shares outstanding |  |  | 16,470,814 |  |  | 12,766,295 |
Diluted loss per share attributable to common stock |  | $ | (1.11) |  | $ | (1.60) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The computation of diluted earnings per share for the years ended December 31, 2015 and 2014 does not include the following unvested restricted stock awards, restricted stock units, stock options and warrants to purchase shares in the computation of diluted earnings per share because these instruments were antidilutive:
|  | December 31, |
|  | 2015 |  | 2014 |
Stock options |  |  | 1,722,552 |  |  | 1,528,737 |
Unvested restricted stock |  |  | 3,000 |  |  | 7,000 |
Warrants |  |  | - |  |  | 20,467 |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258 + Details
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- Definition Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 14.F) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 -Section F + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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