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Summary of Significant Accounting Policies (Tables)

12 Months Ended

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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