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Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2017	Aug. 11, 2017
Document Information [Line Items]
Entity Registrant Name	Celsion Corp
Entity Central Index Key	0000749647
Trading Symbol	clsn
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		8,351,322
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 3,629,038	$ 2,624,162
Investment securities – available for sale, at fair value		1,680,000
Accrued interest receivable on investment securities		4,008
Advances, deposits and other current assets	109,947	204,408
Subtotal current assets	3,738,985	4,512,578
Property and equipment (at cost, less accumulated depreciation and amortization of $2,740,422 and $2,513,022, respectively)	256,562	462,836
Other assets:
In-process research and development	22,766,491	22,766,491
Other intangible assets, net	909,266	1,022,924
Goodwill	1,976,101	1,976,101
Security deposit on letter of credit		100,000
Patent licensing fees and other assets, net	8,761	8,761
Subtotal other assets	25,660,619	25,874,277
Total assets	29,656,166	30,849,691
Current liabilities:
Accounts payable - trade	3,544,583	2,878,978
Other accrued liabilities	2,911,891	2,483,756
Notes payable - current portion		2,560,553
Deferred revenue – current portion	500,000	500,000
Subtotal current liabilities	6,956,474	8,423,287
Earn-out milestone liability	13,764,205	13,188,226
Deferred revenue – non-current portion	2,250,000	2,500,000
Other liabilities – non-current	36,840	12,352
Total liabilities	23,007,519	24,123,865
Commitments and contingencies
Stockholders’ equity:
Preferred Stock - $0.01 par value (100,000 shares authorized and no shares issued or outstanding at June 30, 2017 and December 31, 2016, respectively)
Common stock - $0.01 par value (112,500,000 shares authorized; 5,914,560 and 2,230,452 shares issued at June 30, 2017 and December 31, 2016, respectively, and 5,914,226 and 2,230,118 shares outstanding at June 30, 2017 and December 31, 2016, respectively)	59,149	22,305
Additional paid-in capital	258,104,403	248,168,421
Accumulated deficit	(251,429,717)	(241,379,712)
Subtotal	6,733,835	6,811,014
Treasury stock, at cost (334 shares at June 30, 2017 and December 31, 2016)	(85,188)	(85,188)
Total stockholders’ equity	6,648,647	6,725,826
Total liabilities and stockholders’ equity	$ 29,656,166	$ 30,849,691

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Property and equipment, accumulated depreciation	$ 2,740,422	$ 2,513,022
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000	100,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	112,500,000	112,500,000
Common stock, shares issued (in shares)	5,914,560	2,230,452
Common stock, shares outstanding (in shares)	5,914,226	2,230,118
Treasury stock, shares (in shares)	334	334

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Licensing revenue	$ 125,000	$ 125,000	$ 250,000	$ 250,000
Operating expenses:
Research and development	3,046,631	3,336,372	6,521,907	6,777,543
General and administrative	1,649,110	1,529,305	3,117,232	3,391,830
Total operating expenses	4,695,741	4,865,677	9,639,139	10,169,373
Loss from operations	(4,570,741)	(4,740,677)	(9,389,139)	(9,919,373)
Other (expense) income:
(Loss) gain from change in valuation of earn-out milestone liability	(292,228)	408,684	(575,979)	106,028
Investment income, net	1,426	4,358	3,417	13,699
Interest expense	(29,416)	(203,353)	(91,756)	(447,551)
Other income (expense)	1,090	5	3,452	(253)
Total other (expense) income, net	(319,128)	209,694	(660,866)	(328,077)
Net loss	(4,889,869)	(4,530,983)	(10,050,005)	(10,247,450)
Deemed dividend related to warrant modification	(345,685)		(345,685)
Net loss attributable to common shareholders	$ (5,235,554)	$ (4,530,983)	$ (10,395,690)	$ (10,247,450)
Net loss per common share
Basic and diluted (in dollars per share)	$ (0.79)	$ (2.63)	$ (1.75)	$ (6.04)
Weighted average shares outstanding
Basic and diluted (in shares)	6,628,778	1,723,147	5,948,570	1,696,590

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Realized loss on investment securities recognized in investment income, net				$ 3,858
Unrealized gain on investment securities
Other comprehensive gain				3,858
Net loss	(4,889,869)	(4,530,983)	(10,050,005)	(10,247,450)
Comprehensive loss	$ (4,889,869)	$ (4,530,983)	$ (10,050,005)	$ (10,243,592)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net loss	$ (10,050,005)	$ (10,247,450)
Depreciation and amortization	341,058	243,750
Change in fair value of earn-out milestone liability	575,979	(106,028)
Deferred revenue	(250,000)	(250,000)
Stock-based compensation costs	804,592	898,520
Shares issued out of treasury		41,113
Amortization of deferred finance charges and debt discount associated with notes payable	35,370	145,586
Change in deferred rent liability	24,488	(16,716)
Loss realized on sale of investment securities		3,858
Accrued interest on short term investments	4,008	26,708
Advances, deposits and other current assets	94,461	(311,222)
Accounts payable	665,605	118,925
Accrued liabilities	428,135	458,775
Net cash (used in) operating activities:	(7,326,309)	(8,994,181)
Cash flows from investing activities:
Proceeds from sale and maturity of investment securities	1,680,000	10,799,890
Purchases of investment securities		(2,160,000)
Refund of security for letter of credit	100,000
Purchases of property and equipment	(21,126)	(42,758)
Net cash provided by investing activities	1,758,874	8,597,132
Cash flows from financing activities:
Proceeds from sale of common stock equity, net of issuance costs	4,252,948	5,430,364
Proceeds from exercise of common stock warrants, net of issuance costs	4,915,286
Principal payment and end of term charges on note payable	(2,595,923)	(1,990,670)
Net cash provided by financing activities	6,572,311	3,439,694
Increase in cash and cash equivalents	1,004,876	3,042,645
Cash and cash equivalents at beginning of period	2,624,162	9,265,144
Cash and cash equivalents at end of period	3,629,038	12,307,789
Supplemental disclosures of cash flow information:
Interest paid	$ 56,386	$ 301,996

Note 1 - Business Description

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Nature of Operations [Text Block]

Note

Business Description

Celsion Corporation, a Delaware corporation based in Lawrenceville, New Jersey, its wholly-owned subsidiaries CLSN Laboratories, Inc., also a Delaware corporation, and Celsion GmbH, a limited liability company in Zug Switzerland, referred to herein as “Celsion”, “we”, or “the Company”, as the context requires, is a fully-integrated development stage oncology drug company focused on developing a portfolio of innovative cancer treatments, including directed chemotherapies, DNA-mediated immunotherapy and RNA based therapies. Our lead product candidate is ThermoDox®, a proprietary dosage form of doxorubicin based on a heat-activated liposomal platform technology, currently in a Phase III clinical trial for the treatment of non-resectable hepatocellular carcinoma (“HCC”) also known as primary liver cancer, and a Phase II clinical trial for recurrent chest wall breast cancer. Our pipeline also includes GEN-

a DNA-based immunotherapy currently in a Phase I clinical trial for the localized treatment of ovarian cancer and pre-clinical development for brain cancer. GEN-

is based on a platform technology for the development of treatments using novel nucleic acid-based immunotherapies and other anti-cancer DNA or RNA therapies. We are working to develop and commercialize more efficient, effective and targeted oncology therapies based on our technologies, with the goal of developing novel therapeutics that maximize efficacy while minimizing side effects common to many cancer treatments.

Note 2 - Basis of Presentation

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Basis of Accounting [Text Block]

Note

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements, which include the accounts of Celsion Corporation, CLSN Laboratories, Inc. and Celsion GmbH, have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) for interim financial information and with the instructions to Form

-Q and Article

of Regulation S-

All intercompany balances and transactions have been eliminated. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.

In the opinion of management, all adjustments, consisting only of normal recurring accruals considered necessary for a fair presentation, have been included in the accompanying unaudited condensed consolidated financial statements. Operating results for the

three

and

six

month periods ended

June 30, 2017

are

not

necessarily indicative of the results that

may

be expected for any other interim period(s) or for any full year. For further information, refer to the financial statements and notes thereto included in the Company’s Annual Report on Form

-K for the fiscal year ended

December 31, 2016

filed with the Securities and Exchange Commission (SEC) on

March 24, 2017.

The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates, and assumptions that affect the amount reported in the Company’s financial statements and accompanying notes. Actual results could differ materially from those estimates. Events and conditions arising subsequent to the most recent balance sheet date have been evaluated for their possible impact on the financial statements and accompanying notes.

events and conditions would give rise to any information that required accounting recognition or disclosure in the financial statements other than those arising in the ordinary course of business.

As more fully described in Note

the Company effected a

-for-

reverse stock split of its common stock on

May 26, 2017

which was made effective for trading purposes as of the commencement of trading on

May 30, 2017.

All prior period shares of common stock have been adjusted to reflect the

-for-

reverse stock split.

Note 3 - Financial Condition and Going Concern

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Substantial Doubt about Going Concern [Text Block]

Note

Financial Condition and Going Concern

Since inception, the Company has incurred substantial operating losses, principally from expenses associated with the Company’s research and development programs, clinical trials conducted in connection with the Company’s product candidates, and applications and submissions to the Food and Drug Administration (FDA). We have

not

generated significant revenue and have incurred significant net losses in each year since our inception. We have incurred approximately

$251

million of cumulated net losses. As of

June 30, 2017,

we had approximately

$3.6

million in cash and cash equivalents. In

July 2017,

we completed a

million registered direct equity offering of shares of common stock, or pre-funded warrants in lieu thereof, and a concurrent private placement of warrants to purchase common stock with several institutional healthcare investors. We have substantial future capital requirements to continue our research and development activities and advance our product candidates through various development stages. The Company believes these expenditures are essential for the commercialization of its technologies.

The Company expects its operating losses to continue for the foreseeable future as it continues its product development efforts, and when it undertakes marketing and sales activities. The Company’s ability to achieve profitability is dependent upon its ability to obtain governmental approvals, produce, and market and sell its new product candidates. There can be

assurance that the Company will be able to commercialize its technology successfully or that profitability will ever be achieved. The Company expects that its operating results will fluctuate significantly in the future and will depend on a number of factors, many of which are outside the Company’s control. The Company will need substantial additional funding in order to complete the development, testing and commercialization of its oncology product candidates and we have made a significant commitment to heat-activated liposome research and development projects. It is our intention at least to maintain the pace and scope of these development activities.

The condensed consolidated financial statements have been prepared on the going concern basis. In making this assessment, management conducted a comprehensive review of the Company’s business plan including, but

not

limited to:

	●	the Company’s financial position for the three and six months periods ended June 30, 2017;
	●	significant events and transaction the Company has entered into since December 31, 2016;
	●	the Company’s capitalization structure including common stock outstanding and common stock issuable on exercise of warrants and equity awards, and other common stock issuable under equity plans; and
	●	continued support of the Company’s stockholders.

As a result of the uncertainties involved in our business, we are unable to estimate the duration and completion costs of our research and development projects or when, if ever, and to what extent we will receive cash inflows from the commercialization and sale of a product. Our inability to complete our research and development projects in a timely manner or our failure to enter into collaborative agreements, when appropriate, could significantly increase our capital requirements and could adversely impact our liquidity. These uncertainties could force us to seek additional, external sources of financing from time to time in order to continue with our business strategy. Our inability to raise additional capital, or to do so on terms reasonably acceptable to us, would jeopardize the future success of our business. Our estimated future capital requirements are uncertain and could change materially as a result of many factors, including the progress of our research, development, clinical, manufacturing, and commercialization activities.

Management has determined the Company has suffered recurring losses from operations and has an accumulated deficit that raises substantial doubt about our ability to continue as a going concern for the next

twelve

months from our issuance date. The financial statements do

not

include any adjustments that might result from the outcome of the uncertainty.

A fundamental component of the ability to continue as a going concern is the Company’s ability to raise capital as required, as to which

assurances can be provided. To address the additional funding requirements of the Company, management has undertaken the following initiatives:

	●	in February 2017, the Company raised approximately $5.0 million in gross proceeds through a public offering of its common stock and warrants to purchase common stock;

	●	during the first six months of 2017, the Company raised approximately $5.1 million in gross proceeds through the exercise of warrants to purchase common stock;

	●	in July 2017, the Company raised approximately $5.0 million in gross proceeds through a registered direct offering of its common stock and warrants to purchase common stock;

	●	the Company’s shareholders approved an increase of its authorized shares sufficient to allow for the funding of its clinical programs at its Annual Meeting of Stockholders on May 16, 2017;

	●	the Company has $7.5 million under a controlled equity offering facility;

	●	it assessed its current expenditures and has reduced the current spending requirements where necessary;

	●	it will pursue additional capital funding in the public and private markets through equity sales and/or debt facilities;

	●	it will pursue possible partnerships and collaborations; and

	●	it will pursue potential out licensing for its drug candidates.

Our ability to continue as a going concern

may

depend on our ability to raise additional capital, attain further operating efficiencies, reduce expenditures, and, ultimately, to generate revenue. There are

assurances that these future funding and operating efforts will be successful. If management is unsuccessful in these efforts, our current capital is

not

sufficient to fund our operations for the next

twelve

months.

Note 4 - New Accounting Pronouncements

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Description of New Accounting Pronouncements Not yet Adopted [Text Block]

Note

New Accounting Pronouncements

From time to time, new accounting pronouncements are issued by Financial Accounting Standards Board (FASB) and are adopted by us as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued accounting pronouncements will

not

have a material impact on the Company’s consolidated financial position, results of operations, and cash flows, or do

not

apply to our operations.

May 2014,

the FASB issued Accounting Standards Update

No.

2014

“Revenue from Contracts with Customers (Topic

606

),” which supersedes all existing revenue recognition requirements, including most industry-specific guidance. The new standard requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services. ASU

2014

was originally going to be effective on

January

2017;

however, the FASB issued ASU

2015

14,

“Revenue from Contracts with Customers (Topic

606

) — Deferral of the Effective Date,” which deferred the effective date of ASU

2014

one

year to

January

2018.

March

2016,

the FASB issued ASU

No.

2016

“Revenue from Contracts with Customers (Topic

606

): Principal versus Agent Considerations. The amendments in this ASU do

not

change the core principle of ASU

No.

2014

but the amendments clarify the implementation guidance on reporting revenue gross versus net. The effective date for the amendments in this ASU is the same as the effective date of ASU

No.

2014

09.

April

2016,

the FASB issued ASU

No.

2016

10,

“Revenue from Contracts with Customers (Identifying Performance Obligations and Licensing),” to clarify the implementation guidance on identifying performance obligations and licensing. The standard allows for either “full retrospective” adoption, meaning the standard is applied to all of the periods presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements. The Company is currently evaluating the impact of adopting these standards and at this point, nothing has come to the Company’s attention that would indicate the adoption of these standards will have a material impact on the Company’s consolidated financial statements.

January 2016,

the FASB issued Accounting Standards Update

No.

2016

01,

Recognition and Measurement of Financial Assets and Financial Liabilities, which requires that most equity investments be measured at fair value, with subsequent changes in fair value recognized in net income (other than those accounted for under the equity method of accounting). This guidance is effective for fiscal years, and interim periods within those years, beginning after

December 15, 2017.

The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements and disclosures.

February 2016,

the FASB issued Accounting Standards Update

No.

2016

02,

Leases (Topic

842

), which requires that lessees recognize assets and liabilities for leases with lease terms greater than

twelve

months in the statement of financial position. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This update also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. The update is effective for fiscal years beginning after

December 15, 2018,

including interim reporting periods within that reporting period. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this guidance will have on its consolidated financial statements and disclosures.

March 2016,

the FASB issued Accounting Standards Update

No.

2016

09,

Compensation – Stock Compensation (Topic

718

). The new standard simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The new standard is effective for public companies for annual reporting periods beginning after

December 15, 2016,

including interim periods within those annual reporting periods; however, early adoption is allowed. The Company adopted this standard in

January 2017

and made the election to account for award forfeitures as they occur. The adoption of this standard did

not

have a material impact on the Company’s consolidated financial statements.

August 2016,

the FASB issued Accounting Standard Update

No.

2016

15,

Statement of Cash Flows (Topic

230

): Classification of Certain Cash Receipts and Cash Payments. This update clarifies how certain cash receipts and payments should be presented in the statement of cash flows and is effective for interim and annual reporting periods beginning after

December 15, 2017,

with early adoption permitted. The Company does

not

believe that this guidance will have an impact on the consolidated financial statements and related disclosures.

November 2016,

the FASB issued Accounting Standard Update

No.

2016

18,

Statement of Cash Flows (Topic

230

): Restricted Cash. This update amends the guidance in ASC

230,

including providing additional guidance related to transfers between cash and restricted cash and how entities present, in their statement of cash flows, the cash receipts and cash payments that directly affect the restricted cash accounts. This guidance is effective for annual reporting periods beginning after

December 15, 2017,

and interim periods within those years, with early adoption permitted. The Company is currently evaluating the impact of adoption on its consolidated financial statements.

January 2017,

the FASB issued Accounting Standard Update

No.

2017

01,

Business Combinations (Topic

805

): Clarifying the Definition of a Business, which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This guidance is effective for annual reporting periods beginning after

December 15, 2018,

and interim periods within those years, with early adoption permitted. The Company is currently evaluating the impact of adoption on its consolidated financial statements.

January 2017,

the FASB issued Accounting Standard Update

No.

2017

04,

Intangibles-Goodwill and Other, Simplifying the Test for Goodwill impairment, which eliminates Step

from the goodwill impairment test. Under the revised test, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should

not

exceed the total amount of goodwill allocated to that reporting unit. This ASU is effective for any interim or annual impairment tests for fiscal years beginning after

December 15, 2019,

with early adoption permitted. The Company is currently evaluating the impact of adoption on its consolidated financial statements.

Note 5 - Net Loss Per Common Share

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Earnings Per Share [Text Block]

Note

Net Loss per Common Share

Basic loss per share is calculated based upon the net loss available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted loss per share is calculated after adjusting the denominator of the basic earnings per share computation for the effects of all dilutive potential common shares outstanding during the period. The dilutive effects of preferred stock, options and warrants and their equivalents are computed using the treasury stock method.

The total number of shares of common stock issuable upon exercise of warrants and equity awards was

1,284,154

shares for the

three

and

six

month periods ended

June 30, 2017.

For the

three

and

six

month periods ended

June 30, 2017,

diluted loss per common share was the same as basic loss per common share as all options and all warrants that were convertible into shares of the Company’s common stock were excluded from the calculation of diluted earnings attributable to common shareholders per common share as their effect would have been anti-dilutive.

For the

three

and

six

month periods ended

June 30, 2016,

the total number of shares of common stock issuable upon exercise of warrants and equity awards was

1,395,290

shares. The Pre-funded Series B Warrants (as more fully described in Note

of these financial statements) convertible into shares of the Company’s common stock totaling

150,000

shares was considered issued in calculating basic loss per share. For the

three

and

six

month periods ended

June 30, 2016,

diluted loss per common share was the same as basic loss per common share as the other

1,245,290

warrants and equity awards that were convertible into shares of the Company’s common stock were excluded from the calculation of diluted loss per common share as their effect would have been anti-dilutive.

Note 6 - Fair Value of Measurements

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Fair Value Disclosures [Text Block]

Note

Fair Value of Measurements

FASB Accounting Standards Codification (ASC) Section

820

“

Fair Value Measurements and Disclosures,”

establishes a

three

level hierarchy for fair value measurements which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The

three

levels of inputs that

may

be used to measure fair value are as follows:

Level

: Quoted prices (unadjusted) or identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date;

Level

: Significant other observable inputs other than Level

prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are

not

active; or other inputs that are observable or can be corroborated by observable market data; and

Level

: Significant unobservable inputs that reflect a reporting entity’s own assumptions that market participants would use in pricing an asset or liability.

The fair values of securities available for sale are determined by obtaining quoted prices on nationally recognized exchanges (Level

inputs) or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level

inputs).

Cash and cash equivalents, other current assets, accounts payable and other accrued liabilities are reflected in the balance sheet at their estimated fair values primarily due to their short-term nature. There were

transfers of assets of liabilities between Level

and Level

and

transfers in or out of Level

during the

six

months ended

June 30, 2017

except for the change in the earn-out milestone liability included in earnings (Note

Assets and liabilities measured at fair value are summarized below:

	Total Fair Value on the Balance Sheet		Quoted Prices In Active Markets For Identical Assets/Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Recurring items as of December 31, 2016 Investment securities, available for sale	$	1,680,000	$	1,680,000	$	─	$	─

Liabilities:
Recurring items as of June 30, 2017 Earn-out milestone liability (Note 11)	$	13,764,205	$	─	$	─	$	13,764,205

Recurring items as of December 31, 2016 Earn-out milestone liability (Note 11)	$	13,188,226					$	13,188,226

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 7 - Accrued Liabilities

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

Note

Accrued Liabilities

Other accrued liabilities at

June 30, 2017

and

December 31, 2016

include the following:

	June 30, 2017		December 31, 2016
Amounts due to contract research organizations and other contractual agreements	$	804,762	$	1,115,193
Accrued payroll and related benefits		1,841,208		1,066,751
Accrued professional fees		245,900		259,550
Accrued interest on notes payable		–		22,241
Other		20,021		20,021
Total	$	2,911,891	$	2,483,756

Note 8 - Note Payable

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Debt Disclosure [Text Block]

Note

Note Payable

November 2013,

the Company entered into a loan agreement with Hercules Technology Growth Capital, Inc. (Hercules) which permits up to

$20

million in capital to be distributed in multiple tranches (the Hercules Credit Agreement). The Company drew the

first

tranche of

million upon closing of the Hercules Credit Agreement in

November 2013

and used approximately

million of the proceeds to repay the outstanding obligations under its loan agreement with Oxford Finance LLC and Horizon Technology Finance Corporation as discussed further below. On

June 10, 2014,

the Company closed the

second

million tranche under the Hercules Credit Agreement. The proceeds were used to fund the

$3.0

million upfront cash payment associated with Celsion's acquisition of EGEN, as well as the Company’s transaction costs associated with the EGEN acquisition. Upon the closing of this

second

tranche, the Company has drawn down a total of

$10

million under the Hercules Credit Agreement.

The obligations under the Hercules Credit Agreement were in the form of secured indebtedness bearing interest at a calculated prime-based variable rate (

11.25%

per annum since inception through

December 17, 2015

and

11.50%

since). Payments under the loan agreement were interest only for the

first

twelve

months after loan closing, followed by a

-month amortization period of principal and interest through the scheduled maturity date of

June 1, 2017.

In connection with the Hercules Credit Agreement, the Company incurred cash expenses of

$122,378.

Also in connection with the Hercules Credit Facility, the Company paid loan origination fees of

$230,000.

Collectively, these deferred fees have been classified as a direct deduction from the debt liability consistent with the presentation of a debt discount and are being amortized as interest expense using the effective interest method over the life of the loan.

As a fee in connection with the Hercules Credit Agreement, the Company issued Hercules a warrant for a total of

6,963

shares of the Company’s common stock (the Hercules Warrant) at a per share exercise price of

$50.26,

exercisable for cash or by net exercise from

November 25, 2013.

Upon the closing of the

second

tranche on

June 10, 2014,

this warrant became exercisable for an additional

6,963

shares of the Company’s common stock. The Hercules Warrant will expire

November 25, 2018.

Hercules has certain rights to register the common stock underlying the Hercules Warrant pursuant to a Registration Rights Agreement with the Company dated

November 25, 2013.

The registration rights expire on the date when such stock

may

be sold under Rule

144

without restriction or upon the

first

year anniversary of the registration statement for such stock, whichever is earlier. The common stock issuable pursuant to the Hercules Warrant was filed pursuant to Rule

415

under the Securities Act of

1933

on the Prospectus for Registration Statement

No.

333

193936

and was declared effective on

September 30, 2014.

The Company valued the Hercules Warrants issued using the Black-Scholes option pricing model and recorded a total of

$476,261

as a direct deductions from the debt liability consistent with the presentation of a debt discount and are being amortized as interest expense using the effective interest method over the life of the loan. Also in connection with each of the

$5.0

million tranches, the Company is required to pay an end of term charge equal to

3.5%

of each original loan amount at time of maturity. Therefore, these amounts totaling

$350,000

were amortized as interest expense using the effective interest method over the life of the loan.

The loan balance and end of term charges on the Hercules Credit Agreement was paid in full in

June 2017.

For the

three

month periods ended

June 30, 2017

and

2016,

the Company incurred

$11,731

and

$136,438

in interest expense, respectively, and amortized

$17,685

and

$66,915,

respectively as interest expense for deferred fees, debt discount and end of term charges in connection with the Hercules Credit Agreement. For the

six

month periods ended

June 30, 2017

and

2016,

the Company incurred

$56,386

and

$301,996

in interest expense, respectively, and amortized

$35,370

and

$145,586,

respectively as interest expense for deferred fees, debt discount and end of term charges in connection with the Hercules Credit Agreement.

The Hercules Credit Agreement contains customary covenants, including covenants that limit or restrict the Company’s ability to grant liens, incur indebtedness, make certain restricted payments, merge or consolidate and make dispositions of assets. Upon the occurrence of an event of default under the Hercules Credit Agreement, the lenders

may

cease making loans, terminate the Hercules Credit Agreement, declare all amounts outstanding to be immediately due and payable and foreclose on or liquidate the Company’s assets that comprise the lenders’ collateral. The Hercules Credit Agreement specifies a number of events of default (some of which are subject to applicable grace or cure periods), including, among other things, non-payment defaults, covenant defaults, a material adverse effect on the Company or its assets, cross-defaults to other material indebtedness, bankruptcy and insolvency defaults and material judgment defaults. The Company has maintained compliance with these covenants.

Note 9 - Stockholders' Equity

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

Note

Stockholders’ Equity

September 2015,

the Company filed with the Securities and Exchange Commission (the SEC) a

$75

million shelf registration statement on Form S-

(the

2015

Shelf Registration Statement) (File

No.

333

206789

) that allows the Company to issue any combination of common stock, preferred stock or warrants to purchase common stock or preferred stock. This shelf registration was declared effective on

September 25, 2015.

At the

2016

Annual Meeting of Stockholders of the Company in

June 2016,

the Company’s stockholders of the Company approved an increase in the number of the authorized shares of the Company’s common stock from

75,000,000

shares to

112,500,000

shares. The number of the authorized shares of preferred stock remained at

100,000

shares. The aggregate number of shares of all classes of stock that the Company

may

issue, after giving effect to such amendment as approved by the stockholders, is

112,600,000

shares.

Reverse Stock Split

May 26, 2017,

the Company effected a

-for-

reverse stock split of its common stock which was made effective for trading purposes as of the commencement of trading on

May 30, 2017.

As of that date, each

shares of issued and outstanding common stock and equivalents was consolidated into

one

shares of common stock. In addition, at the market open on

May 30, 2017,

the Company’s common stock started trading under a new CUSIP number

15117N503

although the Company’s ticker symbol, CLSN, remained unchanged.

The reverse stock split was previously approved by the Company’s stockholders at the

2017

Annual Meeting held on

May 16, 2017,

and the Company subsequently filed a Certificate of Amendment to its Certificate of Incorporation to effect the stock consolidation. The primary reasons for the reverse stock split and the amendment are:

●

To increase the market price of the Company’s common stock making it more attractive to a broader range of institutional and other investors, and

●

To provide the Company with additional capital resources and flexibility sufficient to execute its business plans including the establishment of strategic relationships with other companies and to ensure its ability to raise additional capital as necessary.

Immediately prior to the reverse stock split, the Company had

56,982,418

shares of common stock outstanding which consolidated into

4,070,172

shares of the Company’s common stock.

fractional shares were issued in connection with the reverse stock split. Holders of fractional shares have been paid out in cash for the fractional portion with the Company’s overall exposure for such payouts consisting of a nominal amount. The number of outstanding options and warrants were adjusted accordingly, with outstanding options being reduced from approximately

2.4

million to approximately

0.2

million and outstanding warrants being reduced from approximately

33.5

million to approximately

2.4

million.

February 14, 2017

Public Offering

February 14, 2017,

the Company entered into a securities purchase agreement whereby it sold, in a public offering (the

February 14, 2017

Public Offering), an aggregate of

1,384,704

shares of common stock of the Company at an offering price of

$3.22

per share. In addition, the Company sold Series AA Warrants (the Series AA Warrants) to purchase up to

1,177,790

shares of common stock and Pre-Funded Series BB Warrants (the Pre-Funded Series BB Warrants) to purchase up to

185,713

shares of common stock. The Series AA Warrants have an exercise price of

$3.22

per share, have a

five

year life and are immediately exercisable. The Pre-Funded Series BB Warrants were offered at

$3.08

per share, are immediately exercisable for

$0.01

per share of common stock, do

not

have an expiration date and were issued in lieu of shares of common stock to the extent that the purchase of common stock would cause the beneficial ownership of the purchaser of such shares, together with its affiliates and certain related parties, to exceed

9.99%

of our common stock. The Company received approximately

$5.0

million in gross proceeds before the deduction of the placement agent fees and offering expenses (excluding any proceeds from the exercise of the warrants) in the

February 14, 2017

Public Offering.

In connection with the

February 14, 2017

Public Offering, the Company filed with the Securities and Exchange Commission a registration statement on Form S-

(Registration

No.

333

215321

) on

December 23, 2016,

as amended by Pre-Effective Amendment

No.

filed with the Commission on

January 20, 2017,

as further amended by Pre-Effective Amendment

No.

filed with the Commission on

February 13, 2017,

as further amended by Pre-Effective Amendment

No.

filed with the Commission on

February 13, 2017

and as further amended by Pre-Effective Amendment

No.

filed with the Commission on

February 14, 2017

for the registration of the securities issued and sold under the Securities Act of

1933,

as amended.

During the

first

half of

2017,

all

185,713

of the Series BB Pre-Funded warrants were exercised in full. During the

first

half of

2017,

we received approximately

$2.1

million from the exercise of Series AA Warrants to purchase

636,713

shares of common stock.

December 2016

Common Stock Offering

December 20, 2016,

the Company entered into a securities purchase agreement with certain investors, pursuant to which the Company sold and issued on

December 23, 2016,

in a registered direct offering, an aggregate of

367,346

shares of the Company’s common stock at an offering price of

$4.90

per share for gross proceeds of approximately

$1.8

million before the deduction of the placement agent fee and offering expenses (the

“December 2016

Offering”). In a concurrent private placement (the “Private Placement Transaction”), the Company agreed to issue to the investors certain warrants at an exercise price of

$6.44

per share (the

December 2016

Warrants). The

December 2016

Warrants are exercisable to purchase common stock for an aggregate of

367,343

shares of common stock. The warrants are initially exercisable

six

months following issuance and terminate

five

and

one

-half years following the date of issuance. The

December 2016

Warrants

may

be exercised from time to time beginning on

June 20, 2017

and expire on

June 20, 2022.

April 5, 2017,

the Company filed a registration statement on Form S-

for the resale of any share of common stock issued upon exercise of the

December 2016

Warrants on Form S-

(File

No.

333

217156

) which was declared effective by the SEC on

April 19, 2017.

The private placement of the

December 2016

Warrants was structured to comply with the requirements of Section

(a)(

) under the Securities Act and Rule

506

(b) promulgated thereunder.

June 2016

Common Stock Offering

June 13, 2016,

the Company entered into a securities purchase agreement with investors, pursuant to which the Company issued and sold, in a registered direct offering, an aggregate of

165,126

shares of common stock, par value

$0.01

per share, of the Company at an offering price of

$19.04

per share for gross proceeds of approximately

$6.0

million before the deduction of the placement agent fee and offering expenses. In a concurrent private placement, the Company issued to the investor Series A warrants (the

“June 2016

Series A Warrants”), each to purchase

0.5

share of the Company’s common stock, Series C warrants (the

“June 2016

Series C Warrants”), each to purchase

one

share of the Company’s common stock, and Series D warrants (the

“June 2016

Series D Warrants”), each to purchase

0.5

share of the Company’s common stock (collectively, the

“June 2016

Warrants”). The

June 2016

Series A Warrants are initially exercisable

six

months following issuance and terminate

five

and

one

-half years following issuance. The

June 2016

Series C Warrants are initially exercisable

six

months following issuance and terminate

one

year following issuance. The

June 2016

Series D Warrants only become exercisable ratably upon the exercise of the

June 2016

Series C Warrants, are initially exercisable

six

months following issuance, and terminate

five

and

one

-half years following issuance. The

June 2016

Warrants have an exercise price of

$19.60

per share and are exercisable to purchase an aggregate of

630,252

shares of Common Stock. On

October 31, 2016,

the Company filed a registration statement on Form S-

for the resale of any share of common stock issued upon exercise of the warrants on Form S-

(File

No.

333

212353

) which was declared effective by the SEC on

November 16, 2016.

The private placement of the

June 2016

Warrants was structured to comply with the requirements of Section

(a)(

) under the Securities Act and Rule

506

(b) promulgated thereunder.

Reduced Exercise Price of Warrants

February 22, 2013,

the Company entered into a securities purchase agreement with certain investors pursuant to which the Company agreed, among other things, to issue warrants (the

“2013

Warrants”) to purchase up to

95,811

shares of our common stock at an exercise price of

$74.34

per share to such investors in a registered direct offering. On

January 15, 2014,

the Company entered into a securities purchase agreement with certain investors pursuant to which the Company agreed, among other things, to issue warrants (the

“2014

Warrants”) to purchase up to

64,348

shares of our common stock at an exercise price of

$57.40

per share to such investors in a registered direct offering. On

June 9, 2017,

the Company entered into warrant exercise agreements (the “Exercise Agreements”) with certain holders of the

2013

Warrants, the

2014

Warrants and the

June 2016

Warrants (the “Exercising Holders”), which Exercising Holders own, in the aggregate, warrants exercisable for

790,411

shares of our common stock. Pursuant to the Exercise Agreements, the Exercising Holders and the Company agreed that the Exercising Holders would exercise their

2013

Warrants, the

2014

Warrants and the

June 2016

Warrants with respect to

790,411

shares of our common stock underlying such warrants for a reduced exercise price equal to

$2.70

per share. The Company received aggregate gross proceeds of approximately

$2.1

million from the exercise of the

2013

Warrants, the

2014

Warrants and the

June 2016

Warrants by the Exercising Holders.

The reduced exercise price of the

2013

Warrants, the

2014

Warrants and the

June 2016

Series C Warrants increased the fair value of the warrants by approximately

$0.2

million. This increase in fair value is recorded as a deemed dividend in additional paid in capital due to the retained deficit increased the net loss available to common shareholders on the consolidate statement of operations.

May 27, 2015

entered into a securities purchase agreement with certain investors pursuant to which the Company agreed, among other things, to issue warrants (the

“2015

Warrants”) to purchase up to

139,284

shares of the Company’s common stock at an exercise price of

$36.40

per share, to such investors in a registered direct offering. Between

June 22, 2017

through

June 26, 2017,

the Company and holders of the

2015

Warrants and the

December 2016

Warrants (the Exercising Investors) entered into agreements whereby the Company agreed that the Exercising investors would exercise their

2015

Warrants and the

June 2016

Warrants with respect to

506,630

shares of our common stock underlying such warrants for a reduced exercise price equal to

$1.65

per share. The Company received aggregate gross proceeds of approximately

$0.8

million from the exercise of the

2015

Warrants and the

June 2016

Warrants by the Exercising Investors.

The reduced exercise price of the

2015

Warrants increased the fair value of the warrants by approximately

$0.1

Controlled Equity Offering

February 1, 2013,

the Company entered into a Controlled Equity Offering

Sales Agreement (the “ATM Agreement”) with Cantor Fitzgerald & Co., as sales agent (“Cantor”), pursuant to which Celsion

may

offer and sell, from time to time, through Cantor, shares of our common stock having an aggregate offering price of up to

$25.0

million (the “ATM Shares”) pursuant to the Company’s previously filed and effective Registration Statement on Form S-

Under the ATM Agreement, Cantor

may

sell ATM Shares by any method deemed to be an “at-the-market” offering as defined in Rule

415

promulgated under the Securities Act of

1933,

as amended, including sales made directly on The NASDAQ Capital Market, on any other existing trading market for the our common stock or to or through a market maker. From

February 1, 2013

through

June 30, 2017,

the Company sold and issued an aggregate of

1,479,535

shares of common stock under the ATM Agreement, receiving approximately

$7.6

million in gross proceeds.

The Company is

not

obligated to sell any ATM Shares under the ATM Agreement. Subject to the terms and conditions of the ATM Agreement, Cantor will use commercially reasonable efforts, consistent with its normal trading and sales practices and applicable state and federal law, rules and regulations and the rules of The NASDAQ Capital Market, to sell ATM Shares from time to time based upon the Company’s instructions, including any price, time or size limits or other customary parameters or conditions the Company

may

impose. In addition, pursuant to the terms and conditions of the ATM Agreement and subject to the instructions of the Company, Cantor

may

sell ATM Shares by any other method permitted by law, including in privately negotiated transactions.

The ATM Agreement will terminate upon the earlier of (i) the sale of ATM Shares under the ATM Agreement having an aggregate offering price of

$25

million and (ii) the termination of the ATM Agreement by Cantor or the Company. The ATM Agreement

may

be terminated by Cantor or the Company at any time upon

days' notice to the other party, or by Cantor at any time in certain circumstances, including the occurrence of a material adverse change in the Company. The Company pays Cantor a commission of

3.0%

of the aggregate gross proceeds from each sale of ATM Shares and has agreed to provide Cantor with customary indemnification and contribution rights. The Company also reimbursed Cantor for legal fees and disbursements of

$50,000

in connection with entering into the ATM Agreement. In connection with the

February

common stock offering, the Company agreed to

not

sell any ATM Shares until

June 23, 2017.

October 2, 2015,

we filed a prospectus supplement to the base prospectus that forms a part of the

2015

Shelf Registration Statement, pursuant to which we

may

offer and sell up to

$7.5

million of shares of common stock from time to time under the ATM Agreement of the

$17.4

million remaining under the ATM Agreement.

Note 10 - Stock-based Compensation

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note

Stock-Based Compensation

Stock Options Plans

The Company has long-term compensation plans that permit the granting of incentive awards in the form of stock options. Generally, the terms of these plans require that the exercise price of the options

may

not

be less than the fair market value of Celsion’s common stock on the date the options are granted. Options granted generally vest over various time frames or upon milestone accomplishments. The Company’s options generally expire

ten

years from the date of the grant.

The Celsion Corporation

2007

Stock Incentive Plan (the

2007

Plan), as adopted and amended, permits the granting of

688,531shares

of stock as equity awards in the form of incentive stock options, nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights, phantom stock, and performance awards, or in any combination of the foregoing.

2007,

the Company adopted the Celsion Corporation

2007

Stock Incentive Plan (the

2007

Plan) under which

15,873

shares were authorized for issuance. The purpose of the

2007

Plan is to promote the long-term growth and profitability of the Company by providing incentives to improve stockholder value and enable the Company to attract, retain and reward the best available persons for positions of substantial responsibility. The

2007

Plan permits the granting of equity awards in the form of incentive stock options, nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights, phantom stock, and performance awards, or in any combination of the foregoing. At the Annual Meetings of Stockholders of Celsion held on

June 25, 2010,

June 7, 2012,

June 20, 2014,

and

May 16, 2017

the stockholders approved amendments to the Plan. The only material difference between the original Plan and the amended Plan was the number of shares of common stock available for issuance under the amended Plan which was increased by

15,873

to a total of

31,746

shares in

2010,

35,714

to a total of

67,460

shares in

2012,

178,571

to a total of

246,031

shares in

2014

and by

442,500

to a total of

688,531

shares in

2017.

Prior to the adoption of the

2007

Plan, the Company adopted

two

stock plans for directors, officers and employees (

one

2001

and another in

2004

) under which

21,164

shares collectively were reserved for future issuance under both of these plans. As these plans have been superseded by the

2007

Plan, any options previously granted which expire, forfeit, or cancel under these plans will be rolled into the

2007

Plan.

A summary of the Company’s stock option and restricted stock awards for the

six

months ended

June 30, 2017

is as follows:

	Stock Options					Restricted Stock Awards					Weighted Average
Equity Awards	Options Outstanding			Weighted Average Exercise Price		Non-vested Restricted Stock Outstanding			Weighted Average Grant Date Fair Value		Contractual Terms of Equity Awards (in years)

Equity awards outstanding at December 31, 2016		210,023		$	59.77		4,785		$	37.42

Equity awards granted		513,464		$	2.69		–			–

Equity awards forfeited, cancelled or expired		(42,545	)	$	157.97		(1,428	)	$	26.18

Equity awards outstanding at June 30, 2017		680,942		$	10.59		3,357		$	42.20		9.38

Aggregate intrinsic value of outstanding awards at June 30,2017	$	–				$	6,882

Equity awards exercisable at June 30, 2017		405,075		$	14.97							9.10

Aggregate intrinsic value of awards exercisable at June 30, 2017	$	–

The fair values of stock options granted were estimated at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model was originally developed for use in estimating the fair value of traded options, which have different characteristics from Celsion’s stock options. The model is also sensitive to changes in assumptions, which can materially affect the fair value estimate.

The Company used the following assumptions for determining the fair value of options granted during the

six

month periods of

2017

and

2016

under the Black-Scholes option pricing model:

	Six Months Ended June 30 ,
	201 7			201 6
Risk-free interest rate		2.21	%		1.87	%
Expected volatility		90.4	%		89.1	%
Expected life (in years)		10.00			10.00
Expected forfeiture rate		─	%		10	%
Expected dividend yield		─	%		─	%

Expected volatilities utilized in the model are based on historical volatility of the Company’s stock price. The risk free interest rate is derived from values assigned to U.S. Treasury bonds with terms that approximate the expected option lives in effect at the time of grant. The model incorporates exercise, pre-vesting and post-vesting forfeiture assumptions based on analysis of historical data. The expiration of each option granted in fiscal

2017

and

2016

was used as the expected life.

Total compensation cost related to employee stock options and restricted stock awards totaled

$676,918

and

$283,186

for the

three

months ended

June 30, 2017

and

2016,

respectively. Total compensation cost related to employee stock options and restricted stock awards totaled

$804,592

and

$898,520

for the

six

months ended

June 30, 2017

and

2016,

respectively.

compensation cost related to share-based payments arrangements was capitalized as part of the cost of any asset as of

June 30, 2017

and

2016.

As of

June 30, 2017,

there was

$0.6

million of total unrecognized compensation cost related to non-vested share-based compensation arrangements. That cost is expected to be recognized over a weighted-average period of

1.4

years. The weighted average grant-date fair value was

$2.32

and

$15.93

per share for the options granted during the

six

months ended

June 30, 2017

and

2016,

respectively. The weighted average grant-date fair value was

$18.62

for the restricted stock awards granted during

six

months ended

June 30, 2016.

Collectively, for all of the Company’s stock option plans there were a total of

24,951

equity awards available for future issuance as of

June 30, 2017.

Note 11 - Earn-out Milestone Liability

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Earn-out Milestone Liability Disclosure [Text Block]

Note

11.

Earn-out Milestone Liability

The total aggregate purchase price for the EGEN Acquisition included potential future Earn-out Payments contingent upon achievement of certain milestones. The difference between the aggregate

$30.4

million in future Earn-out Payments and the

$13.9

million included in the fair value of the acquisition consideration at

June 20, 2014

was based on the Company's risk-adjusted assessment of each milestone (

10%

67%

) and utilizing a discount rate based on the estimated time to achieve the milestone (

1.5

2.5

years). The earn-out milestone liability will be fair valued at the end of each quarter and any change in their value will be recognized in the condensed consolidated financial statements.

As of

June 30, 2017,

March 31, 2017

and

December 31, 2016,

the Company fair valued these milestones at

$13.8

million,

$13.5

million and

$13.2

million, respectively, and recognized a non-cash charge of

$292,228

and

$575,979

during the

three

and

six

months ended

June 30, 2017

as a result of the change in the fair value of these milestones from the beginning of each period respectively.

As of

June 30, 2016,

March 31, 2016

and

December 31, 2015,

the Company fair valued these milestones at

$13.8

million,

$14.2

million and

$13.9

million, respectively, and recognized a non-cash benefit of

$408,684

and

$106,028

during the

three

and

six

month periods ended

June 30, 2016,

respectively, as a result of the change in the fair value of these milestones from the beginning of each period respectively.

The following is a summary of the changes in the earn-out milestone liability for

2017:

Balance at January 1, 2017	$	13,188,226
Non-cash charge from the adjustment for the change in fair value included in net loss		575,979
Balance at June 30, 2017	$	13,764,205

The following is a schedule of the Company’s risk-adjustment assessment of each milestone:

Date	Risk-adjustment Assessment of each Milestone				Discount Rate		Estimated Time to Achieve (years)

June 30, 2017		50%	to	80%		9%		1.50	to	2.00
March 31, 2017		50%	to	80%		9%		1.75	to	2.25
December 31, 2016		50%	to	80%		9%		2.00	to	2.50

June 30, 2016		10%	to	75%		9%		0.50	to	2.00
March 31, 2016		10%	to	75%		9%		0.25	to	2.25
December 31, 2015		10%	to	75%		9%		0.50	to	2.50

Note 12 - Warrants

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Warrants [Text Block]

Note

Warrants

Common Stock Warrants

Following is a summary of all warrant activity for the

six

months ended

June 30, 2017:

Warrants	Number of Warrants Issued			Weighted Average Exercise Price

Warrants outstanding at December 31, 2016		1,487,958		$	9.39
Warrants issued during the six months ended June 30, 2017 (see Note 9)		1,363,503			2.80
Warrants exercised during the six months ended June 30, 2017 (see Note 9)		(2,251,606	)		2.25

Warrants outstanding at June 30, 2017		599,855		$	21.22

Aggregate intrinsic value of outstanding warrants at June 30, 2017	$	─

Weighted average remaining contractual terms at June 30, 2017 (in years)		4.26

Note 13 - Contingent Liabilities and Commitments

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

Note

13.

Contingent Liabilities and Commitments

July 2011,

the Company executed a lease (the “Lease”) with Brandywine Operating Partnership, L.P. (Brandywine), a Delaware limited partnership for a

10,870

square foot premises located in Lawrenceville, New Jersey. In

October 2011,

the Company relocated its offices to Lawrenceville, New Jersey from Columbia, Maryland. The lease has a term of

months and provides for

months of rent free, with the

first

monthly rent payment of approximately

$23,000

due and paid in

April 2012.

Also, as required by the Lease, the Company provided Brandywine with an irrevocable and unconditional standby letter of credit for

$250,000,

which the Company secured with an escrow deposit at its banking institution of this same amount. The standby letter of credit will be reduced by

$50,000

on each of the

19th,

31st

and

43rd

months from the initial term, with the remaining

$100,000

amount remaining until the Lease term has expired. In connection with

three

$50,000

reductions of the standby letter of credit in

April 2013

and

2014

and

2015,

the Company reduced the escrow deposit by

$50,000

each time. In late

2015,

Lenox Drive Office Park LLC, purchased the real estate and office building and assumed the lease. This lease was set to expire on

April 30, 2017.

April 2017,

the Company and the landlord amended the Lease effective

May 1, 2017.

The Lease amendment extended the term for an additional

months, reduced the premises to

7,565

square feet, reduced the monthly rent, provided

four

months free rent and reduced the escrow deposit to

$50,000.

The monthly rent will range from approximately

$18,900

in the

first

year to approximately

$20,500

in the final year of the amendment. The Company also has a

one

-time option to cancel the lease as of the

month after the commencement date of the Lease amendment.

In connection with the EGEN Asset Purchase agreement in

June 2014,

the Company assumed the existing lease with another landlord for an

11,500

square foot premises located in Huntsville Alabama. This lease has a remaining term of

seven

months with rent payments of approximately

$23,200

per month.

Note 14 - Technology Development and Licensing Agreements

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Licensing Transaction [Text Block]

Note

14.

Technology Development and Licensing Agreements

May 7, 2012

the Company entered into a long term commercial supply agreement with Zhejiang Hisun Pharmaceutical Co. Ltd. (Hisun) for the production of ThermoDox® in the China territory. In accordance with the terms of the agreement, Hisun will be responsible for providing all of the technical and regulatory support services, including the costs of all technical transfer, registration and bioequivalence studies, technical transfer costs, Celsion consultative support costs and the purchase of any necessary equipment and additional facility costs necessary to support capacity requirements for the manufacture of ThermoDox®. Celsion will repay Hisun for the aggregate amount of these development costs and fees commencing on the successful completion of

three

registration batches of ThermoDox®. Hisun is also obligated to certain performance requirements under the agreement. The agreement will initially be limited to a percentage of the production requirements of ThermoDox® in the China territory with Hisun retaining an option for additional global supply after local regulatory approval in the China territory. In addition, Hisun will collaborate with Celsion around the regulatory approval activities for ThermoDox® with the China State Food and Drug Administration (CHINA FDA). During the

first

quarter of

2015,

Hisun completed the successful manufacture of

three

registration batches of ThermoDox® and the Company accrued

$685,787

for the aggregate development costs and fees associated with these batches in

March 2015.

This amount was paid in

April 2015.

January 18, 2013,

we entered into a technology development contract with Hisun, pursuant to which Hisun paid us a non-refundable research and development fee of

million to support our development of ThermoDox

in mainland China, Hong Kong and Macau (the China territory). Following our announcement on

January 31, 2013

that the HEAT study failed to meet its primary endpoint, Celsion and Hisun have agreed that the Technology Development Contract entered into on

January 18, 2013

will remain in effect while the parties continue to collaborate and are evaluating the next steps in relation to ThermoDox®, which include the sub-group analysis of patients in the Phase III HEAT Study for the hepatocellular carcinoma clinical indication and other activities to further the development of ThermoDox

for the Greater China market. The

$5.0

million received as a non-refundable payment from Hisun in the

first

quarter

2013

has been recorded to deferred revenue and will continue to be amortized over the

year term of the agreement, until such time as the parties find a mutually acceptable path forward on the development of ThermoDox

based on findings of the ongoing post-study analysis of the HEAT Study data.

July 19, 2013,

the Company and Hisun entered into a Memorandum of Understanding to pursue ongoing collaborations for the continued clinical development of ThermoDox® as well as the technology transfer relating to the commercial manufacture of ThermoDox® for the China territory. This expanded collaboration includes development of the next generation liposomal formulation with the goal of creating safer, more efficacious versions of marketed cancer chemotherapeutics.

Among the key provisions of the Celsion-Hisun Memorandum of Understanding are:

	●	Hisun will provide the Company with non-dilutive financing and the investment necessary to complete the technology transfer of its proprietary manufacturing process and the production of registration batches for the China territory;

	●	Hisun will collaborate with the Company around the clinical and regulatory approval activities for ThermoDox® as well as other liposomal formations with the CHINA FDA; and

	●	Hisun will be granted a right of first offer for a commercial license to ThermoDox® for the sale and distribution of ThermoDox® in the China territory.

August 8, 2016,

we signed a Technology Transfer, Manufacturing and Commercial Supply Agreement (“GEN-

Agreement”) with Hisun to pursue an expanded partnership for the technology transfer relating to the clinical and commercial manufacture and supply of GEN-

Celsion’s proprietary gene mediated, IL-

immunotherapy, for the greater China territory, with the option to expand into other countries in the rest of the world after all necessary regulatory approvals are in effect. The GEN-

Agreement will help to support supply for both ongoing and planned clinical studies in the U.S., and for potential future studies of GEN-

in China. GEN-

is currently being evaluated by Celsion in

first

line ovarian cancer patients.

Key provisions of the GEN-

Agreement are as follows:

	●	the GEN- 1 Agreement has targeted unit costs for clinical supplies of GEN- 1 that are substantially competitive with the Company’s current suppliers;

	●	once approved, the cost structure for GEN- 1 will support rapid market adoption and significant gross margins across global markets;

	●	Celsion will provide Hisun a certain percentage of China’s commercial unit demand, and separately of global commercial unit demand, subject to regulatory approval;

	●	Hisun and Celsion will commence technology transfer activities relating to the manufacture of GEN- 1, including all studies required by CFDA for site approval; and

	●	Hisun will collaborate with Celsion around the regulatory approval activities for GEN- 1 with the CFDA. A local China partner affords Celsion access to accelerated CFDA review and potential regulatory exclusivity for the approved indication.

Note 15 - Subsequent Events

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Subsequent Events [Text Block]

Note

15.

Subsequent Events

July 6, 2017,

the Company entered into a securities purchase agreement with several investors, pursuant to which the Company agreed to issue and sell, in a registered direct offering, an aggregate of

2,050,000

shares of common stock of the Company at an offering price of

$2.07

per share for gross proceeds of

$4,243,500

before the deduction of the placement agent fee and offering expenses. In addition, the Company sold Pre-Funded Series CCC Warrants to purchase

385,000

shares of common stock (and the shares of common stock issuable upon exercise of the Pre-Funded Series CCC Warrants), in lieu of shares of common stock to the extent that the purchase of common stock would cause the beneficial ownership of the Purchaser, together with its affiliates and certain related parties, to exceed

9.99%

of our common stock. The Pre-Funded Series CCC Warrants were sold at an offering price of

$2.06

per share for gross proceeds of

$793,100,

are immediately exercisable for

$0.01

per share of common stock and do

not

have an expiration date. In a concurrent private placement, the Company agreed to issue to each investor, for each share of common stock and pre-funded warrant purchased in the offering, a Series AAA Warrant and Series BBB Warrant, each to purchase

one

share of common stock. The Series AAA Warrants are initially exercisable

six

months following issuance, and terminate

five

and

one

-half years following issuance. The Series AAA Warrants have an exercise price of

$2.07

per share and are exercisable to purchase an aggregate of

2,435,000

shares of common stock. The Series BBB Warrants are immediately exercisable following issuance, and terminate

twelve

months following issuance. The Series BBB Warrants have an exercise price of

$4.75

per share and are exercisable to purchase an aggregate of

2,435,000

shares of common stock. Subject to limited exceptions, a holder of a Series AAA and Series BBB Warrant will

not

have the right to exercise any portion of its warrants if the holder, together with its affiliates, would beneficially own in excess of

9.99%

of the number of shares of common stock outstanding immediately after giving effect to such exercise

Note 6 - Fair Value of Measurements (Tables)

6 Months Ended

Jun. 30, 2017

Notes Tables

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

	Total Fair Value on the Balance Sheet		Quoted Prices In Active Markets For Identical Assets/Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Recurring items as of December 31, 2016 Investment securities, available for sale	$	1,680,000	$	1,680,000	$	─	$	─

Liabilities:
Recurring items as of June 30, 2017 Earn-out milestone liability (Note 11)	$	13,764,205	$	─	$	─	$	13,764,205

Recurring items as of December 31, 2016 Earn-out milestone liability (Note 11)	$	13,188,226					$	13,188,226

Note 7 - Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2017

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	June 30, 2017		December 31, 2016
Amounts due to contract research organizations and other contractual agreements	$	804,762	$	1,115,193
Accrued payroll and related benefits		1,841,208		1,066,751
Accrued professional fees		245,900		259,550
Accrued interest on notes payable		–		22,241
Other		20,021		20,021
Total	$	2,911,891	$	2,483,756

Note 10 - Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2017

Notes Tables

Schedule of Share-based Compensation Stock Options and Restricted Stock Awards Activity [Table Text Block]

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 95%; MARGIN-RIGHT: 5%; TEXT-INDENT: 0px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="6"> <div style=" TEXT-ALIGN: center; MARGIN: 0pt 42pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Stock Options</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="6"> <div style=" TEXT-ALIGN: center; MARGIN: 0pt 42pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Restricted Stock</div></div></div> <div style=" TEXT-ALIGN: center; MARGIN: 0pt 42pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Awards</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt" colspan="2"> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 11.15pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Weighted</div></div></div> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 11.15pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Average</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 35%; VERTICAL-ALIGN: bottom"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Equity Awards</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt" colspan="2"> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 9pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Options</div></div></div> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 9pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Outstanding</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt" colspan="2"> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 9pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Weighted</div></div></div> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 9pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Average</div></div></div> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 9pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Exercise</div></div></div> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 9pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Price</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt" colspan="2"> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 9pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Non-vested</div></div></div> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 9pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Restricted</div></div></div> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 9pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Stock</div></div></div> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 9pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Outstanding</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt" colspan="2"> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 9pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Weighted</div></div></div> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 9pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Average</div></div></div> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 9pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Grant</div></div></div> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 9pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Date</div></div></div> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 9pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Fair Value</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt" colspan="2"> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 11.15pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Contractual</div></div></div> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 11.15pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Terms of</div></div></div> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 11.15pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Equity</div></div></div> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 11.15pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Awards</div></div></div> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 11.15pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">(in years)</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Equity awards outstanding at December 31, 2016</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">210,023</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">59.77</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,785</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">37.42</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Equity awards granted</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">513,464</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.69</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Equity awards forfeited, cancelled or expired</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(42,545</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> <div style=" TEXT-ALIGN: left; MARGIN: 0pt 6.15pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">)</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">157.97</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,428</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> <div style=" TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">)</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26.18</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #cceeff"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Equity awards outstanding at June 30, 2017</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">680,942</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.59</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,357</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42.20</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.38</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Aggregate intrinsic value of outstanding awards at June 30,2017</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,882</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; BACKGROUND-COLOR: #cceeff"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Equity awards exercisable at </div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">June 30, 2017</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">405,075</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.97</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.10</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Aggregate intrinsic value of awards exercisable at </div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">June 30, 2017</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; BACKGROUND-COLOR: #cceeff"> </td> </tr> </table></div>

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	Six Months Ended June 30 ,
	201 7			201 6
Risk-free interest rate		2.21	%		1.87	%
Expected volatility		90.4	%		89.1	%
Expected life (in years)		10.00			10.00
Expected forfeiture rate		─	%		10	%
Expected dividend yield		─	%		─	%

Note 11 - Earn-out Milestone Liability (Tables)

6 Months Ended

Jun. 30, 2017

Notes Tables

Schedule of Changes in Earn out Milestone Liabilities [Table Text Block]

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 95%; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 5%; TEXT-INDENT: 0px;" cellspacing="0" cellpadding="0" border="0"> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Balance at January 1, 2017</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 13%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,188,226</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Non-cash charge from the adjustment for the change in fair value included in net loss</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">575,979</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Balance at June 30, 2017</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,764,205</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> </table></div>

Schedule of Milestone Risk Adjustment Assessment [Table Text Block]

Date	Risk-adjustment Assessment of each Milestone				Discount Rate		Estimated Time to Achieve (years)

June 30, 2017		50%	to	80%		9%		1.50	to	2.00
March 31, 2017		50%	to	80%		9%		1.75	to	2.25
December 31, 2016		50%	to	80%		9%		2.00	to	2.50

June 30, 2016		10%	to	75%		9%		0.50	to	2.00
March 31, 2016		10%	to	75%		9%		0.25	to	2.25
December 31, 2015		10%	to	75%		9%		0.50	to	2.50

Note 12 - Warrants (Tables)	6 Months Ended
Note 12 - Warrants (Tables)	Jun. 30, 2017
Notes Tables
Schedule of Warrant Activity [Table Text Block]	<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 95%; MARGIN-RIGHT: 5%; TEXT-INDENT: 0px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 68%; VERTICAL-ALIGN: bottom"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Warrants</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt" colspan="2"> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 5.7pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Number of</div></div></div> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 5.7pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Warrants</div></div></div> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 5.7pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Issued</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt" colspan="2"> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 5.7pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Weighted</div></div></div> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 5.7pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Average</div></div></div> <div style=" TEXT-ALIGN: right; MARGIN: 0pt 5.7pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Exercise Price</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Warrants outstanding at December 31, 2016</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 13%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,487,958</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 13%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.39</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Warrants issued during the six months ended June 30, 2017 (see Note 9)</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 13%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,363,503</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 13%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.80</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Warrants exercised during the six months ended June 30, 2017 (see Note 9)</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,251,606</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> <div style=" TEXT-ALIGN: left; MARGIN: 0pt 2pt 0pt 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">)</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 13%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.25</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Warrants outstanding at June 30, 2017</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">599,855</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 13%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21.22</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Aggregate intrinsic value of outstanding warrants at June 30, 2017</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">─</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #cceeff"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Weighted average remaining contractual terms at June 30, 2017 (in years)</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.26</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #cceeff"> </td> </tr> </table></div>

Note 2 - Basis of Presentation (Details Textual)	May 26, 2017
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	14

Note 3 - Financial Condition and Going Concern (Details Textual) - USD ($)				6 Months Ended	25 Months Ended	52 Months Ended
	Jul. 11, 2017	Feb. 14, 2017	Oct. 02, 2015	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Retained Earnings (Accumulated Deficit)				$ (251,429,717)	$ (251,429,717)	$ (251,429,717)	$ (241,379,712)
Cash and Cash Equivalents, at Carrying Value				3,629,038	3,629,038	3,629,038	$ 2,624,162	$ 12,307,789	$ 9,265,144
Proceeds from Warrant Exercises				$ 5,100,000	$ 800,000	$ 2,100,000
Aggregate Offering Price, Additions			$ 7,500,000
Private Placement [Member] \| Subsequent Event [Member]
Proceeds from Issuance of Common Stock	$ 5,000,000
February 14, 2017 Public Offering [Member]
Proceeds from Issuance of Common Stock		$ 5,000,000

Note 5 - Net Loss Per Common Share (Details Textual) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,284,154	1,245,290	1,284,154	1,245,290
Number of Shares of Common Stock Issuable Upon Exercise of Warrants and Equity Awards	1,284,154	1,395,290	1,284,154	1,395,290
Series B Warrant [Member]
Weighted Average Number of Shares, Contingently Issuable		150,000		150,000

Note 6 - Fair Value of Measurements (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2017 USD ($)
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount	$ 0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3	0
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3	$ 0

Note 6 - Fair Value of Measurements - Assets and Liabilities at Fair Value on a Recurring Basis (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Earn-out milestone liability	$ 13,764,205	$ 13,188,226
Fair Value, Measurements, Recurring [Member]
Short-term investments, fair value		1,680,000
Earn-out milestone liability	13,764,205	13,188,226
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Short-term investments, fair value		1,680,000
Earn-out milestone liability
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Short-term investments, fair value
Earn-out milestone liability
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Short-term investments, fair value
Earn-out milestone liability	$ 13,764,205	$ 13,188,226

Note 7 - Accrued Liabilities - Other Accrued Liabilities (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Amounts due to contract research organizations and other contractual agreements	$ 804,762	$ 1,115,193
Accrued payroll and related benefits	1,841,208	1,066,751
Accrued professional fees	245,900	259,550
Accrued interest on notes payable		22,241
Other	20,021	20,021
Total	$ 2,911,891	$ 2,483,756

Note 8 - Note Payable (Details Textual) - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended			12 Months Ended	26 Months Ended	44 Months Ended
Note 8 - Note Payable (Details Textual) - USD ($)	Jun. 10, 2014	Nov. 30, 2013	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 10, 2014	Dec. 15, 2016	Dec. 17, 2015	Jun. 30, 2017	Jun. 26, 2017	Jun. 09, 2017	Mar. 31, 2017	Dec. 31, 2016	Jun. 30, 2015	Nov. 25, 2013
Debt Instrument, Basis Spread on Variable Rate								11.50%
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 21.22		$ 21.22					$ 21.22	$ 1.65	$ 2.70		$ 9.39
Hercules Warrant [Member]
Debt Instrument, Unamortized Discount	$ 476,261						$ 476,261
Hercules Credit Agreement [Member]
Repayments of Lines of Credit		$ 4,000,000
Amortization of Debt Issuance Costs			$ 17,685	$ 66,915	$ 35,370	$ 145,586
Interest Expense, Debt			$ 11,731	$ 136,438	$ 56,386	$ 301,996
Hercules Credit Agreement [Member] \| Hercules Warrant [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights																$ 50.26
Line of Credit Facility Original Loan Fee Percent															3.50%
Debt Issuance Costs, Gross															$ 350,000
Hercules Credit Agreement [Member] \| EGEN Inc [Member]
Payments to Acquire Businesses, Gross	3,000,000
Hercules [Member]
Repayments of Lines of Credit	$ 5,000,000
Hercules [Member] \| Hercules Credit Agreement [Member]
Line of Credit Facility, Maximum Borrowing Capacity		20,000,000
Proceeds from Lines of Credit		5,000,000					$ 10,000,000
Debt Instrument, Basis Spread on Variable Rate									11.25%
Amortization Period for Principal and Interest										2 years 180 days
Debt Issuance Costs, Net													$ 122,378
Debt Instrument, Unamortized Discount		$ 230,000
Hercules [Member] \| Hercules Credit Agreement [Member] \| First Fifty Percent [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right																6,963
Hercules [Member] \| Hercules Credit Agreement [Member] \| Second Fifty Percent [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right																6,963

Note 9 - Stockholders' Equity (Details Textual)							1 Months Ended		3 Months Ended	6 Months Ended	25 Months Ended	50 Months Ended	52 Months Ended
Note 9 - Stockholders' Equity (Details Textual)	May 26, 2017	Feb. 14, 2017 USD ($) $ / shares shares	Dec. 20, 2016 USD ($) $ / shares shares	Jun. 13, 2016 USD ($) $ / shares shares	Oct. 02, 2015 USD ($)	Feb. 01, 2013 USD ($)	Sep. 30, 2015 USD ($)	Feb. 25, 2013 USD ($)	Mar. 31, 2017 USD ($)	Jun. 30, 2017 USD ($) $ / shares shares	Jun. 30, 2017 USD ($) $ / shares shares	Mar. 31, 2017 USD ($) shares	Jun. 30, 2017 USD ($) $ / shares shares	Jun. 26, 2017 USD ($) $ / shares shares	Jun. 09, 2017 USD ($) $ / shares shares	May 16, 2017 shares	May 15, 2017 shares	Dec. 31, 2016 $ / shares shares	Jun. 30, 2016 shares	May 31, 2016 shares	May 27, 2015 $ / shares shares	Jan. 15, 2014 $ / shares shares	Feb. 22, 2013 $ / shares shares
Shelf Registration Statement Amount \| $							$ 75,000,000
Common Stock, Shares Authorized										112,500,000	112,500,000		112,500,000					112,500,000	112,500,000	75,000,000
Proceeds from Warrant Exercises \| $										$ 5,100,000	$ 800,000		$ 2,100,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights														506,630	790,411
Preferred Stock, Shares Authorized										100,000	100,000		100,000					100,000	100,000
Aggregate of Common and Preferred Stock, Shares Authorized																			112,600,000
Common Stock, Shares, Outstanding										5,914,226	5,914,226		5,914,226			4,070,172	56,982,418	2,230,118
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number										680,942	680,942		680,942			200,000	2,400,000	210,023
Class of Warrant or Right, Outstanding										599,855	599,855		599,855			2,400,000	33,500,000	1,487,958
Aggregate Offering Price, Additions \| $					$ 7,500,000
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares										$ 21.22	$ 21.22		$ 21.22	$ 1.65	$ 2.70			$ 9.39
Common Stock, Par or Stated Value Per Share \| $ / shares										$ 0.01	$ 0.01		$ 0.01					$ 0.01
2013 Warrants, 2014 Warrants, and June 2016 Warrants [Member]
Increase (Decrease) in Fair Value of Warrants \| $															$ 200,000
2015 Warrants [Member]
Increase (Decrease) in Fair Value of Warrants \| $														$ 100,000
February 14, 2017 Public Offering [Member]
Stock Issued During Period, Shares, New Issues		1,384,704
Shares Issued, Price Per Share \| $ / shares		$ 3.22
Maximum Beneficial Ownership of the Purchaser		9.99%
Proceeds from Issuance of Common Stock \| $		$ 5,000,000
February 14, 2017 Public Offering [Member] \| Series AA Warrant [Member]
Class of Warrant or Right, Term		5 years
Stock Issued During Period, Shares, Exercise of Warrants										636,713
Proceeds from Warrant Exercises \| $										$ 2,100,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		1,177,790
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares		$ 3.22
February 14, 2017 Public Offering [Member] \| Pre-Funded Series BB Warrant [Member]
Stock Issued During Period, Shares, Exercise of Warrants										185,713
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		185,713
Shares Issued, Price Per Share \| $ / shares		$ 3.08
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares		$ 0.01
December 2016 Common Stock Offering [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			367,343
Warrants Exercisable Period			180 days
Warrants Issued, Expiration Period			5 years 182 days
Stock Issued During Period, Shares, New Issues			367,346
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares			$ 6.44
Share Price \| $ / shares			$ 4.90
Proceeds from Issuance of Common Stock \| $			$ 1,800,000
June 2016 Common Stock Offering [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				630,252
Stock Issued During Period, Shares, New Issues				165,126
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares				$ 19.60
Common Stock, Par or Stated Value Per Share \| $ / shares				0.01
Share Price \| $ / shares				$ 19.04
Proceeds from Issuance of Common Stock \| $				$ 6,000,000
June 2016 Common Stock Offering [Member] \| Series A Warrant [Member]
Warrants Exercisable Period				180 days
Warrants Issued, Expiration Period				5 years 182 days
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right				0.5
June 2016 Common Stock Offering [Member] \| Series C Warrant [Member]
Warrants Exercisable Period				180 days
Warrants Issued, Expiration Period				1 year
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right				1
June 2016 Common Stock Offering [Member] \| Series D Warrant [Member]
Warrants Exercisable Period				180 days
Warrants Issued, Expiration Period				5 years 182 days
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right				0.5
February 2013 Preferred Stock Offering [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights																							95,811
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares																							$ 74.34
January 2014 Common Stock Offering [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights																						64,348
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares																						$ 57.40
May 2015 Common Stock Offering [Member] \| 2015 Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights																					139,284
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares																					$ 36.40
ATM Agreement [Member]
Commission on Proceeds from ATM Shares Percent								3.00%
Legal Fees \| $								$ 50,000
Aggregate Offering Price, Additions \| $					$ 7,500,000
Aggregate Offering Price \| $						$ 25,000,000			$ 17,400,000
Stock Issued During Period, Shares, New Issues												1,479,535
Proceeds from Issuance of Common Stock \| $												$ 7,600,000
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	14

Note 10 - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2014	Dec. 31, 2012	Dec. 31, 2010	Dec. 31, 2007	Dec. 31, 2006
Stock Incentive Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized			442,500		178,571	35,714	15,873
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	688,531		688,531		246,031	67,460	31,746	15,873	21,164
Allocated Share-based Compensation Expense	$ 676,918	$ 283,186	$ 804,592	$ 898,520
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 600,000		$ 600,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			1 year 146 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 2.32	$ 15.93
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount			$ 0	$ 0
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			10 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	24,951		24,951
Restricted Stock [Member] \| Stock Incentive Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value				$ 18.62

Note 10 - Stock-based Compensation - Stock Option and Restricted Stock (Details)	6 Months Ended
	Jun. 30, 2017 USD ($) $ / shares shares
Equity awards outstanding, options (in shares) \| shares	210,023
Equity awards outstanding, weighted average exercise price (in dollars per share) \| $ / shares	$ 59.77
Equity awards granted, options (in shares) \| shares	513,464
Equity awards granted, weighted average exercise price (in dollars per share) \| $ / shares	$ 2.69
Equity awards outstanding, contractual term (Year)	9 years 138 days
Equity awards exercisable, options (in shares) \| shares	405,075
Equity awards exercisable, weighted average exercise price (in dollars per share) \| $ / shares	$ 14.97
Equity awards exercisable, contractual term (Year)	9 years 36 days
Aggregate intrinsic value of awards exercisable, options \| $
Equity awards forfeited, cancelled or expired, options (in shares) \| shares	(42,545)
Equity awards forfeited, cancelled or expired, weighted average exercise price (in dollars per share) \| $ / shares	$ 157.97
Equity awards outstanding, options (in shares) \| shares	680,942
Equity awards outstanding, weighted average exercise price (in dollars per share) \| $ / shares	$ 10.59
Restricted Stock [Member]
Equity awards outstanding, non-vested restricted stock (in shares) \| shares	4,785
Equity awards outstanding, non-vested restricted stock weighted average grant date fair value (in dollars per share) \| $ / shares	$ 37.42
Equity awards granted, non-vested restricted stock (in shares) \| shares
Equity awards granted, non-vested restricted stock weighted average grant date fair value (in dollars per share) \| $ / shares
Equity awards outstanding, non-vested restricted stock weighted average grant date fair value (in dollars per share) \| $ / shares	$ 42.20
Aggregate intrinsic value of outstanding awards, non-vested restricted stock \| $	$ 6,882
Equity awards forfeited, cancelled or expired, non-vested restricted stock (in shares) \| shares	(1,428)
Equity awards forfeited, cancelled or expired, non-vested restricted stock weighted average grant date fair value (in dollars per share) \| $ / shares	$ 26.18
Equity awards outstanding, non-vested restricted stock (in shares) \| shares	3,357

Note 10 - Stock-based Compensation - Fair Value of Option Assumptions (Details)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Expected dividend yield
Employee Stock Option [Member]
Risk-free interest rate	2.21%	1.87%
Expected volatility	90.40%	89.10%
Expected life (in years) (Year)	10 years	10 years
Expected forfeiture rate		10.00%

Note 11 - Earn-out Milestone Liability (Details Textual) - USD ($)	1 Months Ended	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 20, 2014	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Gain (Loss) from Change in Fair Value of Earn out Milestone Liability						$ 575,979
Minimum [Member]
Risk Adjusted Assessment of Each Milestone		50.00%	50.00%	10.00%	10.00%	50.00%	10.00%	50.00%	10.00%
Estimated Time to Achieve the Milestone		1 year 182 days	1 year 273 days	182 days	91 days			2 years	182 days
Maximum [Member]
Risk Adjusted Assessment of Each Milestone		80.00%	80.00%	75.00%	75.00%	80.00%	75.00%	80.00%	75.00%
Estimated Time to Achieve the Milestone		2 years	2 years 91 days	2 years	2 years 91 days			2 years 182 days	2 years 182 days
EGEN Inc [Member]
Gain (Loss) from Change in Fair Value of Earn out Milestone Liability		$ 292,228		$ 408,684		$ 575,979	$ 106,028
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 30,400,000
Business Combination, Consideration Transferred, Liabilities Incurred	$ 13,900,000		$ 13,500,000		$ 14,200,000	$ 13,800,000	$ 13,800,000	$ 13,200,000	$ 13,900,000
EGEN Inc [Member] \| Minimum [Member]
Risk Adjusted Assessment of Each Milestone	10.00%
Estimated Time to Achieve the Milestone	1 year 182 days
EGEN Inc [Member] \| Maximum [Member]
Risk Adjusted Assessment of Each Milestone	67.00%
Estimated Time to Achieve the Milestone	2 years 182 days

Note 11 - Earn-out Milestone Liability - Summary of the Changes in the Earn-out Milestone Liability (Details)	6 Months Ended
	Jun. 30, 2017 USD ($)
Balance	$ 13,188,226
Non-cash charge from the adjustment for the change in fair value included in net loss	575,979
Balance	$ 13,764,205

Note 11 - Earn-out Milestone Liability - Schedule of Milestone Risk-adjustment Assessment (Details)	3 Months Ended				12 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Discount rate	9.00%	9.00%	9.00%	9.00%	9.00%	9.00%
Minimum [Member]
Estimated time to achieve (Year)	1 year 182 days	1 year 273 days	182 days	91 days	2 years	182 days
Risk-adjustment assessment	50.00%	50.00%	10.00%	10.00%	50.00%	10.00%
Maximum [Member]
Estimated time to achieve (Year)	2 years	2 years 91 days	2 years	2 years 91 days	2 years 182 days	2 years 182 days
Risk-adjustment assessment	80.00%	80.00%	75.00%	75.00%	80.00%	75.00%

Note 12 - Warrants - Summary of Warrant Activity (Details)	6 Months Ended
	Jun. 30, 2017 USD ($) $ / shares shares
Warrants outstanding (in shares) \| shares	1,487,958
Warrants outstanding (in dollars per share) \| $ / shares	$ 9.39
Warrants issued during the six months ended June 30, 2017 (see Note 9) (in shares) \| shares	1,363,503
Warrants issued during the six months ended June 30, 2017 (see Note 9) (in dollars per share) \| $ / shares	$ 2.80
Warrants outstanding (in dollars per share) \| $ / shares	$ 21.22
Aggregate intrinsic value of outstanding warrants \| $
Weighted average remaining contractual terms (Year)	4 years 94 days
Warrants exercised during the six months ended June 30, 2017 (see Note 9) (in shares) \| shares	(2,251,606)
Warrants exercised during the six months ended June 30, 2017 (see Note 9) (in dollars per share) \| $ / shares	$ 2.25
Warrants outstanding (in shares) \| shares	599,855

Note 13 - Contingent Liabilities and Commitments (Details Textual)	1 Months Ended
	Apr. 30, 2017 USD ($) a	Apr. 30, 2015 USD ($)	Jun. 30, 2014 USD ($) ft²	Apr. 30, 2014 USD ($)	Apr. 30, 2013 USD ($)	Apr. 30, 2012 USD ($)	Jul. 31, 2011 ft²	Jun. 30, 2017 USD ($)	Dec. 31, 2016 USD ($)
Contractual Obligation								$ 804,762	$ 1,115,193
Standby Letters of Credit [Member]
Contractual Obligation Reduction Forty Three Months from Initial Term						$ 50,000
Contractual Obligation Reduction Nineteen Months from Initial Term						50,000
Contractual Obligation Remaining						100,000
Contractual Obligation Reduction Thirty One Months from Initial Term						50,000
Lawrenceville New Jersey [Member]
Number of Months in Which Free Rent Is Provided	120 days						180 days
Payments for Rent						23,000
Reduction of Escrow Deposit		$ 50,000		$ 50,000	$ 50,000
Lessee, Operating Lease, Additional Term of Contract	5 years 120 days
Escrow Deposit	$ 50,000
Operating Leases, Monthly Rent Payment in First Year	18,900
Operating Leases, Monthly Rent Payment in Final Year	$ 20,500
Area of Real Estate Property	7,565		11,500				10,870
Lessee, Operating Lease, Term of Contract							5 years 180 days
Lawrenceville New Jersey [Member] \| Standby Letters of Credit [Member]
Contractual Obligation						$ 250,000
Premises Located in Huntsville Alabama [Member]
Lessee, Operating Lease, Term of Contract			210 days
Operating Leases, Monthly Rent Payment			$ 23,200

Note 14 - Technology Development and Licensing Agreements (Details Textual) - USD ($)		3 Months Ended
	Jan. 18, 2013	Mar. 31, 2013	Jun. 30, 2017	Dec. 31, 2016	Mar. 31, 2015
Contractual Obligation			$ 804,762	$ 1,115,193
Deferred Revenue		$ 5,000,000
Deferred Revenue Amortization Period		10 years
Hisun [Member]
Contractual Obligation					$ 685,787
Proceeds from License Fees Received	$ 5,000,000

Note 15 - Subsequent Events (Details Textual) - USD ($)	Jul. 06, 2017	Jun. 30, 2017	Jun. 26, 2017	Jun. 09, 2017	Dec. 31, 2016
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			506,630	790,411
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 21.22	$ 1.65	$ 2.70	$ 9.39
July 2017 Direct Offering [Member] \| Subsequent Event [Member]
Stock Issued During Period, Shares, New Issues	2,050,000
Share Price	$ 2.07
Proceeds from Issuance of Common Stock, Gross	$ 4,243,500
July 2017 Direct Offering [Member] \| Subsequent Event [Member] \| Pre-Funded Series CCC Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	385,000
Beneficial Ownership Percentage Threshold	9.99%
Class of Warrant or Right, Offered Price of Warrants or Rights	$ 2.06
Proceeds from Issuance of Warrants	$ 793,100
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.01
July 2017 Direct Offering [Member] \| Subsequent Event [Member] \| Series AAA Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	2,435,000
Warrants Issued, Expiration Period	5 years 182 days
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.07
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	1
Class of Warrant or Right, Exercisable Period	6 years
July 2017 Direct Offering [Member] \| Subsequent Event [Member] \| Series BBB Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	2,435,000
Warrants Issued, Expiration Period	1 year
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 4.75
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	1