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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2018	May 10, 2018
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)		17,740,035
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 2,285,314	$ 11,444,055
Investment securities – available for sale, at fair value	18,411,162	12,724,020
Accrued interest receivable on investment securities	67,192	54,440
Advances, deposits and other current assets	89,186	89,186
Subtotal current assets	20,852,854	24,311,701
Property and equipment (at cost, less accumulated depreciation and amortization of $2,869,058 and $2,838,716 respectively)	(175,066)	(175,771)
Other assets:
In-process research and development	20,246,491	20,246,491
Other intangible assets, net	738,779	795,608
Goodwill	1,976,101	1,976,101
Patent licensing fees and other assets, net	8,761	8,761
Subtotal other assets	22,970,132	23,026,961
Total assets	43,998,052	47,514,433
Current liabilities:
Accounts payable - trade	3,416,878	3,416,863
Other accrued liabilities	1,716,867	2,282,827
Deferred revenue – current portion	500,000	500,000
Subtotal current liabilities	5,633,745	6,199,690
Earn-out milestone liability	12,808,720	12,538,525
Deferred revenue – non-current portion	1,875,000	2,000,000
Other liabilities – non-current portion	70,232	71,710
Total liabilities	20,387,697	20,809,925
Commitments and contingencies
Stockholders’ equity:
Preferred Stock - $0.01 par value (100,000 shares authorized and no shares issued or outstanding at March 31, 2018 and December 31, 2017)
Common stock - $0.01 par value (112,500,000 shares authorized; 17,740,369 and 17,277,299 shares issued at March 31, 2018 and December 31, 2017, respectively, and 17,740,035 and 17,276,965 shares outstanding at March 31, 2018 and December 31, 2017, respectively)	177,403	172,772
Additional paid-in capital	289,810,437	288,408,976
Accumulated other comprehensive loss	(33,414)	(10,164)
Accumulated deficit	(266,258,883)	(261,781,888)
Subtotal	23,695,543	26,789,696
Treasury stock, at cost (334 shares at March 31, 2018 and December 31, 2017)	(85,188)	(85,188)
Total stockholders’ equity	23,610,355	26,704,508
Total liabilities and stockholders’ equity	$ 43,998,052	$ 47,514,433

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	100,000	100,000
Preferreed stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	112,500,000	112,500,000
Common stock, issued (in shares)	17,740,369	17,277,299
Common stock, outstanding (in shares)	17,740,035	17,276,965
Property and equipment, accumulated depreciation	$ 2,869,058	$ 2,838,716
Treasury stock (in shares)	334	334

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Licensing revenue	$ 125,000	$ 125,000
Operating expenses:
Research and development	2,741,076	3,475,276
General and administrative	1,665,028	1,468,122
Total operating expenses	4,406,104	4,943,398
Loss from operations	(4,281,104)	(4,818,398)
Other (expense) income:
Loss from change in valuation of earn-out milestone liability	(270,195)	(283,751)
Investment income	73,724	1,991
Interest expense		(62,340)
Other income (expense)	580	2,362
Total other (expense) income, net	(195,891)	(341,738)
Net loss	$ (4,476,995)	$ (5,160,136)
Net loss per common share
Basic and diluted (in dollars per share)	$ (0.25)	$ (3.09)
Weighted average shares outstanding
Basic and diluted (in shares)	17,683,847	1,670,582

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Other comprehensive loss
Change in unrealized loss on available for sale securities	$ (23,250)
Net loss	(4,476,995)	(5,160,136)
Comprehensive loss	$ (4,500,245)	$ (5,160,136)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net loss	$ (4,476,995)	$ (5,160,136)
Non-cash items included in net loss:
Depreciation and amortization	87,171	170,529
Change in fair value of earn-out milestone liability	270,195	283,751
Deferred revenue	(125,000)	(125,000)
Stock-based compensation costs	153,668	117,466
Restricted shares issued	15,840
Amortization of deferred finance charges and debt discount associated with notes payable		17,685
Change in deferred rent liability	(1,478)	(9,264)
Net changes in:
Accrued interest on investment securities	(12,752)	4,008
Advances, deposits and other current assets		62,786
Accounts payable and accrued liabilities	(565,945)	1,508,171
Net cash (used in) operating activities:	(4,655,296)	(3,130,004)
Cash flows from investing activities:
Purchases of investment securities	(5,710,392)
Proceeds from sale and maturity of investment securities		1,680,000
Purchases of property and equipment	(29,637)	(21,126)
Net cash (used in) provided by investing activities	(5,740,029)	1,658,874
Cash flows from financing activities:
Proceeds from sale of common stock equity, net of issuance costs	1,236,584	4,284,373
Proceeds from exercise of common stock warrants		138,563
Principal payments on notes payable		(1,106,392)
Net cash provided by (used in) financing activities	1,236,584	3,316,544
(Decrease) increase in cash and cash equivalents	(9,158,741)	1,845,414
Cash and cash equivalents at beginning of period	11,444,055	2,624,162
Cash and cash equivalents at end of period	2,285,314	4,469,576
Supplemental disclosures of cash flow information:
Interest paid		$ 44,655

Note 1 - Business Description

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Nature of Operations [Text Block]

Note

Business Description

Celsion Corporation, a Delaware corporation based in Lawrenceville, New Jersey, and its wholly owned subsidiary, CLSN Laboratories, Inc., also a Delaware corporation, 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, immunotherapies and RNA- or DNA-based therapies. Our lead program is ThermoDox®, a proprietary heat-activated liposomal encapsulation of doxorubicin, currently in Phase III development for the treatment of primary liver cancer. Our product pipeline also includes GEN-

a DNA-based immunotherapy for the localized treatment of ovarian and brain cancers. Our product pipeline is based on

three

platform technologies have demonstrated the potential to address a broad range of solid tumor cancer indications including novel nucleic acid-based immunotherapies, anti-cancer DNA or RNA therapies, and heat sensitive liposomal formulations of known chemotherapeutics. With these technologies we are working to develop and commercialize efficient, effective and targeted therapeutics that minimize the side-effects common to cancer treatments.

Note 2 - Basis of Presentation

3 Months Ended

Mar. 31, 2018

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

-month period ended

March 31, 2018

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, 2017

filed with the Securities and Exchange Commission (SEC) on

March 27, 2018.

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.

Note 3 - Financial Condition and Business Plan

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Substantial Doubt about Going Concern [Text Block]

Note

Financial Condition and Business Plan

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. We have

not

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

$266

million of cumulated net losses. As of

March 31, 2018,

we had approximately

$20.8

million in cash, investment securities and interest receivable. 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 operating results of the Company have fluctuated significantly in the past. We have substantial future capital requirements associated with our continued research and development activities and to advance our product candidates through various stages of development. The Company believes these expenditures are essential for the commercialization of its technologies.

The actual amount of funds the Company will need to operate is subject to many factors, some of which are beyond the Company’s control. These factors include the following:

	●	the progress of research activities;

	●	the number and scope of research programs;

	●	the progress of preclinical and clinical development activities;

	●	the progress of the development efforts of parties with whom the Company has entered into research and development agreements;

	●	the costs associated with additional clinical trials of product candidates;

	●	the ability to maintain current research and development licensing arrangements and to establish new research and development and licensing arrangements;

	●	the ability to achieve milestones under licensing arrangements;

	●	the costs involved in prosecuting and enforcing patent claims and other intellectual property rights; and

	●	the costs and timing of regulatory approvals.

The Company has based its estimate on assumptions that

may

prove to be wrong. The Company

may

need to obtain additional funds sooner or in greater amounts than it currently anticipates. Potential sources of financing include strategic relationships, public or private sales of the Company’s shares or debt and other sources. If the Company raises funds by selling additional shares of common stock or other securities convertible into common stock, the ownership interest of existing stockholders

may

be diluted.

With the

$20.8

million in cash, investment securities and interest receivable at

March 31, 2018,

the Company believes it has sufficient capital resources to fund its operations into the

third

quarter of

2019.

The Company will be required to obtain additional funding in order to continue the development of its current product candidates within the anticipated time periods, if at all, and to continue to fund operations. As more fully discussed in Note

11,

the Company has

$12.2

million available for future sale under a controlled equity offering facility it has with Cantor Fitzgerald & Co. as of

March 31, 2018

Note 4 - New Accounting Pronouncements

3 Months Ended

Mar. 31, 2018

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 (ASU)

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 1, 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 (collectively “the new revenue standards”). The new revenue standards allow for either “full retrospective” adoption, meaning the standard is applied to all periods presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements. The new revenue standard became effective for us on

January 1, 2018.

Under the new revenue standards, we recognize revenue following a

five

-step model prescribed under ASU

No.

2014

09;

(i) identify contract(s) with a customer;(ii) identify the performance obligations in the contract;(iii) determine the transaction price;(iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) we satisfy the performance obligation. As further described in Note

15,

the Company currently has only

one

contract subject to the new revenue standards. After performance of the

five

-step model discussed above, the Company concluded the adoption of the new revenue standards as of

January 1, 2018

did

not

change our revenue recognition policy nor does it have an effect on our financial statements using either the full retrospective or the modified retrospective adoption methods.

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.

Based on the Company’s evaluation, the adoption of the ASU

2016

does

not

have a material impact on its consolidated financial statements or its 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.

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. Based on the Company’s evaluation, the adoption of the ASU

2016

did

not

have a material impact on its consolidated financial statements or its 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. Based on the Company’s evaluation, the adoption of the ASU

2016

did

not

have a material impact on its consolidated financial statements or its disclosures.

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 adopted this method for its impairment test of goodwill during

2017.

Note 5 - Net Loss Per Common Share

3 Months Ended

Mar. 31, 2018

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 respectively upon exercise of warrants, stock option grants and equity awards was

3,655,643

and

2,684,841

shares for the

three

-month periods ended

March 31, 2018

and

2017

respectively. For the

three

month periods ended

March 31, 2018

and

2017,

diluted loss per common share was the same as basic loss per common share as all options and all warrants that were exercisable 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.

Note 6 - Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Derivatives and Fair Value [Text Block]

Note

Fair Value of Financial Instruments

Short-term investments available for sale of

$18,411,162

and

$12,724,020

as of

March 31, 2018

and

December 31, 2017,

respectively, consist of money market funds, commercial paper, corporate debt securities, and government agency debt securities. They are valued at estimated fair value, with unrealized gains and losses reported as a separate component of stockholders’ equity in accumulated other comprehensive loss.

Securities available for sale are evaluated periodically to determine whether a decline in their value is other than temporary. The term “other than temporary” is

not

intended to indicate a permanent decline in value. Rather, it means that the prospects for near term recovery of value are

not

necessarily favorable, or that there is a lack of evidence to support fair values equal to, or greater than, the carrying value of the security. Management reviews criteria such as the magnitude and duration of the decline, as well as the reasons for the decline, to predict whether the loss in value is other than temporary. Once a decline in value is determined to be other than temporary, the value of the security is reduced and a corresponding charge to earnings is recognized.

A summary of the cost, fair value and maturities of the Company’s short-term investments is as follows:

	March 31, 2018				December 31, 2017
	Cost		Fair Value		Cost		Fair Value
Short-term investments
Certificate of deposit	$	1,714,375	$	1,713,833	$	-	$	-
Corporate debt securities		16,730,201		16,697,329		12,734,184		12,724,020
Total	$	18,444,576	$	18,411,162	$	12,734,184		12,724,020

	March 31, 2018				December 31, 2017
	Cost		Fair Value		Cost		Fair Value
Short-term investment maturities
Within 3 months	$	4,996,672	$	4,993,850	$	-	$	-
Between 3-12 months		13,447,904		13,417,312		12,734,184		12,724,020
Total	$	18,444,576	$	18,411,162	$	12,734,184	$	12,724,020

Investment income, which includes net realized losses on sales of available for sale securities and investment income interest and dividends, is summarized as follows:

	Three Months Ended March 31,
Description of Securities	2018		2017
Interest and dividends accrued and paid	$	69,289	$	1,991
Realized gains		4,435		-
Investment income	$	73,724	$	1,991

The following table shows the Company’s investment securities gross unrealized losses and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at

March 31, 2018

and

December 31, 2017.

The Company has reviewed individual securities to determine whether a decline in fair value below the amortizable cost basis is other than temporary.

	March 31, 2018					December 31, 2017
Description of Securities	Fair Value		Unrealized Holding Gains (Losses)			Fair Value		Unrealized Holding Gains (Losses)
Available for Sale (all unrealized holding gains and losses are less than 12 months at date of measurement)
Investments with unrealized gains	$	2,239,849	$	1,463		$	748,148	$	570
Investments with unrealized losses		16,171,313		(35,877	)		11,975,872		(10,734	)
Total	$	18,411,162	$	(34,414	)	$	12,724,020	$	(10,164	)

Note 7 - Fair Value of Measurements

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Fair Value Disclosures [Text Block]

Note

Fair Value 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 or liabilities between Level

and Level

and

transfers in or out of Level

during the

three

months ended

March 31, 2018

2017.

All changes in Level

liabilities were the result of changes in the fair value of the earn-out milestone liability included in earnings (see Note

Assets and liabilities measured at fair value are summarized below:

	Total Fair Value		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 March 31, 2018
Investment securities, available for sale	$	18,411,162	$	18,411,162		─	$	─

Recurring items as of December 31, 2017
Investment securities, available for sale	$	12,724,020	$	12,724,020		─	$	─

Liabilities:
Recurring items as of March 31, 2018
Earn-out milestone liability (Note 13)	$	12,808,720	$	─		─	$	12,808,720

Recurring items as of December 31, 2017
Earn-out milestone liability (Note 13)	$	12,538,525	$	─		─	$	12,538,525

- 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 8 - Acquisition of EGEN Assets

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Business Combination Disclosure [Text Block]

Note

Acquisition

of EGEN Assets

June

20,

2014,

we completed the acquisition of substantially all of the assets of EGEN, Inc., an Alabama corporation, which has changed its company name to EGWU, Inc. after the closing of the acquisition (“EGEN”), pursuant to an asset purchase agreement dated as of

June

2014,

by and between EGEN and Celsion (the “Asset Purchase Agreement”). We acquired all of EGEN’s right, title and interest in and to substantially all of the assets of EGEN, including cash and cash equivalents, patents, trademarks and other intellectual property rights, clinical data, certain contracts, licenses and permits, equipment, furniture, office equipment, furnishings, supplies and other tangible personal property. In addition, CLSN Laboratories assumed certain specified liabilities of EGEN, including the liabilities arising out of the acquired contracts and other assets relating to periods after the closing date.

The total purchase price for the asset acquisition is up to

$44.4

million, including potential future earnout payments of up to

$30.4

million contingent upon achievement of certain earnout milestones set forth in the Asset Purchase Agreement. At the closing, we paid approximately

$3.0

million in cash after the expense adjustment and issued

193,728

shares of our common stock to EGEN. The shares of common stock were issued in a private transaction exempt from registration under the Securities Act, pursuant to Section

(

) thereof. In addition,

47,862

shares of common stock were held back by us at the closing and are issuable to EGEN pending satisfactory resolution of any post-closing adjustments for expenses or in relation to EGEN’s indemnification obligations under the Asset Purchase Agreement. These shares were issued on

June 16, 2017.

After its review in

2016,

management concluded that there was

immediate opportunity to out-license TheraSilence. As a result of this analysis, the earnout payments were adjusted prior to

2017

and are now up to

$24.4

million that

may

become payable, in cash, shares of our common stock or a combination thereof, at our option, upon achievement of

two

major milestone events as follows:

●

$12.4

million will become payable upon achieving certain specified development milestones relating to an ovarian cancer study of GEN-

(formerly known as EGEN-

001

) to be conducted by us or our subsidiary; and

●

$12.0

million will become payable upon achieving certain specified development milestones relating to a GEN-

glioblastoma multiforme brain cancer study to be conducted by us or our subsidiary.

The following table summarizes the fair values of these assets acquired and liabilities assumed related to the acquisition.

Property and equipment, net	$	35,000
In-process research and development		24,211,000
Other Intangible assets (Covenant not to compete)		1,591,000
Goodwill		1,976,000
Total assets:		27,813,000
Accounts payable and accrued liabilities		(235,000	)
Net assets acquired	$	27,578,000

Acquired in-process research and development (IPR&D) consists of EGEN's drug technology platforms: TheraPlas and TheraSilence. The fair value of the IPR&D drug technology platforms was estimated to be

$24.2

million as of the acquisition date. As of the closing of the acquisition, the IPR&D was considered indefinite lived intangible assets and will

not

be amortized. IPR&D is reviewed for impairment at least annually as of our

third

quarter ended

September 30,

and whenever events or changes in circumstances indicate that the carrying value of the assets might

not

be recoverable.

September 30, 2017,

after the Company’s annual assessment of the totality of the events that could impair IPR&D, the Company determined certain IPR&D assets related to the development of its glioblastoma multiforme cancer (GBM) product candidate

may

be impaired. To arrive at this determination, the Company assessed the status of studies in GBM conducted by its competitors and the Company’s strategic commitment of resources to its studies in primary liver cancer and ovarian cancer. The Company estimated the fair value of the IPR&D related to GBM at

September 30, 2017

using the multi-period excess earnings method (MPEEM). The Company concluded that the GBM asset, valued at

$9.4

million, was partially impaired and wrote down the GBM asset to

$6.9

million incurring a non-cash charge of

$2.5

million in the

third

quarter of

2017.

December 31, 2016,

the Company determined

one

of the IPR&D assets related to the development of its RNA delivery system being developed with collaborators using their RNA product candidates

may

be impaired and after an assessment, the Company concluded that this asset, valued at

$1.4

million, was impaired. Therefore, the Company wrote off the value of this IPR&D asset incurring a non-cash charge of

$1.4

million in the

fourth

quarter of

2016.

indicators of impairment existed during the

first

quarter of

2018,

the Company concluded

none

of the other IPR&D assets were impaired at

March 31, 2018.

Pursuant to the EGEN Purchase Agreement, EGEN provided certain covenants (“Covenant

Not

To Compete”) to the Company whereby EGEN agreed, during the period ending on the

seventh

anniversary of the closing date of the acquisition on

June 20, 2014,

not

to enter into any business, directly or indirectly, which competes with the business of the Company nor will it contact, solicit or approach any of the employees of the Company for purposes of offering employment. The Covenant

Not

To Compete which was valued at approximately

$1.6

million at the date of the EGEN acquisition has a definitive life and is amortized on a straight-line basis over its life of

years. The Company recognized amortization expense of

56,829

in each of the

three

months ended

March 31, 2018

and

2017.

The fair value of the Covenant

Not

to Compete was

$738,779

net of

$852,435

accumulated amortization as of

March 31, 2018

and

$795,608

net of

$795,606

accumulated amortization as of

December 31, 2017

The purchase price exceeded the estimated fair value of the net assets acquired by approximately

$2.0

million which was recorded as Goodwill. Goodwill represents the difference between the total purchase price for the net assets purchased from EGEN and the aggregate fair values of tangible and intangible assets acquired, less liabilities assumed. Goodwill is reviewed for impairment at least annually as of our

third

quarter ended

September 30

or sooner if we believe indicators of impairment exist. As of

September 30, 2017,

we concluded that the Company’s fair value exceeded its carrying value therefore “it is

not

more likely than

not”

that the Goodwill was impaired.

Note 9 - Accrued Liabilities

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

Note

Accrued Liabilities

Other accrued liabilities at

March 31, 2018

and

December 31, 2017

include the following:

	Year Ended December 31,
	201 8		201 7
Amounts due to contract research organizations and other contractual agreements	$	837,955	$	665,373
Accrued payroll and related benefits		550,143		1,258,265
Accrued professional fees		308,748		264,668
Other		20,021		94,521
Total	$	1,716,867	$	2,282,827

Note 10 - Note Payable

3 Months Ended

Mar. 31, 2018

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 the

second

tranche, the Company had drawn down a total of

$10

million under the Hercules Credit Agreement.

The obligations under the Hercules Credit Agreement are 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,

11.50%

from

December 18, 2015

through

December 15, 2016

and

11.75%

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

which were recorded as deferred financing fees. These deferred financing fees were amortized as interest expense using the effective interest method over the life of the loan. In addition, the Company paid loan origination fees of

$230,000

which has been classified as debt discount. This amount is being amortized as interest expense using the effective interest method over the life of the loan.

As a fee associated 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 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. Also, in connection with each of the

$5.0

million tranches, the Company was 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. For the

three

-month period ended

March 31, 2017

the Company incurred

$44,655

in interest expense and amortized

$17,685

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

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

June 2017.

Note 11 - Stockholders' Equity

3 Months Ended

Mar. 31, 2018

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 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 remains 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, will be

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

share of common stock. All shares have been restated to reflect the effects of the

-for-

reverse stock split. 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.

October 2017

Underwritten Offering

October 27, 2017,

the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Oppenheimer & Co. Inc. (the “Underwriter”), relating to the issuance and sale (the “Offering”) of

2,640,000

shares (the “Shares”) of the Company’s common stock,

$0.01

par value per share (the “Common Stock”), and warrants to purchase an aggregate of

1,320,000

shares of Common Stock. Each share of Common Stock is being sold together with

0.5

warrants (the “Investor Warrants”), each whole Investor Warrant being exercisable for

one

share of Common Stock, at an offering price of

$2.50

per share and related Investor Warrants.

Pursuant to the terms of the Underwriting Agreement, the Underwriter agreed to purchase the Shares and related Investor Warrants from the Company at a price of

$2.325

per share and related Investor Warrants. Each Investor Warrant is exercisable

six

months from the date of issuance. The Investor Warrants have an exercise price of

$3.00

per whole share, and expire

five

years from the date

first

exercisable.

The Company received

$6.6

million of gross proceeds from the sale of the Shares and Investor Warrant. This Offering was made pursuant to the Company’s effective shelf registration statement on Form S-

(File

No.

333

206789

) filed with the Securities and Exchange Commission on

September 4, 2015,

and declared effective on

September 25, 2015,

including the base prospectus dated

September 25, 2017

included therein and the related prospectus supplement. The Company also issued to the Underwriter warrants to purchase up to

66,000

shares of the Company’s common stock, such issuance being exempt from registration pursuant to Section

(a)(

) of the Securities Act. Each Underwriter warrant is exercisable

six

months from the date of issuance, have an exercise price of

$2.87

per whole share, and expire

five

years from the date

first

exercisable

July 6, 2017

Common Stock Offering

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. During the

fourth

quarter of

2017,

all

385,000

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

October 4, 2017,

the Company entered into letter agreements (the “Exercise Agreements”) with the holders of the Series AAA and Series BBB Warrants issued in the

July 6, 2017

Common Stock Offering (the “Exercising Holders”). The Exercise Agreements amended the Series AAA Warrants to permit their immediate exercise. Prior to the execution of the Exercise Agreements, the Series AAA Warrants were

not

exercisable until

January 11, 2018.

Pursuant to the Exercise Agreements, the Exercising Holders and the Company agreed that the Exercising Holders would exercise all of their Existing Warrants with respect to

4,665,000

shares of Common Stock underlying such Existing Warrants. The Series AAA Warrants and Series BBB Warrants were exercised at a price of

$2.07

per share and

$4.75

per share, respectively, which were their respective original exercise prices. The Company received approximately

$16.6

million in gross proceeds from the sale of these warrants.

The Exercise Agreements also provide for the issuance of

1,166,250

Series DDD Warrants, each to purchase

one

share of Common Stock (the “Series DDD Warrants”). The Series DDD Warrants have an exercise price

$6.20,

are exercisable

one

year following issuance and terminate

six

months after they are initially exercisable. The Series DDD Warrants and the shares of Common Stock issuable upon the exercise of the Series DDD Warrants were offered pursuant to the exemption provided in Section

(a)(

) under the Securities Act or Rule

506

(b) promulgated thereunder. Pursuant to the Exercise Agreements, the Series DDD Warrants shall be substantially in the form of the Existing Warrants and the Company will be required to register for resale the shares of Common Stock underlying the Series DDD Warrants.

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, were immediately exercisable for

$0.14

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.

As of

December 31, 2017,

all

185,713

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

2017,

we received approximately

$2.4

million from the exercise of Series AA Warrants to purchase

747,254

shares of common stock.

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

790,410

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

790,410

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 and it 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

506,627

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

Common Stock Warrants

As of

March 31, 2018,

and

December 31, 2017,

the Company had outstanding warrants to purchase

3,058,402

shares of common stock with a weighted average exercise price of

$5.29.

These warrants had weighted average remaining contractual terms of

3.3

years as of

March 31, 2018.

Controlled Equity Offering

February 1, 2013,

the Company entered into a Controlled Equity Offering SM 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 our common stock or to or through a market maker. From

February 1, 2013

through

March 31, 2018,

the Company sold and issued an aggregate of

1,784,396

shares of common stock under the ATM Agreement, receiving approximately

$12.8

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.

October 2, 2015

and again on

February 6, 2018,

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

2015

Shelf Registration Statement, pursuant to which we

may

offer and sell up to

$17.5

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

January 2018

and thus far in

2018,

we have sold

457,070

shares of common stock for net proceeds of

$1.3

million under the ATM. As of the date of this filing, we have approximately

$12.2

million remaining under the ATM.

Note 12 - Stock-based Compensation

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

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

Note

Stock-Based Compensation

The Company has long-term compensation plans that permit the granting of equity based-awards in the form of stock options, restricted stock, restricted stock units, stock appreciation rights, phantom stock, and performance awards. 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

688,531

shares 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. 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 expired, were forfeited, or canceled under these plans were rolled into the

2007

Plan.

The Company has issued stock awards to employees, directors and vendors out of the stock option plans. Options are generally granted with strike prices equal to the market value on the date of the grant.

Incentive stock options

may

be granted to purchase shares of common stock at a price

not

less than

100%

of the fair market value of the underlying shares on the date of grant, provided that the exercise price of any incentive stock option granted to an eligible employee owning more than

10%

of the outstanding stock must be at least

110%

of the such fair market value on the date of grant. Only officers and key employees

may

receive incentive stock options; all other qualified participants

may

receive non-qualified stock options.

Option awards vest upon terms determined by the Board of Directors. Restricted stock awards, performance stock awards and stock options are subject to accelerated vesting in the event of a change of control. The Company issues new shares to satisfy its obligations from the exercise of options.

As of

March 31, 2018,

there were a total of

705,893

shares reserved, which were comprised of

597,241

equity awards granted and

102,652

equity awards available for future issuance.

Total compensation cost charged related to employee stock options and restricted stock awards amounted to

$169,508

and

$117,466

for the

three

-month periods ended

March 31, 2018

and

2017,

respectively. As of

March 31, 2018,

there was

$0.4

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

0.9

years. The weighted average grant-date fair values of the stock option awards granted during

three

-month periods ended

March 31, 2018

was

$2.27.

stock option awards or restricted stock grants were granted during the

three

-month period ended

March 31, 2017.

A summary of stock option awards and restricted stock grants for the

three

months ended

March 31, 2018

is presented below:

	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 January 1, 2018		703,442		$	10.34		–		$	–

Equity awards granted		7,500		$	2.52		6,000		$	2.64

Vested and issued		–		$	–		(6,000	)	$	2.64

Equity awards forfeited, cancelled or expired		(113,701	)	$	40.23		–		$	–

Equity awards outstanding at March 31, 2018		597,241		$	4.48		–		$	–		9.1

Aggregate intrinsic value of outstanding awards at March 31, 2018	$	2,750				$	–

Equity awards exercisable at March 31, 2018		320,877		$	5.79							9.0

Aggregate intrinsic value of awards exercisable at March 31, 2018	$	–

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 under the Black-Scholes option pricing model:

	Three months ended
	March 31, 2018
Risk-free interest rate	2.82	%
Expected volatility	99.9	%
Expected life (in years)	10
Expected dividend yield	0.0	%

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. Starting in

2017,

the Company elected to account for any forfeitures when they occur. The expiration of each option granted in fiscal year

2018

was used as the expected life.

Note 13 - Earn-out Milestone Liability

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Earn-out Milestone Liability Disclosure [Text Block]

Note

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 financial statements.

As of

March 31, 2018,

and

December 31, 2017,

the Company fair valued these milestones at

$12.8

million and

$12.5

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

$270,195

during the

three

months ended

March 31, 2018

as a result of the change in the fair value of these milestones from

December 31, 2015.

As of

March 31, 2017,

and

December 31, 2016,

the Company fair valued these milestones at

$13.5

million and

$13.2

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

$283,751

during the

three

months ended

March 31, 2017

as a result of the change in the fair value of these milestones from

December 31, 2016.

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

2018:

Balance at January 1, 2018	$	12,538,525
Non-cash charge from the adjustment for the change in fair value included in net loss		270,195
Balance at March 31, 2018	$	12,808,720

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 (in years)

March 31, 2018		35%	to	80%		9%		1.08	to	1.25
December 31, 2017		35%	to	80%		9%		1.33	to	1.50
March 31, 2017		50%	to	80%		9%		1.75	to	2.25
December 31, 2016		50%	to	80%		9%		2.00	to	2.50

Note 14 - Contingent Liabilities and Commitments

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

Note

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 was reduced by

$50,000

on each of the

19th,

31st

and

43rd

months from the initial term, and the remaining

$100,000

amount was reduced when the Lease term expired in

April 2017.

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 of the agreement for an additional

months, reduced the premises to

7,565

square feet, reduced the monthly rent and provided

four

months free rent. 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

24th

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 expired at the end of

January 2018.

January 2018,

the Company and this landlord entered into a new

-month lease which reduced the premises to

9,049

square feet with rent payments of approximately

$18,100

per month.

Note 15 - Technology Development and Licensing Agreements

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Licensing Transaction [Text Block]

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®.

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 6 - Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2018

Notes Tables

Schedule of Cost, Fair Value and Maturities of Short-term Investments [Table Text Block]

	March 31, 2018				December 31, 2017
	Cost		Fair Value		Cost		Fair Value
Short-term investments
Certificate of deposit	$	1,714,375	$	1,713,833	$	-	$	-
Corporate debt securities		16,730,201		16,697,329		12,734,184		12,724,020
Total	$	18,444,576	$	18,411,162	$	12,734,184		12,724,020

	March 31, 2018				December 31, 2017
	Cost		Fair Value		Cost		Fair Value
Short-term investment maturities
Within 3 months	$	4,996,672	$	4,993,850	$	-	$	-
Between 3-12 months		13,447,904		13,417,312		12,734,184		12,724,020
Total	$	18,444,576	$	18,411,162	$	12,734,184	$	12,724,020

Investment Income [Table Text Block]

	Three Months Ended March 31,
Description of Securities	2018		2017
Interest and dividends accrued and paid	$	69,289	$	1,991
Realized gains		4,435		-
Investment income	$	73,724	$	1,991

Schedule of Unrealized Loss on Investments [Table Text Block]

	March 31, 2018					December 31, 2017
Description of Securities	Fair Value		Unrealized Holding Gains (Losses)			Fair Value		Unrealized Holding Gains (Losses)
Available for Sale (all unrealized holding gains and losses are less than 12 months at date of measurement)
Investments with unrealized gains	$	2,239,849	$	1,463		$	748,148	$	570
Investments with unrealized losses		16,171,313		(35,877	)		11,975,872		(10,734	)
Total	$	18,411,162	$	(34,414	)	$	12,724,020	$	(10,164	)

Note 7 - Fair Value of Measurements (Tables)

3 Months Ended

Mar. 31, 2018

Notes Tables

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

	Total Fair Value		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 March 31, 2018
Investment securities, available for sale	$	18,411,162	$	18,411,162		─	$	─

Recurring items as of December 31, 2017
Investment securities, available for sale	$	12,724,020	$	12,724,020		─	$	─

Liabilities:
Recurring items as of March 31, 2018
Earn-out milestone liability (Note 13)	$	12,808,720	$	─		─	$	12,808,720

Recurring items as of December 31, 2017
Earn-out milestone liability (Note 13)	$	12,538,525	$	─		─	$	12,538,525

Note 8 - Acquisition of EGEN Assets (Tables)

3 Months Ended

Mar. 31, 2018

Notes Tables

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Property and equipment, net	$	35,000
In-process research and development		24,211,000
Other Intangible assets (Covenant not to compete)		1,591,000
Goodwill		1,976,000
Total assets:		27,813,000
Accounts payable and accrued liabilities		(235,000	)
Net assets acquired	$	27,578,000

Note 9 - Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2018

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	Year Ended December 31,
	201 8		201 7
Amounts due to contract research organizations and other contractual agreements	$	837,955	$	665,373
Accrued payroll and related benefits		550,143		1,258,265
Accrued professional fees		308,748		264,668
Other		20,021		94,521
Total	$	1,716,867	$	2,282,827

Note 12 - Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2018

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; text-indent: 0px; min-; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Stock Options</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Restricted Stock</div></div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Awards</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:9.35pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:9.35pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Average</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;"><div style="display: inline; font-weight: bold;">Equity Awards</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.2pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Options</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.2pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Outstanding</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.2pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.2pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Average</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.2pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Exercise</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.2pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Price</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.2pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Non-vested</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.2pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Restricted</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.2pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Stock</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.2pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Outstanding</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.2pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.2pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Average</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.2pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Grant</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.2pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Date</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.2pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Fair Value</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:9.35pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Contractual</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:9.35pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Terms of</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:9.35pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Equity</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:9.35pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Awards</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:9.35pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">(in years)</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <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="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Equity awards outstanding at January 1, 2018</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">703,442</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.34</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <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="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Equity awards granted</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,500</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.52</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,000</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.64</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <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="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Vested and issued</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,000</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">)</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.64</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <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="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Equity awards forfeited, cancelled or expired</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(113,701</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;" nowrap="nowrap"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.35pt;margin-top:0pt;text-align:left;">)</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40.23</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <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="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Equity awards outstanding at March 31, 2018</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">597,241</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.48</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.1</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <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="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Aggregate intrinsic value of outstanding awards at March 31, 2018</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,750</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <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="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Equity awards exercisable at March 31, 2018</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">320,877</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.79</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.0</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <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="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Aggregate intrinsic value of awards exercisable at March 31, 2018</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> </table></div>

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

	Three months ended
	March 31, 2018
Risk-free interest rate	2.82	%
Expected volatility	99.9	%
Expected life (in years)	10
Expected dividend yield	0.0	%

Note 13 - Earn-out Milestone Liability (Tables)

3 Months Ended

Mar. 31, 2018

Notes Tables

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

Schedule of Milestone Risk Adjustment Assessment [Table Text Block]

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

March 31, 2018		35%	to	80%		9%		1.08	to	1.25
December 31, 2017		35%	to	80%		9%		1.33	to	1.50
March 31, 2017		50%	to	80%		9%		1.75	to	2.25
December 31, 2016		50%	to	80%		9%		2.00	to	2.50

Note 3 - Financial Condition and Business Plan (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Retained Earnings (Accumulated Deficit), Ending Balance	$ (266,258,883)	$ (261,781,888)
Cash, Investment Securities and Interest Receivable	20,800,000
Aggregate Offering Price, Additions	$ 12,200,000

Note 5 - Net Loss Per Common Share (Details Textual) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Number of Shares of Common Stock Issuable Upon Exercise of Warrants and Equity Awards	3,655,643	2,684,841

Note 6 - Fair Value of Financial Instruments (Details Textual) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale, Current, Total	$ 18,411,162	$ 12,724,020

Note 6 - Fair Value of Financial Instruments- Summary of Cost, Fair Value and Maturities of Short-term Investments (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Cost	$ 18,444,576	$ 12,734,184
Investment securities – available for sale, at fair value	18,411,162	12,724,020
Within 3 months, cost	4,996,672
Within 3 months, fair value	4,993,850
Between 3-12 months, cost	13,447,904	12,734,184
Between 3-12 months, fair value	13,417,312	12,724,020
Total, cost	18,444,576	12,734,184
Total, fair value	18,411,162	12,724,020
Certificates of Deposit [Member]
Cost	1,714,375
Investment securities – available for sale, at fair value	1,713,833
Total, cost	1,714,375
Corporate Debt Securities [Member]
Cost	16,730,201	12,734,184
Investment securities – available for sale, at fair value	16,697,329	12,724,020
Total, cost	$ 16,730,201	$ 12,734,184

Note 6 - Fair Value of Financial Instruments - Summary of Investment Income (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest and dividends accrued and paid	$ 69,289	$ 1,991
Realized gains	4,435
Investment income	$ 73,724	$ 1,991

Note 6 - Fair Value of Financial Instruments - Unrealized Losses (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Less than 12 months, unrealized gains, fair value	$ 2,239,849	$ 748,148
Less than 12 months, unrealized gains	1,463	570
Less than 12 months, unrealized losses, fair value	16,171,313	11,975,872
Less than 12 months, unrealized losses	(35,877)	(10,734)
Investment securities – available for sale, at fair value	18,411,162	12,724,020
Unrealized gains (losses)	$ (34,414)	$ (10,164)

Note 7 - Fair Value of Measurements (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount	$ 0	$ 0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3	$ 0	$ 0

Note 7 - Fair Value of Measurements - Assets and Liabilities at Fair Value on a Recurring Basis (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Investment securities, available for sale	$ 18,411,162	$ 12,724,020
Earn-out milestone liability (Note 13)	12,808,720	12,538,525
Fair Value, Measurements, Recurring [Member]
Investment securities, available for sale	18,411,162	12,724,020
Earn-out milestone liability (Note 13)	12,808,720	12,538,525
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Investment securities, available for sale	18,411,162	12,724,020
Earn-out milestone liability (Note 13)
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Investment securities, available for sale
Earn-out milestone liability (Note 13)	$ 12,808,720	$ 12,538,525

Note 8 - Acquisition of EGEN Assets (Details Textual) - USD ($)		1 Months Ended	3 Months Ended				9 Months Ended
	Jun. 16, 2017	Jun. 20, 2014	Mar. 31, 2018	Sep. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2017	Dec. 31, 2017
Finite-Lived Intangible Asset, Useful Life						7 years
Finite-Lived Intangible Assets, Net, Ending Balance			$ 738,779					$ 795,608
Noncompete Agreements [Member]
Amortization of Intangible Assets, Total			56,829		$ 56,829
Finite-Lived Intangible Assets, Net, Ending Balance			738,779					795,608
Finite-Lived Intangible Assets, Accumulated Amortization			$ 852,435					795,606
Indefinite-lived in Process Research and Development [Member]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)						$ 1,400,000
EGEN Inc [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High		$ 30,400,000						24,400,000
Payments to Acquire Businesses, Gross		$ 3,000,000
Stock Issued During Period, Shares, Acquisitions		193,728
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	47,862
Goodwill, Acquired During Period		$ 2,000,000
EGEN Inc [Member] \| Noncompete Agreements [Member]
Finite-Lived Intangible Asset, Useful Life						7 years
Finite-lived Intangible Assets Acquired						$ 1,600,000
EGEN Inc [Member] \| Indefinite-lived in Process Research and Development [Member]
Indefinite-lived Intangible Assets Acquired		24,200,000		$ 6,900,000			$ 9,400,000
Asset Impairment Charges, Total				$ 2,500,000
EGEN Inc [Member] \| Ovarian Cancer Study Milestone [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High								12,400,000
EGEN Inc [Member] \| Glioblastoma Multiforme Brain Cancer Study Milestone [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High								$ 12,000,000
EGEN Inc [Member] \| Maximum [Member]
Business Combination, Consideration Transferred, Total		$ 44,400,000

Note 8 - Acquisition of EGEN Assets - Fair Values of Acquired Assets and Liabilities (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Goodwill	$ 1,976,101	$ 1,976,101
EGEN Inc [Member]
Property and equipment, net	35,000
In-process research and development	24,211,000
Other Intangible assets (Covenant not to compete)	1,591,000
Goodwill	1,976,000
Total assets:	27,813,000
Accounts payable and accrued liabilities	(235,000)
Net assets acquired	$ 27,578,000

Note 9 - Accrued Liabilities - Other Accrued Liabilities (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Amounts due to contract research organizations and other contractual agreements	$ 837,955	$ 665,373
Accrued payroll and related benefits	550,143	1,258,265
Accrued professional fees	308,748	264,668
Other	20,021	94,521
Total	$ 1,716,867	$ 2,282,827

Note 10 - Note Payable (Details Textual) - USD ($)		1 Months Ended		3 Months Ended	6 Months Ended	12 Months Ended	16 Months Ended	26 Months Ended	53 Months Ended
Note 10 - Note Payable (Details Textual) - USD ($)	Jun. 10, 2014	Jun. 20, 2014	Nov. 30, 2013	Mar. 31, 2017	Jun. 10, 2014	Dec. 15, 2016	Mar. 31, 2018	Dec. 17, 2015	Mar. 31, 2018	Dec. 31, 2017	Jun. 26, 2017	Jun. 09, 2017	Jun. 30, 2015	Nov. 25, 2013
Class of Warrant or Right, Exercise Price of Warrants or Rights							$ 5.29		$ 5.29	$ 5.29	$ 1.65	$ 2.70
Hercules Warrant [Member]
Debt Instrument, Unamortized Discount, Total	$ 476,261				$ 476,261
EGEN Inc [Member]
Payments to Acquire Businesses, Gross		$ 3,000,000
Hercules Credit Agreement [Member]
Repayments of Lines of Credit			$ 4,000,000
Interest Expense, Debt, Total				$ 44,655
Amortization of Debt Issuance Costs				$ 17,685
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, Total			5,000,000		$ 10,000,000
Debt Instrument, Basis Spread on Variable Rate						11.50%	11.75%	11.25%
Amortization Period for Principal and Interest									2 years 180 days
Debt Issuance Costs, Net, Total			122,378
Debt Instrument, Unamortized Discount, Total			$ 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				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 11 - Stockholders' Equity (Details Textual)											1 Months Ended		3 Months Ended			12 Months Ended	15 Months Ended	28 Months Ended	58 Months Ended	62 Months Ended
Note 11 - Stockholders' Equity (Details Textual)	Oct. 31, 2017 USD ($)	Oct. 27, 2017 $ / shares shares	Oct. 04, 2017 USD ($) $ / shares shares	Jul. 06, 2017 USD ($) $ / shares shares	Jun. 26, 2017 USD ($) $ / shares shares	Jun. 09, 2017 USD ($) $ / shares shares	May 26, 2017 shares	Feb. 14, 2017 USD ($) $ / shares shares	Oct. 02, 2015 USD ($)	Feb. 01, 2013 USD ($)	Sep. 30, 2015 USD ($)	Feb. 25, 2013 USD ($)	Mar. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 $ / shares shares	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($) $ / shares shares	Mar. 31, 2018 USD ($) $ / shares shares	Sep. 30, 2017 USD ($)	Dec. 31, 2017 USD ($) $ / shares shares	Mar. 31, 2018 USD ($) $ / shares shares	May 25, 2017 shares	May 16, 2017 shares	May 15, 2017 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	112,500,000				112,500,000	75,000,000
Preferred Stock, Shares Authorized													100,000	100,000		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, Ending Balance							4,070,172						17,740,035	17,276,965		17,276,965	17,740,035		17,276,965	17,740,035	56,982,418
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance													597,241	703,442		703,442	597,241		703,442	597,241		200,000	2,400,000
Class of Warrant or Right, Outstanding													3,058,402	3,058,402		3,058,402	3,058,402		3,058,402	3,058,402		2,400,000	33,500,000
Common Stock, Par or Stated Value Per Share \| $ / shares													$ 0.01	$ 0.01		$ 0.01	$ 0.01		$ 0.01	$ 0.01
Class of Warrant or Right, Number of Securities Called by Warrants or Rights					506,627	790,410
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares					$ 1.65	$ 2.70							$ 5.29	$ 5.29		$ 5.29	$ 5.29		$ 5.29	$ 5.29
Proceeds from Issuance of Common Stock \| $													$ 1,300,000
Proceeds from Warrant Exercises \| $															$ 138,563			$ 800,000	$ 2,100,000
Class of Warrant or Right, Weighted Average Remaining Contractual Term													3 years 109 days			3 years 109 days
Aggregate Offering Price, Additions \| $													$ 12,200,000
Aggregate Offering Price, Remaining Amount \| $																	$ 12,200,000
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
October 2017 Underwritten Offering [Member]
Stock Issued During Period, Shares, New Issues		2,640,000
Common Stock, Par or Stated Value Per Share \| $ / shares		$ 0.01
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		1,320,000
Class of Warrant or Right, Number of Warrants Issued with Stock		0.5
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right		1
Class of Warrant or Right, Offered Price of Warrants or Rights \| $ / shares		$ 2.50
Shares Issued, Price Per Share \| $ / shares		$ 2.325
Class of Warrant or Right, Exercisable Period		180 days
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares		$ 3
Warrants Issued, Expiration Period		5 years
Proceeds from Issuance of Common Stock and Warrants \| $	$ 6,600,000
October 2017 Underwritten Offering [Member] \| Additional Warrants Issued to Underwriter [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		66,000
Class of Warrant or Right, Exercisable Period		180 days
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares		$ 2.87
Warrants Issued, Expiration Period		5 years
July 2017 Direct Offering [Member]
Stock Issued During Period, Shares, New Issues				2,050,000
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right			4,665,000
Share Price \| $ / shares				$ 2.07
Proceeds from Issuance of Common Stock, Gross \| $				$ 4,243,500
Proceeds from Issuance of Warrants \| $			$ 16.60
July 2017 Direct Offering [Member] \| Pre-Funded Series CCC Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				385,000
Class of Warrant or Right, Offered Price of Warrants or Rights \| $ / shares				$ 2.06
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares				$ 0.01
Beneficial Ownership Percentage Threshold				9.99%
Proceeds from Issuance of Warrants \| $				$ 793,100
Class of Warrant or Right, Exercised During Period														385,000
July 2017 Direct Offering [Member] \| Series AAA Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				2,435,000
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right				1
Class of Warrant or Right, Exercisable Period				180 days
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares				$ 2.07
Warrants Issued, Expiration Period				5 years 182 days
July 2017 Direct Offering [Member] \| Series BBB Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				2,435,000
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares				$ 4.75
Warrants Issued, Expiration Period				1 year
July 2017 Direct Offering [Member] \| Series DDD Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			1,166,250
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right			1
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares			$ 6.20
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, 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
Class of Warrant or Right, Term								5 years
Stock Issued During Period, Shares, Exercise of Warrants																747,254
Proceeds from Warrant Exercises \| $																$ 2,400,000
February 14, 2017 Public Offering [Member] \| Pre-Funded Series BB Warrant [Member]
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								$ 0.14
Stock Issued During Period, Shares, Exercise of Warrants																185,713
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]
Stock Issued During Period, Shares, New Issues													457,070							1,784,396
Proceeds from Issuance of Common Stock \| $																				$ 12,800,000
Aggregate Offering Price \| $										$ 25,000,000
Commission on Proceeds from ATM Shares Percent												3.00%
Legal Fees \| $												$ 50,000
Aggregate Offering Price, Additions \| $									$ 17,500,000
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio							14

Note 12 - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended		135 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Dec. 31, 2017	May 16, 2017	May 15, 2017	Dec. 31, 2006
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized							21,164
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	597,241		597,241	703,442	200,000	2,400,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 2.27
Stock Incentive Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	688,531		688,531
Percentage of Fair Market Value of Shares	100.00%		100.00%
Percentage of Outstanding Stock Determining Factor for Incentive Stock Price	10.00%		10.00%
Allocated Share-based Compensation Expense, Total	$ 169,508	$ 117,466
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total	$ 400,000		$ 400,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	328 days
Stock Incentive Plan 2007 [Member] \| Minimum [Member]
Percentage of Fair Market Value of Shares	110.00%		110.00%
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, Options, Outstanding, Number, Ending Balance	705,893		705,893
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	597,241
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	102,652		102,652

Note 12 - Stock-based Compensation - Stock Option and Restricted Stock (Details)	3 Months Ended
	Mar. 31, 2018 USD ($) $ / shares shares
Equity awards outstanding, options (in shares) \| shares	703,442
Equity awards outstanding, weighted average exercise price (in dollars per share) \| $ / shares	$ 10.34
Equity awards granted, options (in shares) \| shares	7,500
Equity awards granted, weighted average exercise price (in dollars per share) \| $ / shares	$ 2.52
Equity awards, vested and issued restricted stock (in shares) \| shares	(6,000)
Vested and issued (in dollars per share) \| $ / shares	$ 2.64
Equity awards forfeited, cancelled or expired, options (in shares) \| shares	(113,701)
Equity awards forfeited, cancelled or expired, weighted average exercise price (in dollars per share) \| $ / shares	$ 40.23
Equity awards outstanding, options (in shares) \| shares	597,241
Equity awards outstanding, weighted average exercise price (in dollars per share) \| $ / shares	$ 4.48
Equity awards outstanding, contractual term (Year)	9 years 36 days
Equity awards outstanding, intrinsic value \| $	$ 2,750
Equity awards exercisable, options (in shares) \| shares	320,877
Equity awards exercisable, weighted average exercise price (in dollars per share) \| $ / shares	$ 5.79
Equity awards exercisable, contractual term (Year)	9 years
Aggregate intrinsic value of awards exercisable, options \| $
Restricted Stock [Member]
Equity awards outstanding, non-vested restricted stock (in shares) \| shares
Equity awards outstanding, non-vested restricted stock weighted average grant date fair value (in dollars per share) \| $ / shares
Equity awards granted, non-vested restricted stock (in shares) \| shares	6,000
Equity awards granted, non-vested restricted stock weighted average grant date fair value (in dollars per share) \| $ / shares	$ 2.64
Equity awards forfeited, cancelled or expired, non-vested restricted stock (in shares) \| shares
Equity awards forfeited, cancelled or expired, non-vested restricted stock weighted average grant date fair value (in dollars per share) \| $ / shares
Equity awards outstanding, non-vested restricted stock (in shares) \| shares
Equity awards outstanding, non-vested restricted stock weighted average grant date fair value (in dollars per share) \| $ / shares
Aggregate intrinsic value of outstanding awards, non-vested restricted stock \| $

Note 12 - Stock-based Compensation - Fair Value of Option Assumptions (Details) - Employee Stock Option [Member] - Minimum [Member]	3 Months Ended
	Mar. 31, 2018
Risk-free interest rate	2.82%
Expected volatility	99.90%
Expected life (Year)	10 years
Expected dividend yield	0.00%

Note 13 - Earn-out Milestone Liability (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended		15 Months Ended
	Jun. 20, 2014	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2018
Gain (Loss) from Change in Fair Value of Earn out Milestone Liability		$ 270,195
Minimum [Member]
Risk Adjusted Assessment of Each Milestone		35.00%	50.00%	35.00%	50.00%	35.00%
Estimated Time to Achieve the Milestone		1 year 29 days	1 year 273 days	1 year 120 days	2 years
Maximum [Member]
Risk Adjusted Assessment of Each Milestone		80.00%	80.00%	80.00%	80.00%	80.00%
Estimated Time to Achieve the Milestone		1 year 91 days	2 years 91 days	1 year 182 days	2 years 182 days
EGEN Inc [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 30,400,000			$ 24,400,000
Business Combination, Consideration Transferred, Liabilities Incurred	$ 13,900,000	$ 12,800,000	$ 13,500,000	$ 12,500,000	$ 13,200,000
Gain (Loss) from Change in Fair Value of Earn out Milestone Liability			$ 283,751			$ 270,195
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 13 - Earn-out Milestone Liability - Summary of the Changes in the Earn-out Milestone Liability (Details)	3 Months Ended
	Mar. 31, 2018 USD ($)
Balance	$ 12,538,525
Non-cash charge from the adjustment for the change in fair value included in net loss	270,195
Balance	$ 12,808,720

Note 13 - Earn-out Milestone Liability - Schedule of Milestone Risk-adjustment Assessment (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Measurement Input, Discount Rate [Member]
Discount rate	9	9	9	9
Minimum [Member]
Risk-adjustment assessment	35.00%	50.00%	35.00%	50.00%
Estimated time to achieve (Year)	1 year 29 days	1 year 273 days	1 year 120 days	2 years
Maximum [Member]
Risk-adjustment assessment	80.00%	80.00%	80.00%	80.00%
Estimated time to achieve (Year)	1 year 91 days	2 years 91 days	1 year 182 days	2 years 182 days

Note 14 - Contingent Liabilities and Commitments (Details Textual)	1 Months Ended
	Jan. 31, 2018 USD ($) ft²	Apr. 30, 2017 USD ($) ft²	Apr. 30, 2012 USD ($)	Jul. 31, 2011 ft²	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Jun. 30, 2014 ft²
Contractual Obligation, Total					$ 837,955	$ 665,373
Standby Letters of Credit [Member]
Contractual Obligation Reduction Nineteen Months from Initial Term			$ 50,000
Contractual Obligation Remaining			100,000
Lawrenceville New Jersey [Member]
Area of Real Estate Property \| ft²		7,565		10,870			11,500
Lessee, Operating Lease, Term of Contract		5 years 120 days		5 years 180 days
Number of Months in Which Free Rent Is Provided		120 days		180 days
Payments for Rent			23,000
Operating Leases, Monthly Rent Payment in First Year		$ 18,900
Operating Leases, Monthly Rent Payment in Final Year		$ 20,500
Lawrenceville New Jersey [Member] \| Standby Letters of Credit [Member]
Contractual Obligation, Total			$ 250,000
Premises Located in Huntsville Alabama [Member]
Area of Real Estate Property \| ft²	9,049
Lessee, Operating Lease, Term of Contract	5 years
Operating Leases, Monthly Rent Payment	$ 18,100

Note 15 - Technology Development and Licensing Agreements (Details Textual) - USD ($) $ in Millions		3 Months Ended
	Jan. 18, 2013	Mar. 31, 2013
Deferred Revenue		$ 5
Deferred Revenue Amortization Period		10 years
Hisun [Member]
Proceeds from License Fees Received	$ 5