Quarterly report pursuant to Section 13 or 15(d)

Deferred Revenue

v3.5.0.2
Deferred Revenue
6 Months Ended
Jun. 30, 2016
Deferred Revenue Disclosure [Abstract]  
Deferred Revenue

8. DEFERRED REVENUE

 

In May 2015, the Company received $1,250,000 upon signing the CFFT award agreement and in the fourth quarter of 2015, the Company received $1,250,000 from CFFT upon the achievement of a milestone for dosing the first patient (See Note 3 and Note 13). The Company recorded these amounts as deferred revenue and is amortizing the deferred revenue and recognizing revenue on a straight-line basis over the performance period for the development program, which is expected to conclude during the first quarter of 2017. For the three months ended June 30, 2016 and 2015, the Company recorded revenue of $396,598 and $113,636, respectively. For the six months ended June 30, 2016 and 2015, the Company recorded revenue of $793,196 and $113,636, respectively. Deferred revenue consisted of the following:

 

    June 30, 2016     December 31, 2015  
             
Deferred revenue     1,058,422     $ 1,851,618  
Less: current portion     (1,058,422 )     (1,591,358 )
Long-term portion   $     $ 260,260