Deferred Revenue |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Revenue Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Revenue |
In May 2015, the Company received $1,250,000 after signing the CFFT award agreement (See Note 3 and Note 12). The Company recorded the $1,250,000 as deferred revenue. The Company 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 and nine months ended September 30, 2015 the Company recorded revenue of $170,454 and $284,090, respectively. In October 2015, the Company billed the CFFT an additional $1,250,000 that was due upon the milestone achievement of dosing of the first patient (See Note 14). Deferred revenue consists of the following:
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